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Externe referierte Aufsätze

Legal Harmonization, Institutional Quality, and Countries’ External Positions: A Sectoral Analysis

Motivated by the action plan for a European capital markets union (CMU), this paper analyzes the potential for legal harmonization and convergence in institutional quality to affect capital market integration. Based on hand-collected data on the implementation of EU-directives, our analysis yields three key insights. First, legal harmonization promotes portfolio equity holdings. Second, discrepancies ...

In: Journal of International Money and Finance 107 (2020), 102217, 19 S. | Franziska Bremus, Tatsiana Kliatskova
Diskussionspapiere 1863 / 2020

A Glimpse of Freedom: Allied Occupation and Political Resistance in East Germany

This paper studies costly political resistance in a non-democracy. When Nazi Germany surrendered in May 1945, 40% of the designated Soviet occupation zone was initially captured by the western Allied Expeditionary Force. This occupation was short-lived: Soviet forces took over after less than two months and installed an authoritarian regime in what became the German Democratic Republic (GDR). We exploit ...

2020| Luis R. Martinez, Jonas Jessen, Guo Xu
Statement

The weakness of the euro area gives the ECB no choice

DIW president Marcel Fratzscher on the European Central Bank's latest announcements:

25.07.2019| Marcel Fratzscher
DIW Weekly Report 16/17/18 / 2019

Europe Must Focus on Its Strengths: Editorial

2019| Marcel Fratzscher, Alexander Kriwoluzky
DIW Europe Lecture

DIW Europe Lecture - Canceled

Due to the current political circumstances in the United Kingdom the event has unfortunately been canceled but will likely take place in 2020.

08.11.2019| Nicola Sturgeon, First Minister of Scotland
Blog Marcel Fratzscher

Germany’s economic model is not the problem

This article was published on the Financial Times website on June 17, 2019. The German economic model has received some unusually harsh criticism of late, notably from French president Emmanuel Macron, who said in April that it “has perhaps run its course”. Yet the problem for Germany today is not its economic model, but rather inadequate economic policies and two deep-seated illusions. The ...

03.07.2019| Marcel Fratzscher
Zeitungs- und Blogbeiträge

The European Central Bank Needs a New Mandate

In: Gulf Times (07.12.2019), [Online-Artikel] | Marcel Fratzscher
Vierteljahrshefte zur Wirtschaftsforschung 4 / 2018

What Future for the European Banking System?

Das Papier beleuchtet die Hauptgründe, die der sinkenden Rentabilität des europäischen Bankensektors im Vergleich zum US-amerikanischen zugrunde liegen. Sie unterstreicht insbesondere die Rolle niedriger Zinsen, geringerer Konzentration, strengerer Regulierung und des Fehlens eines tiefen und liquiden Kapitalmarktes. Ein stärkeres europäisches Bankensystem erfordert echte gesamteuropäische Banken und ...

2018| Lorenzo Bini Smaghi
Cluster-Seminar Öffentliche Finanzen und Lebenslagen

Initial Conditions and Nation Building: Evidence from East Germany

At the end of World War II, 40% of the pre-arranged Soviet occupation zone in Germany was under the control of the Allied Expeditionary Force. This occupation was very short-lived and the Red Army gained full control of the Soviet zone less than two months after the German surrender. However, this paper shows that the brief Allied occupation systematically increased opposition to the budding...

23.01.2019| Jonas Jessen
DIW focus 3 / 2020

ECB and Fed Monetary Policy Measures against the Economic Effects of the Coronavirus Pandemic Have Little Effect

To cushion the economic effects of the coronavirus pandemic, central banks have taken far-reaching monetary policy measures. The US Federal Reserve has lowered its interest rates and, like the European Central Bank, has expanded its bond purchase programs. However, it is questionable whether these measures are having the desired effect of calming the markets and supporting the real economy. It is true ...

2020| Kerstin Bernoth, Geraldine Dany-Knedlik, Anna Gibert
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