Wie das Leibniz-Institut für Wirtschaftsforschung Halle (IWH) in einer heute veröffentlichten Analyse feststellt, ist die Zahl der Insolvenzen von Personen- und Kapitalgesellschaften in Deutschland im September angestiegen. Im dritten Quartal 2024 lag die Zahl der Insolvenzen damit so hoch wie in keinem anderen Quartal seit Mitte 2010.
Im Jahr 2024 dürfte die ostdeutsche Wirtschaft um 0,2% wachsen, während sie in Deutschland insgesamt um 0,1% zurückgeht. Für das Jahr 2025 rechnet das Leibniz-Institut für Wirtschaftsforschung Halle (IWH) für Ostdeutschland mit einem Zuwachs von 0,7%, für 2026 mit 1,2%. Die ostdeutsche Arbeitslosenquote dürfte laut IWH-Prognose in den Jahren 2024 und 2025 bei jeweils 7,5% und im Jahr 2026 bei 7,2% liegen.
Die Projektgruppe Gemeinschaftsdiagnose prognostiziert für das Jahr 2024 einen Rückgang des Bruttoinlandsprodukts in Deutschland um 0,1%. Für die kommenden beiden Jahre erwarten die Institute eine schwache Erholung mit Zuwächsen von 0,8% (2025) und 1,3% (2026). Gegenüber der Prognose vom Frühjahr bedeutet dies eine Abwärtsrevision um 0,2 (2024) und 0,6 (2025) Prozentpunkte. „Neben der konjunkturellen Schwäche belastet auch der strukturelle Wandel die deutsche Wirtschaft“, sagt Dr. Geraldine Dany-Knedlik, Leiterin des Bereichs Prognose und Konjunkturpolitik am Deutschen Institut für Wirtschaftsforschung (DIW Berlin). „Dekarbonisierung, Digitalisierung, demographischer Wandel und wohl auch der stärkere Wettbewerb mit Unternehmen aus China haben strukturelle Anpassungsprozesse ausgelöst, die die Wachstumsperspektiven der deutschen Wirtschaft dämpfen.“
Wie das Leibniz-Institut für Wirtschaftsforschung Halle (IWH) in einer heute veröffentlichten Analyse feststellt, ist die Zahl der Insolvenzen von Personen- und Kapitalgesellschaften in Deutschland im August zwar leicht zurückgegangen. Dennoch liegt der Wert deutlich höher als vor der Corona-Pandemie. Besonders viele Insolvenzen gab es in Baden-Württemberg, Bayern und Sachsen.
Die Zahl der Insolvenzen von Personen- und Kapitalgesellschaften in Deutschland liegt laut IWH-Insolvenztrend im September bei 1 303. Das sind 2% mehr als im Vormonat, aber 28% mehr als im September 2023. Der aktuelle Wert liegt 44% über dem September-Durchschnitt der Jahre 2016 bis 2019, also vor der Corona-Pandemie (Stand: 1. Oktober 2024).
Laut IWH-Insolvenztrend waren im September in den größten 10% der insolventen Unternehmen fast 23 000 Arbeitsplätze betroffen. Damit liegt die Zahl der betroffenen Beschäftigten mehr als die Hälfte über dem Vormonatswert, 75% höher als im September 2023 und 350% über dem Durchschnitt eines typischen Septembers der Vor-Corona-Jahre 2016 bis 2019 (Stand: 1. Oktober 2024).
Die Projektgruppe Gemeinschaftsdiagnose prognostiziert für das Jahr 2024 einen Rückgang des Bruttoinlandsprodukts in Deutschland um 0,1%. Für die kommenden beiden Jahre erwarten die Institute eine schwache Erholung mit Zuwächsen von 0,8% (2025) und 1,3% (2026).
Heute gehen die Deutschen im Schnitt zwei Jahre später in Rente als vor zwanzig Jahren, leben aber auch zwei Jahre länger. Seit einigen Jahren steigt zudem die Zahl der Neurentner. Quellen: Statistisches Bundesamt; Berechnungen und Darstellung des IWH.
Die Abbildung zeigt eine Projektion der Ausgaben für Beamtenpensionen bis zum Jahr 2080. Dargestellt ist (für zwei verschiedene Szenarien S1 und S2) der Anteil dieser Ausgaben an den Steuereinnahmen für Bund, Länder und Gemeinden in %. Dieser wird sich nicht dramatisch erhöhen – vorausgesetzt, dass mit rückläufiger Bevölkerung auch die Anzahl der Beamten reduziert wird. Quellen: Statistisches Bundesamt; Bundesministerium der Finanzen; Berechnungen und Darstellung des IWH.
Anzahl der Unternehmensgründungen pro 100 000 Einwohner (EW) für Ost- und Westdeutschland zwischen 1995 und 2018. Bis zum Jahr 2018 sank die Rate in Ost- wie in Westdeutschland um mehr als 100 Neugründungen pro 100 000 Einwohner. Quelle: Diegmann, André: Aktuelle Trends: Entwicklung der Firmengründungen in Deutschland, in: IWH, Wirtschaft im Wandel, Jg. 26 (1), 2020, 4.
Veränderung der Unternehmensgründungen pro 100 000 Einwohner zwischen 2000 und 2018. Je dunkler die Farbe, desto größer der Rückgang. Quelle: Diegmann, André: Aktuelle Trends: Entwicklung der Firmengründungen in Deutschland, in: IWH, Wirtschaft im Wandel, Jg. 26 (1), 2020, 4.
1/3: Circa 600 000 Jobs wären indirekt durch einen harten Brexit gefährdet, davon etwa 100 000 in Deutschland. Quelle: Brautzsch, Hans-Ulrich, Holtemöller, Oliver: Potential International Employment Effects of a Hard Brexit. IWH-Diskussionspapiere, Nr. 4, 2019. Halle (Saale) 2019.
