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Simulation der Schuldenbremse und der Schuldenschranke für die deutschen Bundesländer
Die Arbeit untersucht die bestehenden Budgetregeln in Deutschland und stellt zwei aktuelle Reformvorschläge vor, die Schweizer Schuldenbremse und die Schuldenschranke des Sachverständigenrats. Investitionen nach dem Haushaltsrecht werden mit dem Nettoinvestitionsbegriff verglichen und auf ihre Eignu...
In den nächsten 10 bis 15 Jahren sind in Deutschland und Europa sowie weltweit knapp die Hälfte der installierten Kraftwerksleistung zu ersetzen bzw. neu zu errichten. Die hierfür erforderlichen Kraftwerksinvestitionen finden heute unter den veränderten Rahmenbedingungen der Liberalisierung und des ...
Why Do Banks Go Abroad? - Evidence from German Data
This paper provides empirical evidence on the determinants of foreign activities of German banks. We use regionally disaggregated panel data for the years 1981?98 and distinguish foreign direct investment from total foreign assets of domestic banks, of their foreign branches and their subsidiaries. ...
Who Goes East? The Impact of Enlargement on the Patterns of German FDI
Affiliates of German firms in Eastern Europe differ from those in the rest of the world. They have smaller sales and they employ more labor. Labor productivity is thus lower than in affiliates of German firms elsewhere. Moreover, multinational activity in Eastern Europe is mostly unilaterally wherea...
What Determines Firms' Decisions to Formalize? Empirical Evidence from Rural Indonesia
In this paper we analyze the decision of small and micro firms to formalize, i.e. to obtain business and other licenses in rural Indonesia. We use the rural investment climate survey (RICS) that comprises around 2500 non-farm rural enterprises in six Indonesian districts and analyze in an IV approac...
Wage growth and job mobility in the United Kingdom and Germany
Using data from the British Household Panel Survey for 1991-99 and the German Socio-Economic Panel for 1984-99, the authors investigate job mobility and estimate the returns to tenure and experience. job mobility was higher in the United Kingdom than in Germany. Returns to experience also seem to ha...
In this paper we empirically test whether public R&D subsidies crowd out private R&D investment in Flanders and Germany, using firm level data from the Flemish and German part of the Community Innovation survey (CIS III and IV). Both the non-parametric matching estimator and the conditional differen...
Trend and cycle features in German residential investment before and after reunification
Real residential investment in Germany is found to be cointegrated with population, real national income per capita and real house prices. This evidence is consistent with a model where the trend in housing demand is determined by demographic factors and economic well-being to which supply adjusts s...
The taxation of passive foreign investment: lessons from German experience
The paper evaluates the working of German CFC rules that restrict the use of foreign subsidiaries located in low-tax countries to shelter passive investment income from home taxation. While passive investments make up a significant fraction of German outbound FDI, we find that German CFC rules are q...
The Position of Children in the German Welfare State and New Strategies of Fighting Child Poverty
[The author analyses] the position that children have in the German welfare state. … With this analysis it is intended to gain information for a social policy which can be useful to improve the justice of resources between the generations. … Due to the fact that the ongoing adultism in welfare state...
The Inventory Cycle of the German Economy
Using aggregate data, the paper analyzes the importance of inventory investment for German business cycles since 1960. In contrast to U.S. experience, the traditional productionsmoothing/ buffer-stock model is not rejected by empirical evidence. Preliminary national accounts data of inventory invest...
The German Experience ; Evaluation of German Library Buildings from the Last Decades
The period after the Second World War was a golden age for library buildings in Germany especially when investment in higher education was increased in the "Bildungsexpansion"; Typical examples of new and reconstructed buildings are checked against modern demands, based on a survey of the German un...
The Course of Research into the Economic Consequences of German Works Councils
In a survey published in the British Journal of Industrial Relations, Frege (2002) evaluates research on the German works council from the perspective of several disciplines, including economics. Ultimately, she concludes that economic analysis of the works council has reached a ?dead end?. The pres...
