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 ...
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 ...
Due to the current political circumstances in the United Kingdom the event has unfortunately been canceled but will likely take place in 2020.
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 ...
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 ...
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...
DIW president Marcel Fratzscher on the European Central Bank's latest announcements:
The deployment of a safe and effective vaccine for Covid-19 will be central to lifting containment measures. In a bid to speed up vaccine deployment, governments are entering into ‘Advance Purchase Agreements’ (APAs) with vaccine companies to secure access to vaccine doses. We document and compare the vaccine procurement strategies of the US and the EU. Most notably, we find that both the US and the ...
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