2/3: Die Beschäftigungsraten von Malta und Irland wären besonders stark getroffen. Quelle: Brautzsch, Hans-Ulrich, Holtemöller, Oliver: Potential International Employment Effects of a Hard Brexit. IWH-Diskussionspapiere, Nr. 4, 2019. Halle (Saale) 2019.
3/3: Landkreise, in denen Autos und Autoteile produziert werden (Wolfsburg, Dingolfing-Landau), wären besonders stark betroffen.
Im Krisenjahr 2009 lag die Nichtbesetzungsquote lediglich bei etwa 16%. Bis zum Jahr 2018 hat sie sich deutlich mehr als verdoppelt. Dabei sind Höhe und Entwicklung der Nichtbesetzungsquote in Ostdeutschland und Westdeutschland ähnlich. Quelle: Steffen Müller, Aktuelle Trends: Fachkräftemangel hat in den letzten zehn Jahren in Ost und West stark zugenommen, in: IWH, Wirtschaft im Wandel — Jg. 25 (3), 2019, 48.
Beim Vergleich der Wirtschaftskraft deutscher Regionen vor den politischen Umbrüchen des 20. Jahrhunderts zeigt sich: Aus historischer Sicht sehen manche Tendenzen, etwa der Berlin-Boom und die höhere Wachstumsdynamik in Sachsen, wie eine Normalisierung aus, die sich mit einiger Wahrscheinlichkeit auch fortsetzen dürfte. Quelle: Axel Lindner: Zur Wirtschaftskraft deutscher Regionen aus langfristiger Perspektive: Alte Muster werden in Ostdeutschland langsam wieder sichtbar, in: IWH, Wirtschaft im Wandel — Jg. 25 (3), 2019, 49.
In Westdeutschland kam es in denjenigen Betrieben, die die vergleichsweise geringsten Löhne zahlen (hier 10. Perzentil), im gesamten Betrachtungszeitraum zu Lohneinbußen. Am aktuellen Rand liegen die Einbußen bei etwa 2% im Vergleich zu 1997, während die Löhne am Median leicht gestiegen sind. In Ostdeutschland verlief die Entwicklung vor allem seit 2013 deutlich positiver. Am aktuellen Rand sind im Osten für alle Perzentile deutliche Lohnzuwächse zu beobachten, am Median etwa 10%.
Ein Investment von 1000 Euro, angelegt am 1. Juli 1988, dem Eröffnungstag des DAX, wäre heute über 6000 Euro wert, hätte sich also versechsfacht. Der DAX hat demnachlangfristig alle anderen Anlage- und Sparoptionen übertroffen, die bei deutschen Haushalten üblich sind (Bundesanleihen, Wohnimmobilien, Sparkonten). Quelle: Gropp, Reint E.: Kommentar: 30 Jahre DAX, in: IWH, Wirtschaft im Wandel, Jg. 24 (3), 2018.
Belgien, Litauen, Polen und Slowenien haben viel Zeit bis zur Umsetzung der EU-Richtlinien in nationales Recht verstreichen lassen. Deutschland und Österreich haben die Richtlinien am schnellsten übernommen. Quelle: Koetter, Michael; Krause, Thomas; Tonzer, Lena: "Welche Faktoren verzögern die Umsetzung der Bankenunion?", in: IWH, Wirtschaft im Wandel, Jg. 24 (1), 2018.
1/3: Im Szenario "Inflationsausgleich" wird für jede Alterskohorte, die aus dem Erwerbsleben ausscheidet, das Rentenniveau bei 48,1% des zuletzt empfangenen Arbeitsentgelts fixiert und bleibt dann real konstant, die Rentenbezüge nehmen also mit der Inflationsrate zu. Die Rentenhöhe kann hierdurch stabilisiert werden. Alle zukünftigen Generationen erhalten eine vergleichbare Absicherung. Quelle: Holtemöller, Oliver; Zeddies, Götz: Zur Stabilisierung von Rentenniveau und Rentenversicherungsbeitrag. IWH Online 2/2017. Halle (Saale) 2017.
2/3: Eine Kopplung der laufenden Renten an die Verbraucherpreise kann ein Element zur Dämpfung des Ausgabenanstiegs bei der gesetzlichen Rentenversicherung infolge des demographischen Wandels sein, da die Renten nicht mehr so stark wie die Löhne steigen, sondern nur noch die Inflation ausgleichen. Quelle: Holtemöller, Oliver; Zeddies, Götz: Zur Stabilisierung von Rentenniveau und Rentenversicherungsbeitrag. IWH Online 2/2017. Halle (Saale) 2017.
3/3: Der erforderliche Beitragssatz in der Rentenversicherung im Szenario „Inflationsausgleich“ fällt deutlich niedriger aus und sinkt ab 2035 sogar wieder, während er im Szenario „Status quo“ weiter ansteigt. Durch den Inflationsausgleich kann also ein stabiles Rentenniveau bei Renteneintritt gewährleistet und gleichzeitig eine Dämpfung der Rentenausgaben erreicht werden, wenn die Bevölkerung altert. Quelle: Holtemöller, Oliver; Zeddies, Götz: Zur Stabilisierung von Rentenniveau und Rentenversicherungsbeitrag. IWH Online 2/2017. Halle (Saale) 2017.
