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Medienecho Juli 2024 Oliver Holtemöller: “Wirtschaft in Ostdeutschland wächst schneller als in Westdeutschland” in: Mitteldeutscher Rundfunk, 02.07.2024 Oliver Holtemöller:…
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Medienecho-Archiv 2021 2020 2019 2018 2017 2016 Dezember 2021 IWH: Ausblick auf Wirtschaftsjahr 2022 in Sachsen mit Bezug auf IWH-Prognose zu Ostdeutschland: "Warum Sachsens…
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IWH-Alumni Das IWH möchte den Kontakt zu seinen ehemaligen Mitarbeiterinnen und Mitarbeitern pflegen. Wir freuen uns, wenn Sie dem IWH-Alumni-Netzwerk beitreten und wir Sie und…
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Long-run Competitive Spillovers of the Credit Crunch
William McShane
IWH Discussion Papers,
Nr. 10,
2023
Abstract
Competition in the U.S. appears to have declined. One contributing factor may have been heterogeneity in the availability of credit during the financial crisis. I examine the impact of product market peer credit constraints on long-run competitive outcomes and behavior among non-financial firms. I use measures of lender exposure to the financial crisis to create a plausibly exogenous instrument for product market credit availability. I find that credit constraints of product market peers positively predict growth in sales, market share, profitability, and markups. This is consistent with the notion that firms gained at the expense of their credit constrained peers. The relationship is robust to accounting for other sources of inter-firm spillovers, namely credit access of technology network and supply chain peers. Further, I find evidence of strategic investment, i.e. the idea that firms increase investment in response to peer credit constraints to commit to deter entry mobility. This behavior may explain why temporary heterogeneity in the availability of credit appears to have resulted in a persistent redistribution of output across firms.
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Offshoring, Domestic Employment and Production. Evidence from the German International Sourcing Survey
Wolfhard Kaus, Markus Zimmermann
IWH Discussion Papers,
Nr. 14,
2022
Abstract
This paper analyses the effect of offshoring (i.e., the relocation of activities previously performed in-house to foreign countries) on various firm outcomes (domestic employment, production, and productivity). It uses data from the International Sourcing Survey (ISS) 2017 for Germany, linked to other firm level data such as business register and ITGS data. First, we find that offshoring is a rare event: In the sample of firms with 50 or more persons employed, only about 3% of manufacturing firms and 1% of business service firms have performed offshoring in the period 2014-2016. Second, difference-in-differences propensity score matching estimates reveal a negative effect of offshoring on domestic employment and production. Most of this negative effect is not because the offshoring firms shrink, but rather because they don’t grow as fast as the non-offshoring firms. We further decompose the underlying employment dynamics by using direct survey evidence on how many jobs the firms destroyed/created due to offshoring. Moreover, we do not find an effect on labour productivity, since the negative effect on domestic employment and production are more or less of the same size. Third, the German data confirm previous findings for Denmark that offshoring is associated with an increase in the share of ‘produced goods imports’, i.e. offshoring firms increase their imports for the same goods they continue to produce domestically. In contrast, it is not the case that offshoring firms increase the share of intermediate goods imports (a commonly used proxy for offshoring), as defined by the BEC Rev. 5 classification.
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Die Ost-West-Produktivitätslücke: Die Rolle von Produktspezialisierung, Produktpreisunterschieden und physischer Produktivität
Matthias Mertens, Steffen Müller
Wirtschaft im Wandel,
Nr. 1,
2022
Abstract
Auch 30 Jahre nach der Deutschen Vereinigung erreicht die ostdeutsche Wirtschaft nur 82% der westdeutschen Arbeitsproduktivität. Dieser Unterschied in der gesamtwirtschaftlichen Arbeitsproduktivität steht in engem Zusammenhang mit vielen wirtschaftlichen und gesellschaftlichen Problemen, denen Ostdeutschland heute gegenübersteht. Auf Basis differenzierter Daten zu den einzelnen Produkten, die Firmen im deutschen Verarbeitenden Gewerbe herstellen, untersuchen wir in diesem Beitrag, wie sich ost- und westdeutsche Firmen bezüglich Produktspezialisierung, Produktpreisen und technischer Effizienz unterscheiden. Wir zeigen auf, dass der Osten – entgegen der Hypothese der „verlängerten Werkbank“ – nicht aufgrund einer Spezialisierung auf Vorprodukte weniger produktiv als der Westen ist. Obwohl Ostprodukte zu deutlich geringeren Preisen verkauft werden, können auch Preisunterschiede zwischen Ost- und Westfirmen den Produktivitätsrückstand nicht erklären. Stattdessen sind Faktoren, welche die physische Produktivität (technische Effizienz) von Unternehmen beeinflussen, entscheidend, um den Produktivitätsrückstand auf Unternehmensebene zu erklären.
