268 results, from 21

Essays in International Finance

Opinions regarding capital account openness have been undergoing changes. On the one hand, financial liberalization and integration are viewed as sources of economic growth and prosperity due to a better allocation of capital to productive uses. In addition, free capital mobility and access to foreign capital are considered to be important facilitators of investment as well as cross-border risk sharing. ...

Berlin: FU Berlin, 2019, 121, XXX S. | Tatsiana Kliatskova

Interactions between Bank Levies and Corporate Taxes: How Is the Bank Leverage Affected?

Regulatory bank levies set incentives for banks to reduce leverage. At the same time, corporate income taxation makes funding through debt more attractive. In this paper, we explore how regulatory levies affect bank capital structure, depending on corporate income taxation. Based on bank balance sheet data from 2006 to 2014 for a panel of EU-banks, our analysis yields three main results: The introduction ...

Frankfurt a.M.: ESRB, 2019, 36 S.
(Working Paper Series ; 103)
| Franziska Bremus, Kirsten Schmidt, Lena Tonzer
Research Project

Public investment as a driver of private investment

The project examines the transmission channels between public investment and private investment activity in Germany, estimating the aggregate relationship with econometric models, focusing on the specific effects of individual investment categories (e.g., R & D investment) and areas of responsibility (e.g., Defense, Education, Environment). In view of possible barriers to investment, another...

Completed Project| Forecasting and Economic Policy, Firms and Markets
Externe referierte Aufsätze

Notes about Comparing Long-Term Care Expenditures across Countries: Comment on "Financing Long-Term Care: Lessons from Japan"

The comparison of long-term care (LTC) expenditures is a difficult task. National LTC systems differ widely in terms of eligibility criteria, level of benefits, institutional variety and regional heterogeneity. In this commentary I will first give some general remarks on cross country comparisons. Then I discuss the role of the informal sector which is the most important pillar of all LTC systems. ...

In: International Journal of Health Policy and Management 9 (2020), 2, S. 80-82 | Johannes Geyer
Diskussionspapiere 1821 / 2019

Tax and Spending Shocks in the Open Economy: Are the Deficits Twins?

We present evidence on the open economy consequences of US fiscal policy shocks identified through proxy-instrumental variables. Tax shocks and government spending shocks that raise the government budget deficit lead to persistent current account deficits. In particular, the negative response of the current account to exogenous tax reductions through a surge in the demand for imports is among the strongest ...

2019| Mathias Klein, Ludger Linnemann
DIW Weekly Report 31 / 2019

Public Investment a Key Prerequisite for Private Sector Activity

Ten years after the 2008 financial crisis, in the euro area investment is still below the pre-crisis level. Public and private investment growth is so weak that capital per worker (capital intensity) has virtually remained constant. An increase in public investment activity could ultimately stimulate private investment. Estimates for the euro area show that an increase in public investment by one billion ...

2019| Marius Clemens, Marius Goerge, Claus Michelsen
Externe referierte Aufsätze

Austerity, Inequality, and Private Debt Overhang

Using panel data of 17 OECD countries for 1980–2011, we find that the distributional consequences of fiscal consolidations depend significantly on the level of private indebtedness. Austerity leads to a strong and persistent increase in income inequality during periods of private debt overhang. In contrast, there are no discernible distributional effects when private debt is low. This result is robust ...

In: European Journal of Political Economy 57 (2019), S. 89-106 | Mathias Klein, Roland Winkler
Diskussionspapiere 1796 / 2019

Bayesian Structural VAR Models: A New Approach for Prior Beliefs on Impulse Responses

Structural VAR models are frequently identified using sign restrictions on contemporaneous impulse responses. We develop a methodology that can handle a set of prior distributions that is much larger than the one currently allowed for by traditional methods. We then develop an importance sampler that explores the posterior distribution just as conveniently as with traditional approaches. This makes ...

2019| Martin Bruns, Michele Piffer
Diskussionspapiere 1793 / 2019

Non-Take-Up of Means-Tested Social Benefits in Germany

This paper presents non-take-up rates of benefits from the German Income Support for Job Seekers scheme, called Unemployment Benefit II (Arbeitslosengeld II ). Eligibility to these benefits is simulated by applying a microsimulation model based on data from the Socio-economic Panel for the years 2005 to 2014. To ensure the quality of the results, feasible upper and lower bounds of nontake-up are shown ...

2019| Michelle Harnisch
Externe referierte Aufsätze

Macroeconomic Effects of Government Spending: The Great Recession Was (Really) Different

We estimate the effect of government spending shocks on the U.S. economy with a time‐varying parameter vector autoregression. The recent Great Recession period appears to be characterized by uniquely large impulse responses of output to fiscal shocks. Moreover, the particularity of this period is underlined by highly unusual responses of several other variables. The pattern of fiscal shock responses ...

In: Journal of Money, Credit and Banking 51 (2019), 5, S. 1237-1264 | Mathias Klein, Ludger Linnemann
268 results, from 21