Taxes and the financial structure of German inward FDI
The paper analyses the financial structure of German inward FDI. From a tax perspective, intra-company loans granted by the parent should be all the more strongly preferred over equity the lower the tax rate of the parent and the higher the tax rate of the German affiliate. From our study of a panel...
Taxes and the financial structure of German inward FDI
The paper analyses the financial structure of German inward FDI. From a tax perspective, intra-company loans granted by the parent should be all the more strongly preferred over equity the lower the tax rate of the parent and the higher the tax rate of the German affiliate. From our study of a panel...
Taxes and the Financial Structure of German Inward FDI
The paper analyses the financial structure of German inward FDI. From a tax perspective, intra-company loans granted by the parent should be all the more strongly preferred over equity the lower the tax rate of the parent and the higher the tax rate of the German affiliate. From our study of a panel...
Taxation and the financial structure of German outbound FDI
The paper analyzes the financial structure of outbound FDI during the period 1996-2002 by drawing on up to 54,022 firm-year observations of 13,758 German-owned subsidiaries. We find that the tax rate in the host country has a sizeable and significantly positive effect on leverage for wholly-owned fo...
We develop a dynamic model of strategic investment in a transnational pipeline system. In the absence of international contract enforcement, countries may distort investment in order to increase their bargaining power, resulting in overinvestment in expensive and underinvestment in cheap pipelines. ...
Sequencing of Remedies in Sales Law
This paper analyzes the effects of different sequences of remedies on the incentives of sellers to invest in product quality and on the probability of contract termination. Despite ambitious efforts by the EU to harmonize national legislation, sales laws still differ significantly in Europe. The ana...
Robust GMM Estimation of an Euler Equation Investment Model with German Firm Level Panel Data
In this paper the outlier robust GMM panel data estimator recently proposed by Lucas,van Dijk, and Kloek (1994) is applied to an Euler equation model of firm investment behaviour with imperfectly competitive product markets for a small panel of German nonfinancial stock companies. Plots for checking...
Robust GMM Estimation of an Euler Equation Investment Model with German Firm Level Panel Data
In this paper the outlier robust GMM panel data estimator recently proposed by Lucas, van Dijk, and Kloek (1994)is applied to an Euler equation model of firm investment behaviour with imperfectly competitive product markets for a small panel of German nonfinancial stock companies. Plots for checking...
This study questions the popular stereotype that women are more risk averse than men in their financial investment decisions. The analysis is based on micro-level data from large-scale surveys of private households in five European countries. In our analysis of investment decisions, we directly acco...
Relationship lending - empirical evidence for Germany
Relationship lending is a common practice in credit financing all over the world, notably also in the European Union, which has been assumed to be particularly beneficial for Small and Medium-Sized Enterprises (SMEs). During recent years, there has been the impression that relationship lending loses...
Regulation, Competition and Investment in the German Electricity Market: RegTP or REGTP
The German energy industries will be subjected to regulation of network access enforced by a sector-specific regulator. Whereas the gas industry broke the regime of negotiated third party access, in electricity nTPA ‘worked’, although it clearly resulted in a margin squeeze. The government currently...
Ownership, Capital or Outsourcing: What Drives German Investment to Eastern Europe?
The paper takes a first look at the host and home country effects of German FDI in Eastern Europe (EE) based on new survey data of 1050 investment projects in EE by 420 German multinationals during the 1990s. We find that German investors transfer a substantial amount of financial capital to EE. Fur...
Non-Linearities in the Expansion of Capital Stock
The empirical identification of non-linearities in investment relies on how investment is assumed to be separated into various regimes. Using German establishment-level panel data, we estimate a two-regime model of replacement and expansion investment which allows us to observe regime separation, an...
In summer 2005, the German telecommunication incumbent Deutsche Telekom announced its plans to build a new broadband fibre optics network. Deutsche Telekom decided as precondition for this new network not to be regulated with respect to pricing and third party access. To develop a regulator's strate...
Multinationals, Foreign Market Entry, and Employment Security
We analyze how foreign direct investment (FDI) affects employment security. Using administrative micro data for German employees allows us to follow individual workers over time. FDI intensity is measured at the sectoral level, which enables us to take into account direct as well as indirect (spillo...
