Data
Transformation tables for administrative borders in Germany – data In order to demonstrate what kind of information the available tables contain and how they are structured, the…
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Research Clusters
Three Research Clusters Research Cluster "Economic Dynamics and Stability" Research Questions This cluster focuses on empirical analyses of macroeconomic dynamics and stability.…
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Membership
Membership Five Good Reasons for Becoming a Member of the Halle Institute for Economic Research (IWH) The Halle Institute for Economic Research (IWH) - Member of the Leibniz…
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Loose (Interview)
Als es in Halle noch kaum Wohnungen gab ... Brigitte Loose über die Gründung und Entwicklungen des IWH When there were almost no flats in Halle yet ... Brigitte Loose about IWH's…
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Ludwig (Interview)
Von der CIA und einem Glas Rotwein ... Prof. Dr. Udo Ludwig über die Anfänge und Entwicklungen des IWH Der Kern der IWH-Gründungsmannschaft kam aus dem Institut für Angewandte…
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Teaching
Teaching Within the framework of its cooperations with both German and foreign universities IWH researchers are actively committed to teaching by offering academic courses. These…
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Projects
Our Projects 07.2022 ‐ 12.2026 Evaluation of the InvKG and the federal STARK programme On behalf of the Federal Ministry of Economics and Climate Protection, the IWH and the RWI…
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IWH-DPE Call for Applications – Fall 2020 Intake
Vacancy The Halle Institute for Economic Research (IWH) is one of Germany’s leading economic research institutes. The IWH focuses on research in macroeconomics, financial…
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Why Life Insurers are Key to Economic Dynamism in Germany
Reint E. Gropp, William McShane
IWH Online,
No. 6,
2020
Abstract
Young entrepreneurial firms are of critical importance for innovation. But to bring their new ideas to the market, these startups depend on investors who understand and are willing to accept the risk associated with a new firm. Perhaps the key reason as to why the US has succeeded in producing nearly all the most successful new firms of the 21st century is the economy’s ability to supply vast sums of capital to promising startups. The volume of venture capital (VC) invested in the US is more than 60 times that of Germany. In this policy note, we argue that differences in the regulatory and structural context of institutional investors, in particular life insurance companies, is a central driver of the relative lack of VC - and thereby successful startups - in Germany.
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Cross-border Transmission of Emergency Liquidity
Thomas Kick, Michael Koetter, Manuela Storz
Journal of Banking and Finance,
April
2020
Abstract
We show that emergency liquidity provision by the Federal Reserve transmitted to non-U.S. banking markets. Based on manually collected holding company structures, we identify banks in Germany with access to U.S. facilities. Using detailed interest rate data reported to the German central bank, we compare lending and borrowing rates of banks with and without such access. U.S. liquidity shocks cause a significant decrease in the short-term funding costs of the average German bank with access. This reduction is mitigated for banks with more vulnerable balance sheets prior to the inception of emergency liquidity. We also find a significant pass-through in terms of lower corporate credit rates charged for banks with the lowest pre-crisis leverage, US-dollar funding needs, and liquidity buffers. Spillover effects from U.S. emergency liquidity provision are generally confined to short-term rates.
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