in: Journal of Money, Credit and Banking, im Erscheinen
<p>We study how deposit competition affects a bank's decision to securitize mortgages. Exploiting the state-specific removal of deposit market caps across the U.S. as a source of competition, we find a 7.1 percentage point increase in the probability that banks securitize mortgage loans. This result is driven by an 11 basis point increase in deposit costs and corresponding reductions in banks' deposit holdings. Our results are strongest among banks that rely more on deposit funding. These findings highlight a hitherto undocumented and unintended regulatory cause that motivates banks to adopt the originate-to-distribute model.</p>
in: Oxford Economic Papers, im Erscheinen
<p>Wage mobility reduces the persistence of wage inequality. We develop a framework to quantify the contribution of employer-to-employer movers to aggregate wage mobility. Using three decades of German social security data, we find that inequality increased while aggregate wage mobility decreased. Employer-to-employer movers exhibit higher wage mobility, mainly due to changes in employer wage premia at job change. The massive structural changes following German unification temporarily led to a high number of movers, which in turn boosted aggregate wage mobility. Wage mobility is much lower at the bottom of the wage distribution, and the decline in aggregate wage mobility since the 1980s is concentrated there. The overall decline can be mostly attributed to a reduction in wage mobility per mover, which is due to a compositional shift toward lower-wage movers.</p>
in: Economic Journal, im Erscheinen
<p>This paper investigates the critical role of church membership in the process of economic recovery after high-impact natural disasters. We document a significant adverse treatment effect of the 2005 hurricane season in the Southeastern United States on establishment-level productivity. However, we find that establishments in counties with higher rates of church membership saw a significantly stronger recovery in terms of productivity for 2005–10. We also show that church membership is correlated with post-disaster entrepreneurship activities and population growth.</p>
in: Journal of Money, Credit and Banking, im Erscheinen
<p>This paper investigates the relationship between heterogeneity in sectoral price stickiness and the response of the economy to aggregate real shocks. We show that sectoral heterogeneity reduces inflation persistence for a constant average duration of price spells, and that inflation persistence can fall despite duration increases associated with increases in heterogeneity. We also find that sectoral heterogeneity reduces the persistence and volatility of interest rate and output gap for a constant price spells duration, while the qualitative impact on inflation volatility tends to be positive. A relevant policy implication is that neglecting price stickiness heterogeneity can impair the economic dynamics assessment.</p>
in: Review of Economic Studies, im Erscheinen
<p>We measure desired labour supply at the extensive (employment) margin in two representative surveys of the U.S. and German populations. We elicit reservation raises: the percent wage change that renders a given individual indifferent between employment and nonemployment. It is equal to her reservation wage divided by her actual, or potential, wage. The reservation raise distribution is the nonparametric aggregate labour supply curve. Locally, the curve exhibits large short-run elasticities above 3, consistent with business cycle evidence. For larger upward shifts, arc elasticities shrink towards 0.5, consistent with quasi-experimental evidence from tax holidays. Existing models fail to match this nonconstant, asymmetric curve.</p>
in: Journal of Financial and Quantitative Analysis, im Erscheinen
<p>Mutual fund families increasingly hold bonds and stocks from the same firm. We present evidence that dual ownership allows firms to increase valuable investments and refinance by issuing bonds with lower yields and fewer restrictive covenants, especially when firms face financial distress. Dual holders also prevent overinvestment by firms with entrenched managers. Overall, our results suggest that mutual fund families internalize the agency conflicts of their portfolio companies, highlighting the positive governance externalities of intra-family cooperation.</p>
in: Journal of Business Finance and Accounting, im Erscheinen
<p>This paper investigates how state ownership affects financial reporting practices in China. Using several measures of state (government) ownership, we show that a one-standard-deviation increase in state ownership decreases financial statement comparability by 36.61%, and the impact is more pronounced when the central authority has majority control of the company. Moreover, lower earnings quality and lower levels of accounting conservatism among state-owned enterprises (SOEs) may explain the lower accounting comparability between SOEs and non-SOEs (NSOEs). Additionally, similar (different) managerial objectives converge (diverge) financial statement comparability between SOEs and NSOEs. Last, the geographical locations of firms also contribute to financial statement comparability. We employ a difference-in-differences design, changes regression and entropy balancing to mitigate potential endogeneity bias.</p>
in: Journal of Business Finance and Accounting, im Erscheinen
<p>This paper investigates a firm's stock return asynchronicity through the auditor's perspective to distinguish whether this asynchronicity can proxy for the company's firm-specific information or the quality of its information environment. We find a significant and positive association between asynchronicity and audit fees after controlling for auditor quality and other factors that affect audit fees, suggesting that stock return asynchronicity is more likely to capture a company's firm-specific information than its information environment. We also find that asynchronous firms are more likely to receive adverse opinions on their internal controls over financial reporting, but are associated with lower costs of capital and auditor litigation, providing further evidence in support of the firm-specific information argument. Asynchronicity's positive association with audit fees is driven by firms with higher accounting reporting complexity, suggesting stock return asynchronicity captures a firm's complexity, resulting in more significant efforts by the auditor.</p>
in: Journal of Financial and Quantitative Analysis, im Erscheinen
This study examines how antitrust law adoptions affect horizontal merger and acquisition (M&A) outcomes. Using the staggered introduction of competition laws in 20 countries, we find antitrust regulation decreases acquirers’ five-day cumulative abnormal returns surrounding horizontal merger announcements. A decrease in deal value, target book assets, and industry peers' announcement returns are consistent with the market power hypothesis. Exploiting antitrust law adoptions addresses a downward bias to an estimated effect of antitrust enforcement (Baker (2003)). The potential bias from heterogeneous treatment effects does not nullify our results. Overall, antitrust policies seem to deter post-merger monopolistic gains, potentially improving customer welfare.