Money-back guarantees in individual pension accounts: evidence from the German pension reform
The German Retirement Saving Act instituted a new funded system of supplementary pensions coupled with a general reduction in the level of state pay-as-you-go old-age pensions. In order to qualify for tax relief, the providers of supplementary savings products must offer a guarantee of the nominal v...
Monetary transmission in Germany: New Perspectives on Financial Constraints and Investment Spending
In order to obtain a better understanding of monetary transmission, this paper assesses the importance of the interest rate and credit channels on business fixed investment in the German manufacturing sector. Our panel of financial statements contains 44,345 observations for 6,408 firms. We uncover ...
Modeling Firm Dynamics to Identify the Cost of Financing Constraints in Ghanaian Manufacturing
Economic development requires the growth of productive firms. However, financing constraints may limit firms? investment abilities. This paper estimates the cost of financing constraints to firms, for example in terms of idle investment opportunities, and their aggregate implications. To this end, I...
Loan availability and investment: Can innovative companies better cope with loan denials?
This study examines the consequences of loan denials for the investment performance of small and medium-sized German enterprises. As a consequence of a loan denial, innovative companies experience a smaller drop in the share of actual to planned investment than non-innovative companies. The non-rand...
Loan availability and investment : can innovative companies better cope with loan denials?
This study examines the consequences of loan denials for the investment performance of small and medium-sized German enterprises. As a consequence of a loan denial, innovative companies experience a smaller drop in the share of actual to planned investment than non-innovative companies. The non-rand...
Is the German apprenticeship system a panacea for the US labour market?
Advocates of apprenticeship programs often argue as if it is simply a matter of historical accident which has hindered such investment by U.S. firms. This paper explores the structure of incentives undergirding the German system of apprenticeship training. First, we describe three characteristics of...
Investment, internal funds and public banking in Germany
Previous studies argued that low investment-cash flow sensitivities of German firms may be caused by dominance of public banking.The paper addresses this topic and applies a unique accounting dataset of German firms. Results from a dynamic panel data approach show that the dependence of investment s...
Investment performance and market share: a study of the German mutual fund industry
We study a set of German open-end mutual funds for a time period during which this industry emerged from its infancy. In those years, the distribution channel for mutual funds was dominated by the brick-and-mortar retail networks of the large universal banks. Using monthly observations from 12/1986 ...
Despite their impressive market success, investment certificates' benefits are puzzling from both a theoretical and an empirical viewpoint. Previous research analyzed portfoliotheoretical issues, mispricing patterns, and counterparty risk. This work highlights the impact of taxation, which has not b...
Investment and credit effects of land titling and registration:
This paper analyzes the importance of legal property documents in providing tenure security, enhancing agricultural investment incentives and easing access to credit. While theory predicts that better property rights on land can increase investment through increased security, enhanced trade opportun...
Institutional investors in Germany: insurance companies and investment funds
This chapter focuses on institutional investors in the German financial markets. Institutional investors are specialized financial intermediaries who collect and manage funds on behalf of small investors toward specific objectives in terms of risk, return and maturity. The major types of institution...
Investment in infrastructure is considered as a crucial prerequisite for economic development. Given the scarce resources for public investment in developing countries a detailed perspective on the effects of each form of infrastructure is needed. This paper focuses on transport infrastructure in Af...
Impact of Transmission Network Investments on Market Power in the German Electricity Market
In this paper a model based analysis of competition in the German wholesale electricity market is presented. Applying a multi-regional model which covers the interregional transmission constraints between Germany and its neighboring countries, potential for exercising market power by the four domina...
The present paper examines the economic development perspectives of the manufacturing sector of 31 major West German regions in the process of globalisation. Public statistics do not provide FDI data on a regional basis. Therefore our study was based on indicators based on the data from the INDAT-fi...
Globalization and the environment
We study the effects of economic globalization (liberalization of international trade and investment flows) on the environment in the context of a model that integrates standard factor endowment theory (FET) with the pollution haven hypothesis (PHH). Both FET and PHH imply that inward investment bur...