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Der Ost-West-Produktivitätsunterschied: Was sagt die mikroökonomische Forschung?
Steffen Müller
Wirtschaftsdienst,
Konferenzband "30 Jahre Deutsche Einheit", März
2021
Abstract
Laut Volkswirtschaftlicher Gesamtrechnung erreicht die ostdeutsche Wirtschaft auch 30 Jahre nach dem Fall des Eisernen Vorhangs nur 80 % der westdeutschen Arbeitsproduktivität. Dieser Unterschied in der gesamtwirtschaftlichen Arbeitsproduktivität geht Hand in Hand mit vielen der wirtschaftlichen und gesellschaftlichen Probleme, denen Ostdeutschland heute gegenübersteht. Um die Ursachen des aggregierten Produktivitätsgefälles zu verstehen, wird die neuere Literatur zum Ost-West-Gefälle diskutiert, die granulare Daten auf Firmen- und Produktebene verwendet. Die Evidenz zeigt die Relevanz von Produktivitätsunterschieden auf Firmenebene für die aggregierte Lücke deutlich und stellt gängige Hypothesen infrage, die aus aggregierten Daten abgeleitet werden.
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Lending Effects of the ECB’s Asset Purchases
Michael Koetter
Journal of Monetary Economics,
December
2020
Abstract
Between 2010 and 2012, the European Central Bank absorbed €218 billion worth of government securities from five EMU countries under the Securities Markets Programme (SMP). Detailed security holdings data at the bank level affirms an effective lending stimulus due to the SMP. Exposed banks contract household lending, but increase commercial lending substantially. Holding non-SMP securities from stressed EMU countries amplifies the commercial lending response. The SMP also improved liquidity buffers and profitability without compromising credit quality.
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Investor Relations and IPO Performance
Salim Chahine, Gonul Colak, Iftekhar Hasan, Mohamad Mazboudi
Review of Accounting Studies,
Nr. 2,
2020
Abstract
We analyze the value of investor relations (IR) strategies to IPO firms. We find that firms that are less visible and have inexperienced management tend to hire IR consultants prior to the issue date. IR consultants help create positive news coverage before an IPO, as reflected in a more optimistic tone of published media. Their presence is associated with higher underpricing at the IPO date but with lower long-run returns. IR-backed IPOs also exhibit disproportionately higher insider-related agency problems, as IR-induced higher underpricing tends to occur primarily in IPOs where underwriter and venture capitalist agency conflicts are more severe. These findings suggest that the IR programs of IPO firm are mostly short-term oriented and facilitate the ulterior motives of some insiders (underwriters and venture capitalists) targeting higher first-day returns.
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Intangible Capital and Productivity. Firm-level Evidence from German Manufacturing
Wolfhard Kaus, Viktor Slavtchev, Markus Zimmermann
IWH Discussion Papers,
Nr. 1,
2020
Abstract
We study the importance of intangible capital (R&D, software, patents) for the measurement of productivity using firm-level panel data from German manufacturing. We first document a number of facts on the evolution of intangible investment over time, and its distribution across firms. Aggregate intangible investment increased over time. However, the distribution of intangible investment, even more so than that of physical investment, is heavily right-skewed, with many firms investing nothing or little, and a few firms having very large intensities. Intangible investment is also lumpy. Firms that invest more intensively in intangibles (per capita or as sales share) also tend to be more productive. In a second step, we estimate production functions with and without intangible capital using recent control function approaches to account for the simultaneity of input choice and unobserved productivity shocks. We find a positive output elasticity for research and development (R&D) and, to a lesser extent, software and patent investment. Moreover, the production function estimates show substantial heterogeneity in the output elasticities across industries and firms. While intangible capital has small effects for firms with low intangible intensity, there are strong positive effects for high-intensity firms. Finally, including intangibles in a gross output production function reduces productivity dispersion (measured by the 90-10 decile range) on average by 3%, in some industries as much as nearly 9%.
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