Deutschland erwirtschaftet große Exportüberschüsse, der Gewinn aber wird im Ausland verzockt. Die Lösung lautet: in Deutschland investieren. Seit dem Jahr 2000 hat jeder Deutsche einen durchschnittlichen Verlust von durchschnittlich 7.500 Euro im Ausland erlitten. Wie? Hat unser Land volkswirtschaftlich betrachtet wegen der Rekord-Exportüberschüsse nicht viel mehr Geld ...
This paper studies the reaction of the Euro's value against major currencies to sovereign rating announcements from Moody's, S&P and Fitch CRAs during the Eurozone debt crisis in 2010–2012 based on event study methodology combined with GARCH models. We also analyze how the yields of French, Italian, German and Spanish government long-term bonds were affected by CRA announcements. Our results reveal ...
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 ...
The European Central Bank is planning a gradual reduction of government bond purchases under the asset purchase program it initiated in 2015. The present study by the German Institute for Economic Research analyzes the potential macroeconomic implications of different exit strategies. The authors examined the potential effects of a reduction in net purchase volume, an early exit, and a faster exit ...
Die Europäische Zentralbank will ihr 2015 gestartetes Ankaufprogramm von Staatsanleihen schrittweise zurückfahren. Welche gesamtwirtschaftlichen Auswirkungen die unterschiedlichen Ausstiegsmöglichkeiten haben könnten, zeigt eine Studie des DIW Berlin. Untersucht wird, wie sich eine Reduktion des Ankaufvolumens, ein frühzeitiger Ausstieg und ein schnellerer Ausstieg aus dem Ankaufprogramm auf das BIP-Wachstum ...
The ECB has engaged in several forms of unconventional monetary policy since 2007. This report documents empirically that the implemented measures were effective. In a counterfactual analysis, the report simulates the effects of an unconventional monetary policy shock of -10 basis points to euro area sovereign yields, consistent with the effect of the first announcement of the Expanded Asset Purchase ...
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 ...