in: Review of Corporate Finance Studies, im Erscheinen
We analyze how creditor rights affect the nonsynchronicity of global corporate credit default swap spreads (CDS-NS). CDS-NS is negatively related to the country-level creditor-control rights, especially to the “restrictions on reorganization” component, where creditor-shareholder conflicts are high. The effect is concentrated in firms with high investment intensity, asset growth, information opacity, and risk. Pro-creditor bankruptcy reforms led to a decline in CDS-NS, indicating lower firm-specific idiosyncratic information being priced in credit markets. A strategic-disclosure incentive among debtors avoiding creditor intervention seems more dominant than the disciplining effect, suggesting how strengthening creditor rights affects power rebalancing between creditors and shareholders.
in: Journal of Money, Credit and Banking, im Erscheinen
<p>We study how deposit competition affects a bank's decision to securitize mortgages. Exploiting the state-specific removal of deposit market caps across the U.S. as a source of competition, we find a 7.1 percentage point increase in the probability that banks securitize mortgage loans. This result is driven by an 11 basis point increase in deposit costs and corresponding reductions in banks' deposit holdings. Our results are strongest among banks that rely more on deposit funding. These findings highlight a hitherto undocumented and unintended regulatory cause that motivates banks to adopt the originate-to-distribute model.</p>
in: Oxford Economic Papers, im Erscheinen
<p>Wage mobility reduces the persistence of wage inequality. We develop a framework to quantify the contribution of employer-to-employer movers to aggregate wage mobility. Using three decades of German social security data, we find that inequality increased while aggregate wage mobility decreased. Employer-to-employer movers exhibit higher wage mobility, mainly due to changes in employer wage premia at job change. The massive structural changes following German unification temporarily led to a high number of movers, which in turn boosted aggregate wage mobility. Wage mobility is much lower at the bottom of the wage distribution, and the decline in aggregate wage mobility since the 1980s is concentrated there. The overall decline can be mostly attributed to a reduction in wage mobility per mover, which is due to a compositional shift toward lower-wage movers.</p>
in: Economic Journal, im Erscheinen
<p>This paper investigates the critical role of church membership in the process of economic recovery after high-impact natural disasters. We document a significant adverse treatment effect of the 2005 hurricane season in the Southeastern United States on establishment-level productivity. However, we find that establishments in counties with higher rates of church membership saw a significantly stronger recovery in terms of productivity for 2005–10. We also show that church membership is correlated with post-disaster entrepreneurship activities and population growth.</p>
in: Journal of Money, Credit and Banking, im Erscheinen
<p>This paper investigates the relationship between heterogeneity in sectoral price stickiness and the response of the economy to aggregate real shocks. We show that sectoral heterogeneity reduces inflation persistence for a constant average duration of price spells, and that inflation persistence can fall despite duration increases associated with increases in heterogeneity. We also find that sectoral heterogeneity reduces the persistence and volatility of interest rate and output gap for a constant price spells duration, while the qualitative impact on inflation volatility tends to be positive. A relevant policy implication is that neglecting price stickiness heterogeneity can impair the economic dynamics assessment.</p>
in: Review of Economic Studies, im Erscheinen
<p>We measure desired labour supply at the extensive (employment) margin in two representative surveys of the U.S. and German populations. We elicit reservation raises: the percent wage change that renders a given individual indifferent between employment and nonemployment. It is equal to her reservation wage divided by her actual, or potential, wage. The reservation raise distribution is the nonparametric aggregate labour supply curve. Locally, the curve exhibits large short-run elasticities above 3, consistent with business cycle evidence. For larger upward shifts, arc elasticities shrink towards 0.5, consistent with quasi-experimental evidence from tax holidays. Existing models fail to match this nonconstant, asymmetric curve.</p>
in: Journal of Financial and Quantitative Analysis, im Erscheinen
<p>Mutual fund families increasingly hold bonds and stocks from the same firm. We present evidence that dual ownership allows firms to increase valuable investments and refinance by issuing bonds with lower yields and fewer restrictive covenants, especially when firms face financial distress. Dual holders also prevent overinvestment by firms with entrenched managers. Overall, our results suggest that mutual fund families internalize the agency conflicts of their portfolio companies, highlighting the positive governance externalities of intra-family cooperation.</p>
in: Journal of Business Finance and Accounting, im Erscheinen
<p>This paper investigates how state ownership affects financial reporting practices in China. Using several measures of state (government) ownership, we show that a one-standard-deviation increase in state ownership decreases financial statement comparability by 36.61%, and the impact is more pronounced when the central authority has majority control of the company. Moreover, lower earnings quality and lower levels of accounting conservatism among state-owned enterprises (SOEs) may explain the lower accounting comparability between SOEs and non-SOEs (NSOEs). Additionally, similar (different) managerial objectives converge (diverge) financial statement comparability between SOEs and NSOEs. Last, the geographical locations of firms also contribute to financial statement comparability. We employ a difference-in-differences design, changes regression and entropy balancing to mitigate potential endogeneity bias.</p>
in: Journal of Business Finance and Accounting, im Erscheinen
<p>This paper investigates a firm's stock return asynchronicity through the auditor's perspective to distinguish whether this asynchronicity can proxy for the company's firm-specific information or the quality of its information environment. We find a significant and positive association between asynchronicity and audit fees after controlling for auditor quality and other factors that affect audit fees, suggesting that stock return asynchronicity is more likely to capture a company's firm-specific information than its information environment. We also find that asynchronous firms are more likely to receive adverse opinions on their internal controls over financial reporting, but are associated with lower costs of capital and auditor litigation, providing further evidence in support of the firm-specific information argument. Asynchronicity's positive association with audit fees is driven by firms with higher accounting reporting complexity, suggesting stock return asynchronicity captures a firm's complexity, resulting in more significant efforts by the auditor.</p>
in: Journal of Financial and Quantitative Analysis, im Erscheinen
This study examines how antitrust law adoptions affect horizontal merger and acquisition (M&A) outcomes. Using the staggered introduction of competition laws in 20 countries, we find antitrust regulation decreases acquirers’ five-day cumulative abnormal returns surrounding horizontal merger announcements. A decrease in deal value, target book assets, and industry peers' announcement returns are consistent with the market power hypothesis. Exploiting antitrust law adoptions addresses a downward bias to an estimated effect of antitrust enforcement (Baker (2003)). The potential bias from heterogeneous treatment effects does not nullify our results. Overall, antitrust policies seem to deter post-merger monopolistic gains, potentially improving customer welfare.
