Effizienz und Stabilität von Finanzmärkten: Stehen wir vor einem Paradigmenwechsel?

The paper discusses the impact of the financial crisis on macroeconomics and on research into financial markets. The cornerstones of the economic mainstream were made obsolete by actual developments in recent years, and there are now signs that a fundamental paradigm shift is possible. After the failures stemming from the extensive deregulation of financial markets, economic policy now faces the challenge of actively reshaping the regulatory design of this central area of economic activity.     

Souveränität und Verantwortung im Mehrebenensystem: Subsidiarität als Leitmotiv?

Wirtschaftsdienst - Der Subsidiaritätsgedanke sollte von den politischen Entscheidungstragenden sowie von im europäischen Mehrebenensystem mitwirkenden Akteur:innen beachtet werden. Dazu...     

Konjunkturpakete versus Austeritätspolitik

We evaluate the impact of fiscal stimulus measures during the financial crisis and the subsequent turn to fiscal consolidation during the Euro Area crisis. Based on an exploitation of the information contained in systematic forecast errors, we identify a robust and substantial underestimation of the multiplier effects linked to these measures. Moreover the effects are highly persistent, pointing to hysteresis effects of fiscal measures during deep crises.     

Eindämmung von Finanzmarktkrisen durch erhöhte Regulierungsintensität? Ein Update

The recent financial crisis challenged policymakers to create better supervision for both banks as well as international financial markets. Due to different political and governmental orientations, for instance, an overarching approach in European countries is unlikely. Where it to succeed in finding a conceptually closed and integrated approach in the coming years, the financial architecture of the Economic and Monetary Union could serve as an example for other parts of the world. However, the authors suspect an increasing fragmentation of regulatory elements and a potential return to special national regulation are more likely outcomes.     

Städteranking: Dynamik von Städten und strukturelle Pfadabhängigkeit

The dynamics of cities is subject to structural path dependence. The authors demonstrate — using the HWWI/Berenberg Städteranking — that the socio economic development of most German cities is relatively constant in time. This has consequences for regional politics since structural changes depend on long-term planning, and therefore the results of political decisions can be observed only with a delay.     

Die Bedeutung der Kostenstruktur für die Effektivität von Staatshilfen

Wirtschaftsdienst - Die Corona-Krise führt bei vielen Unternehmen zu andauernden Umsatzeinbrüchen, die einen akuten Liquiditätsbedarf verursachen, sofern laufende Kosten nicht...     

Konjunkturschlaglicht: Risiken für Preisstabilität

HWWA-KONJUNKTURFORUM

Konjunkturschlaglicht: Risiken für Preisstabilität     

Investitionsschutzabkommen: mehr Rechtssicherheit oder verzicht auf Souveränität?

Bilateral investment treaties (BITs) and investor-state dispute settlements (ISDS) have become highly controversial. The authors review the evidence and discuss the pros and cons of BITs and other investment agreements. Many observers are concerned that Transatlantic Trade and Investment Partnership (TTIP) regulations on investment protection could be abused by international corporations to obtain unjustifi ed compensation from EU member states. These concerns are to some extent legitimate and should be considered more seriously in the EU negotiation strategy. International investment agreements (IIA) are necessary when host countries of FDI do not have reliable and independent judicial systems. To avoid abuse and to account for the increasing role of global production chains, agreements require more precise defi nitions, and ISDS needs to be more transparent and independent. With the EU developing its own new approach independently (and differently) from the one taken in the past by its member states, the current negotiations of “mega-regionals”, as well as the fi rst standalone EU IIA with China, offer the unique possibility to answer current critique around international investment law. Is there, in the current documents, an IIA2.0 that strengthens the right to regulate and holds up high protection standards for investors? The exclusion of ISDS from TTIP negotiations risks missing a unique chance to improve the current less than perfect international investment regime.     

Digitale Innovationen und Technologiesouveränität

Wirtschaftsdienst - Digitale Innovationen verändern zunehmend Wirtschaft und Gesellschaft. Es ist Aufgabe der Politik, diese Veränderungen im Dialog mit der Gesellschaft und im Einklang...     

Mobilität auf dem Klimaprüfstand: Bahnverkehr

Wirtschaftsdienst - Im Zuge der politisch und gesellschaftlich propagierten „Verkehrs- und Klimawende“ wird der Stärkung des Schienenverkehrs in Deutschland eine zunehmend...