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Vierteljahrshefte zur Wirtschaftsforschung 1 / 2020

Debt – Blessing or Curse? Editorial

2020| Peter Hennecke, Doris Neuberger, Dorothea Schäfer
Vierteljahrshefte zur Wirtschaftsforschung 4 / 2019

Schulden – Segen oder Fluch?

2019| Peter Hennecke, Doris Neuberger, Dorothea Schäfer
Veranstaltung

Austerity: When It Works and When It Doesn´t

A timely and incisive look at austerity measures that succeed—and those that don’t. Fiscal austerity is hugely controversial. Opponents argue that it can trigger downward growth spirals and become self-defeating. Supporters argue that budget deficits have to be tackled aggressively at all times and at all costs. In this masterful book, three of today’s leading experts –...

11.04.2019| Francesco Giavazzi
Veranstaltung

Austerity: When It Works and When It Doesn´t

A timely and incisive look at austerity measures that succeed—and those that don’t. Fiscal austerity is hugely controversial. Opponents argue that it can trigger downward growth spirals and become self-defeating. Supporters argue that budget deficits have to be tackled aggressively at all times and at all costs. In this masterful book, three of today’s leading experts –...

11.04.2019| Francesco Giavazzi
DIW Wochenbericht 15/16 / 2020

Neues länderübergreifendes Wertpapier wäre elegantester Weg zu geringerem Home Bias: Interview

2020| Dorothea Schäfer, Erich Wittenberg
Diskussionspapiere 1901 / 2020

Government Spending Multipliers in (Un)certain Times

We estimate the dynamic effects of government spending shocks, using time-varying volatility in US data modeled through a Markov switching process. We find that the average government spending multiplier is significantly and persistently above one, driven by a crowding-in of private consumption and non-residential investment. We rationalize the results empirically through a contemporaneously countercyclical ...

2020| Jan Philipp Fritsche, Mathias Klein, Malte Rieth
Monographien

How Effective Are Bank Levies in Reducing Leverage Given the Debt Bias of Corporate Income Taxation?

To finance resolution funds, the regulatory toolkit has been expanded in many countries by bank levies. In addition, these levies are often designed to reduce incentives for banks to rely excessively on wholesale funding resulting in high leverage ratios. At the same time, corporate income taxation biases banks’ capital structure towards debt financing in light of the deductibility of interest on debt. ...

Vienna: SUERF, 2020, 6 S.
(SUERF Policy Briefs ; 21/2020)
| Franziska Bremus, Kirsten Schmidt, Lena Tonzer
Weitere Aufsätze

The Implications of Removing Repo Assets from the Leverage Ratio

This article summarises the key findings from a counterfactual exercise where the effect of removing repo assets from the leverage ratio on banks’ default probabilities is considered. The findings suggest that granting such an exemption may have adverse effects on the stability of the financial system, even when measures are introduced to compensate for the decline in capital required by the leverage ...

In: Macroprudential Bulletin (2018), 6, 7 S. | Jan Philipp Fritsche, Michael Grill, Claudia Lambert
Monographien

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
Monographien

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
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