in: Review of Corporate Finance Studies, im Erscheinen
We analyze how creditor rights affect the nonsynchronicity of global corporate credit default swap spreads (CDS-NS). CDS-NS is negatively related to the country-level creditor-control rights, especially to the “restrictions on reorganization” component, where creditor-shareholder conflicts are high. The effect is concentrated in firms with high investment intensity, asset growth, information opacity, and risk. Pro-creditor bankruptcy reforms led to a decline in CDS-NS, indicating lower firm-specific idiosyncratic information being priced in credit markets. A strategic-disclosure incentive among debtors avoiding creditor intervention seems more dominant than the disciplining effect, suggesting how strengthening creditor rights affects power rebalancing between creditors and shareholders.
Die Zahl der Insolvenzen von Personen- und Kapitalgesellschaften in Deutschland liegt laut IWH-Insolvenztrend im September bei 1 303. Das sind 2% mehr als im Vormonat, aber 28% mehr als im September 2023. Der aktuelle Wert liegt 44% über dem September-Durchschnitt der Jahre 2016 bis 2019, also vor der Corona-Pandemie (Stand: 1. Oktober 2024).
Laut IWH-Insolvenztrend waren im September in den größten 10% der insolventen Unternehmen fast 23 000 Arbeitsplätze betroffen. Damit liegt die Zahl der betroffenen Beschäftigten mehr als die Hälfte über dem Vormonatswert, 75% höher als im September 2023 und 350% über dem Durchschnitt eines typischen Septembers der Vor-Corona-Jahre 2016 bis 2019 (Stand: 1. Oktober 2024).
Die Projektgruppe Gemeinschaftsdiagnose prognostiziert für das Jahr 2024 einen Rückgang des Bruttoinlandsprodukts in Deutschland um 0,1%. Für die kommenden beiden Jahre erwarten die Institute eine schwache Erholung mit Zuwächsen von 0,8% (2025) und 1,3% (2026).
Heute gehen die Deutschen im Schnitt zwei Jahre später in Rente als vor zwanzig Jahren, leben aber auch zwei Jahre länger. Seit einigen Jahren steigt zudem die Zahl der Neurentner. Quellen: Statistisches Bundesamt; Berechnungen und Darstellung des IWH.
Die Abbildung zeigt eine Projektion der Ausgaben für Beamtenpensionen bis zum Jahr 2080. Dargestellt ist (für zwei verschiedene Szenarien S1 und S2) der Anteil dieser Ausgaben an den Steuereinnahmen für Bund, Länder und Gemeinden in %. Dieser wird sich nicht dramatisch erhöhen – vorausgesetzt, dass mit rückläufiger Bevölkerung auch die Anzahl der Beamten reduziert wird. Quellen: Statistisches Bundesamt; Bundesministerium der Finanzen; Berechnungen und Darstellung des IWH.
Anzahl der Unternehmensgründungen pro 100 000 Einwohner (EW) für Ost- und Westdeutschland zwischen 1995 und 2018. Bis zum Jahr 2018 sank die Rate in Ost- wie in Westdeutschland um mehr als 100 Neugründungen pro 100 000 Einwohner. Quelle: Diegmann, André: Aktuelle Trends: Entwicklung der Firmengründungen in Deutschland, in: IWH, Wirtschaft im Wandel, Jg. 26 (1), 2020, 4.
Veränderung der Unternehmensgründungen pro 100 000 Einwohner zwischen 2000 und 2018. Je dunkler die Farbe, desto größer der Rückgang. Quelle: Diegmann, André: Aktuelle Trends: Entwicklung der Firmengründungen in Deutschland, in: IWH, Wirtschaft im Wandel, Jg. 26 (1), 2020, 4.
1/3: Circa 600 000 Jobs wären indirekt durch einen harten Brexit gefährdet, davon etwa 100 000 in Deutschland. Quelle: Brautzsch, Hans-Ulrich, Holtemöller, Oliver: Potential International Employment Effects of a Hard Brexit. IWH-Diskussionspapiere, Nr. 4, 2019. Halle (Saale) 2019.
2/3: Die Beschäftigungsraten von Malta und Irland wären besonders stark getroffen. Quelle: Brautzsch, Hans-Ulrich, Holtemöller, Oliver: Potential International Employment Effects of a Hard Brexit. IWH-Diskussionspapiere, Nr. 4, 2019. Halle (Saale) 2019.
3/3: Landkreise, in denen Autos und Autoteile produziert werden (Wolfsburg, Dingolfing-Landau), wären besonders stark betroffen.
Im Krisenjahr 2009 lag die Nichtbesetzungsquote lediglich bei etwa 16%. Bis zum Jahr 2018 hat sie sich deutlich mehr als verdoppelt. Dabei sind Höhe und Entwicklung der Nichtbesetzungsquote in Ostdeutschland und Westdeutschland ähnlich. Quelle: Steffen Müller, Aktuelle Trends: Fachkräftemangel hat in den letzten zehn Jahren in Ost und West stark zugenommen, in: IWH, Wirtschaft im Wandel — Jg. 25 (3), 2019, 48.
Beim Vergleich der Wirtschaftskraft deutscher Regionen vor den politischen Umbrüchen des 20. Jahrhunderts zeigt sich: Aus historischer Sicht sehen manche Tendenzen, etwa der Berlin-Boom und die höhere Wachstumsdynamik in Sachsen, wie eine Normalisierung aus, die sich mit einiger Wahrscheinlichkeit auch fortsetzen dürfte. Quelle: Axel Lindner: Zur Wirtschaftskraft deutscher Regionen aus langfristiger Perspektive: Alte Muster werden in Ostdeutschland langsam wieder sichtbar, in: IWH, Wirtschaft im Wandel — Jg. 25 (3), 2019, 49.
In Westdeutschland kam es in denjenigen Betrieben, die die vergleichsweise geringsten Löhne zahlen (hier 10. Perzentil), im gesamten Betrachtungszeitraum zu Lohneinbußen. Am aktuellen Rand liegen die Einbußen bei etwa 2% im Vergleich zu 1997, während die Löhne am Median leicht gestiegen sind. In Ostdeutschland verlief die Entwicklung vor allem seit 2013 deutlich positiver. Am aktuellen Rand sind im Osten für alle Perzentile deutliche Lohnzuwächse zu beobachten, am Median etwa 10%.
Ein Investment von 1000 Euro, angelegt am 1. Juli 1988, dem Eröffnungstag des DAX, wäre heute über 6000 Euro wert, hätte sich also versechsfacht. Der DAX hat demnachlangfristig alle anderen Anlage- und Sparoptionen übertroffen, die bei deutschen Haushalten üblich sind (Bundesanleihen, Wohnimmobilien, Sparkonten). Quelle: Gropp, Reint E.: Kommentar: 30 Jahre DAX, in: IWH, Wirtschaft im Wandel, Jg. 24 (3), 2018.
Belgien, Litauen, Polen und Slowenien haben viel Zeit bis zur Umsetzung der EU-Richtlinien in nationales Recht verstreichen lassen. Deutschland und Österreich haben die Richtlinien am schnellsten übernommen. Quelle: Koetter, Michael; Krause, Thomas; Tonzer, Lena: "Welche Faktoren verzögern die Umsetzung der Bankenunion?", in: IWH, Wirtschaft im Wandel, Jg. 24 (1), 2018.
1/3: Im Szenario "Inflationsausgleich" wird für jede Alterskohorte, die aus dem Erwerbsleben ausscheidet, das Rentenniveau bei 48,1% des zuletzt empfangenen Arbeitsentgelts fixiert und bleibt dann real konstant, die Rentenbezüge nehmen also mit der Inflationsrate zu. Die Rentenhöhe kann hierdurch stabilisiert werden. Alle zukünftigen Generationen erhalten eine vergleichbare Absicherung. Quelle: Holtemöller, Oliver; Zeddies, Götz: Zur Stabilisierung von Rentenniveau und Rentenversicherungsbeitrag. IWH Online 2/2017. Halle (Saale) 2017.
2/3: Eine Kopplung der laufenden Renten an die Verbraucherpreise kann ein Element zur Dämpfung des Ausgabenanstiegs bei der gesetzlichen Rentenversicherung infolge des demographischen Wandels sein, da die Renten nicht mehr so stark wie die Löhne steigen, sondern nur noch die Inflation ausgleichen. Quelle: Holtemöller, Oliver; Zeddies, Götz: Zur Stabilisierung von Rentenniveau und Rentenversicherungsbeitrag. IWH Online 2/2017. Halle (Saale) 2017.
3/3: Der erforderliche Beitragssatz in der Rentenversicherung im Szenario „Inflationsausgleich“ fällt deutlich niedriger aus und sinkt ab 2035 sogar wieder, während er im Szenario „Status quo“ weiter ansteigt. Durch den Inflationsausgleich kann also ein stabiles Rentenniveau bei Renteneintritt gewährleistet und gleichzeitig eine Dämpfung der Rentenausgaben erreicht werden, wenn die Bevölkerung altert. Quelle: Holtemöller, Oliver; Zeddies, Götz: Zur Stabilisierung von Rentenniveau und Rentenversicherungsbeitrag. IWH Online 2/2017. Halle (Saale) 2017.
in: Journal of Money, Credit and Banking, im Erscheinen
<p>We study how deposit competition affects a bank's decision to securitize mortgages. Exploiting the state-specific removal of deposit market caps across the U.S. as a source of competition, we find a 7.1 percentage point increase in the probability that banks securitize mortgage loans. This result is driven by an 11 basis point increase in deposit costs and corresponding reductions in banks' deposit holdings. Our results are strongest among banks that rely more on deposit funding. These findings highlight a hitherto undocumented and unintended regulatory cause that motivates banks to adopt the originate-to-distribute model.</p>
in: Oxford Economic Papers, im Erscheinen
<p>Wage mobility reduces the persistence of wage inequality. We develop a framework to quantify the contribution of employer-to-employer movers to aggregate wage mobility. Using three decades of German social security data, we find that inequality increased while aggregate wage mobility decreased. Employer-to-employer movers exhibit higher wage mobility, mainly due to changes in employer wage premia at job change. The massive structural changes following German unification temporarily led to a high number of movers, which in turn boosted aggregate wage mobility. Wage mobility is much lower at the bottom of the wage distribution, and the decline in aggregate wage mobility since the 1980s is concentrated there. The overall decline can be mostly attributed to a reduction in wage mobility per mover, which is due to a compositional shift toward lower-wage movers.</p>
in: Economic Journal, im Erscheinen
<p>This paper investigates the critical role of church membership in the process of economic recovery after high-impact natural disasters. We document a significant adverse treatment effect of the 2005 hurricane season in the Southeastern United States on establishment-level productivity. However, we find that establishments in counties with higher rates of church membership saw a significantly stronger recovery in terms of productivity for 2005–10. We also show that church membership is correlated with post-disaster entrepreneurship activities and population growth.</p>
in: Journal of Money, Credit and Banking, im Erscheinen
<p>This paper investigates the relationship between heterogeneity in sectoral price stickiness and the response of the economy to aggregate real shocks. We show that sectoral heterogeneity reduces inflation persistence for a constant average duration of price spells, and that inflation persistence can fall despite duration increases associated with increases in heterogeneity. We also find that sectoral heterogeneity reduces the persistence and volatility of interest rate and output gap for a constant price spells duration, while the qualitative impact on inflation volatility tends to be positive. A relevant policy implication is that neglecting price stickiness heterogeneity can impair the economic dynamics assessment.</p>
in: Review of Economic Studies, im Erscheinen
<p>We measure desired labour supply at the extensive (employment) margin in two representative surveys of the U.S. and German populations. We elicit reservation raises: the percent wage change that renders a given individual indifferent between employment and nonemployment. It is equal to her reservation wage divided by her actual, or potential, wage. The reservation raise distribution is the nonparametric aggregate labour supply curve. Locally, the curve exhibits large short-run elasticities above 3, consistent with business cycle evidence. For larger upward shifts, arc elasticities shrink towards 0.5, consistent with quasi-experimental evidence from tax holidays. Existing models fail to match this nonconstant, asymmetric curve.</p>
in: Journal of Financial and Quantitative Analysis, im Erscheinen
<p>Mutual fund families increasingly hold bonds and stocks from the same firm. We present evidence that dual ownership allows firms to increase valuable investments and refinance by issuing bonds with lower yields and fewer restrictive covenants, especially when firms face financial distress. Dual holders also prevent overinvestment by firms with entrenched managers. Overall, our results suggest that mutual fund families internalize the agency conflicts of their portfolio companies, highlighting the positive governance externalities of intra-family cooperation.</p>
in: Journal of Business Finance and Accounting, im Erscheinen
<p>This paper investigates how state ownership affects financial reporting practices in China. Using several measures of state (government) ownership, we show that a one-standard-deviation increase in state ownership decreases financial statement comparability by 36.61%, and the impact is more pronounced when the central authority has majority control of the company. Moreover, lower earnings quality and lower levels of accounting conservatism among state-owned enterprises (SOEs) may explain the lower accounting comparability between SOEs and non-SOEs (NSOEs). Additionally, similar (different) managerial objectives converge (diverge) financial statement comparability between SOEs and NSOEs. Last, the geographical locations of firms also contribute to financial statement comparability. We employ a difference-in-differences design, changes regression and entropy balancing to mitigate potential endogeneity bias.</p>
in: Journal of Business Finance and Accounting, im Erscheinen
<p>This paper investigates a firm's stock return asynchronicity through the auditor's perspective to distinguish whether this asynchronicity can proxy for the company's firm-specific information or the quality of its information environment. We find a significant and positive association between asynchronicity and audit fees after controlling for auditor quality and other factors that affect audit fees, suggesting that stock return asynchronicity is more likely to capture a company's firm-specific information than its information environment. We also find that asynchronous firms are more likely to receive adverse opinions on their internal controls over financial reporting, but are associated with lower costs of capital and auditor litigation, providing further evidence in support of the firm-specific information argument. Asynchronicity's positive association with audit fees is driven by firms with higher accounting reporting complexity, suggesting stock return asynchronicity captures a firm's complexity, resulting in more significant efforts by the auditor.</p>
in: Journal of Financial and Quantitative Analysis, im Erscheinen
This study examines how antitrust law adoptions affect horizontal merger and acquisition (M&A) outcomes. Using the staggered introduction of competition laws in 20 countries, we find antitrust regulation decreases acquirers’ five-day cumulative abnormal returns surrounding horizontal merger announcements. A decrease in deal value, target book assets, and industry peers' announcement returns are consistent with the market power hypothesis. Exploiting antitrust law adoptions addresses a downward bias to an estimated effect of antitrust enforcement (Baker (2003)). The potential bias from heterogeneous treatment effects does not nullify our results. Overall, antitrust policies seem to deter post-merger monopolistic gains, potentially improving customer welfare.
in: Review of Corporate Finance Studies, im Erscheinen
We analyze how creditor rights affect the nonsynchronicity of global corporate credit default swap spreads (CDS-NS). CDS-NS is negatively related to the country-level creditor-control rights, especially to the “restrictions on reorganization” component, where creditor-shareholder conflicts are high. The effect is concentrated in firms with high investment intensity, asset growth, information opacity, and risk. Pro-creditor bankruptcy reforms led to a decline in CDS-NS, indicating lower firm-specific idiosyncratic information being priced in credit markets. A strategic-disclosure incentive among debtors avoiding creditor intervention seems more dominant than the disciplining effect, suggesting how strengthening creditor rights affects power rebalancing between creditors and shareholders.
in: Journal of Money, Credit and Banking, im Erscheinen
<p>We study how deposit competition affects a bank's decision to securitize mortgages. Exploiting the state-specific removal of deposit market caps across the U.S. as a source of competition, we find a 7.1 percentage point increase in the probability that banks securitize mortgage loans. This result is driven by an 11 basis point increase in deposit costs and corresponding reductions in banks' deposit holdings. Our results are strongest among banks that rely more on deposit funding. These findings highlight a hitherto undocumented and unintended regulatory cause that motivates banks to adopt the originate-to-distribute model.</p>
in: Oxford Economic Papers, im Erscheinen
<p>Wage mobility reduces the persistence of wage inequality. We develop a framework to quantify the contribution of employer-to-employer movers to aggregate wage mobility. Using three decades of German social security data, we find that inequality increased while aggregate wage mobility decreased. Employer-to-employer movers exhibit higher wage mobility, mainly due to changes in employer wage premia at job change. The massive structural changes following German unification temporarily led to a high number of movers, which in turn boosted aggregate wage mobility. Wage mobility is much lower at the bottom of the wage distribution, and the decline in aggregate wage mobility since the 1980s is concentrated there. The overall decline can be mostly attributed to a reduction in wage mobility per mover, which is due to a compositional shift toward lower-wage movers.</p>
in: Economic Journal, im Erscheinen
<p>This paper investigates the critical role of church membership in the process of economic recovery after high-impact natural disasters. We document a significant adverse treatment effect of the 2005 hurricane season in the Southeastern United States on establishment-level productivity. However, we find that establishments in counties with higher rates of church membership saw a significantly stronger recovery in terms of productivity for 2005–10. We also show that church membership is correlated with post-disaster entrepreneurship activities and population growth.</p>
in: Journal of Money, Credit and Banking, im Erscheinen
<p>This paper investigates the relationship between heterogeneity in sectoral price stickiness and the response of the economy to aggregate real shocks. We show that sectoral heterogeneity reduces inflation persistence for a constant average duration of price spells, and that inflation persistence can fall despite duration increases associated with increases in heterogeneity. We also find that sectoral heterogeneity reduces the persistence and volatility of interest rate and output gap for a constant price spells duration, while the qualitative impact on inflation volatility tends to be positive. A relevant policy implication is that neglecting price stickiness heterogeneity can impair the economic dynamics assessment.</p>
in: Review of Economic Studies, im Erscheinen
<p>We measure desired labour supply at the extensive (employment) margin in two representative surveys of the U.S. and German populations. We elicit reservation raises: the percent wage change that renders a given individual indifferent between employment and nonemployment. It is equal to her reservation wage divided by her actual, or potential, wage. The reservation raise distribution is the nonparametric aggregate labour supply curve. Locally, the curve exhibits large short-run elasticities above 3, consistent with business cycle evidence. For larger upward shifts, arc elasticities shrink towards 0.5, consistent with quasi-experimental evidence from tax holidays. Existing models fail to match this nonconstant, asymmetric curve.</p>
in: Journal of Financial and Quantitative Analysis, im Erscheinen
<p>Mutual fund families increasingly hold bonds and stocks from the same firm. We present evidence that dual ownership allows firms to increase valuable investments and refinance by issuing bonds with lower yields and fewer restrictive covenants, especially when firms face financial distress. Dual holders also prevent overinvestment by firms with entrenched managers. Overall, our results suggest that mutual fund families internalize the agency conflicts of their portfolio companies, highlighting the positive governance externalities of intra-family cooperation.</p>
in: Journal of Business Finance and Accounting, im Erscheinen
<p>This paper investigates how state ownership affects financial reporting practices in China. Using several measures of state (government) ownership, we show that a one-standard-deviation increase in state ownership decreases financial statement comparability by 36.61%, and the impact is more pronounced when the central authority has majority control of the company. Moreover, lower earnings quality and lower levels of accounting conservatism among state-owned enterprises (SOEs) may explain the lower accounting comparability between SOEs and non-SOEs (NSOEs). Additionally, similar (different) managerial objectives converge (diverge) financial statement comparability between SOEs and NSOEs. Last, the geographical locations of firms also contribute to financial statement comparability. We employ a difference-in-differences design, changes regression and entropy balancing to mitigate potential endogeneity bias.</p>
in: Journal of Business Finance and Accounting, im Erscheinen
<p>This paper investigates a firm's stock return asynchronicity through the auditor's perspective to distinguish whether this asynchronicity can proxy for the company's firm-specific information or the quality of its information environment. We find a significant and positive association between asynchronicity and audit fees after controlling for auditor quality and other factors that affect audit fees, suggesting that stock return asynchronicity is more likely to capture a company's firm-specific information than its information environment. We also find that asynchronous firms are more likely to receive adverse opinions on their internal controls over financial reporting, but are associated with lower costs of capital and auditor litigation, providing further evidence in support of the firm-specific information argument. Asynchronicity's positive association with audit fees is driven by firms with higher accounting reporting complexity, suggesting stock return asynchronicity captures a firm's complexity, resulting in more significant efforts by the auditor.</p>
in: Journal of Financial and Quantitative Analysis, im Erscheinen
This study examines how antitrust law adoptions affect horizontal merger and acquisition (M&A) outcomes. Using the staggered introduction of competition laws in 20 countries, we find antitrust regulation decreases acquirers’ five-day cumulative abnormal returns surrounding horizontal merger announcements. A decrease in deal value, target book assets, and industry peers' announcement returns are consistent with the market power hypothesis. Exploiting antitrust law adoptions addresses a downward bias to an estimated effect of antitrust enforcement (Baker (2003)). The potential bias from heterogeneous treatment effects does not nullify our results. Overall, antitrust policies seem to deter post-merger monopolistic gains, potentially improving customer welfare.
in: Review of Corporate Finance Studies, im Erscheinen
We analyze how creditor rights affect the nonsynchronicity of global corporate credit default swap spreads (CDS-NS). CDS-NS is negatively related to the country-level creditor-control rights, especially to the “restrictions on reorganization” component, where creditor-shareholder conflicts are high. The effect is concentrated in firms with high investment intensity, asset growth, information opacity, and risk. Pro-creditor bankruptcy reforms led to a decline in CDS-NS, indicating lower firm-specific idiosyncratic information being priced in credit markets. A strategic-disclosure incentive among debtors avoiding creditor intervention seems more dominant than the disciplining effect, suggesting how strengthening creditor rights affects power rebalancing between creditors and shareholders.
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