This study assesses the impact of foreign direct investment (FDI) on gendered labour markets in rural Indonesia. It focuses on the gender composition of the workforce, female and male workers? employment conditions and gender wage inequality. Th e research strategy of ?between-methods triangulation?...
In der HSR, Nr. 70 hat Hans-Joachim Voth in die sogenannte 'Borchardt Debatte' zwischen deutschen und britischen Wirtschaftsgeschichtlern über die wirtschaftliche Entwicklung der Weimarer Republik eingegriffen. Voth stellt die für die Debatte entscheidende These in Frage, daß sich die Investitionsra...
Foreign direct investment (FDI) of Germany in Latin America reveals various peculiarities that may shape future investment relations. However, two major concerns are largely unfounded: - In contrast to widespread fears in Germany, FDI outflows are highly unlikely to have added to labor market proble...
German Foreign Direct Investment and Wages
Over the last decade, German multinationals created about two million jobs abroad with increasing foreign direct investment (FDI). While there are many reasons for firms to go multinational and probably just as many for Germany's high unemployment, this paper aims to investigate the relationship bet...
German FDI and Integration of Production in the EU
In this paper, we investigate internationalization strategies of German manufacturing firms in the European Union. We give reasons for the hypothesis that traditional market strategies had been replaced by border-crossing production networking based on the comparative advantage of host countries and...
This paper argues that the liberalisation of foregin direct investment (FDI) has made labour costs more important to domestic investment and long-run labour demand. It provides evidence from British and German data that is consistent with this view. First, high unit labour costs increase FDI outflow...
The paper investigates the factors crucial in the locational decisions of multinational German banks in selected emerging markets of central and eastern Europe, Latin America and Asia between 1994 and 2001. Emphasis is placed on testing variables of macroeconomic and financial sector risk along with...
Focusing on Children? Recent Developments in Early Childcare in Germany
Starting point of our analysis is the assumption that for several years a ‚chidcentred social investment strategy’ […] is gaining more and more influence in modern welfare states. Under the concept of a ‚sustainable family policy’ this paradigm of ‚investing in children’ also becomes relevant in the...
Firm heterogeneity and choice of ownership structure : an empirical analysis of German FDI in India
We contribute to the nascent literature on the heterogeneity of multinational enterprises (MNEs) and the relevance of firm characteristics for analyzing the determinants of outward foreign direct investment (FDI). The focus is on the role of firm-level heterogeneity when MNEs decide on the share of ...
In addition to firm and industry characteristics, the heterogeneity of foreign direct investment (FDI) has to be taken into account when analyzing the determinants of outward FDI. We combine two firm-specific datasets on German firms with subsidiaries and joint ventures in the Czech Republic, compar...
Financial Constraints and Continental Business Groups: Evidence from German Konzerns
Using a unique, large panel of German firms, we examine whether participation in business groups reduces the sensitivity of investment to cash flow. The main finding is that the reduction in the sensitivity is small for small firms and negligible for medium and large firms. We argue that by virtue o...
FDI versus cross-border financial services: The globalisation of German banks
The choice between foreign direct investment (FDI) and exports has been a recurrent theme in the literature on international trade, yet few studies have analysed this choice at the level of the individual firm. This paper uses a new dataset to study the FDI-versus-exports decision for banks. We use ...
FDI Promotion through Bilateral Investment Treaties More Than a Bit
Policymakers in developing countries have increasingly pinned their hopes on bilateral investment treaties (BITs) in order to improve their chances in the worldwide competition for foreign direct investment (FDI). However, the effectiveness of BITs in inducing higher FDI inflows is still open to deb...
Exports, foreign direct investment, and productivity : Evidence from German firm level data
This paper presents the first empirical test with German establishment level data of a hypothesis derived by Helpman, Melitz and Yeaple in a model that explains the decision of heterogeneous firms to serve foreign markets either trough exports or foreign direct investment: only the more productive f...
Exports, foreign direct investment and productivity: evidence from German firm level data
This paper presents the first empirical test with German establishment level data of a hypothesis derived by Helpman, Melitz and Yeaple in a model that explains the decision of heterogeneous firms to serve foreign markets either trough exports or foreign direct investment: only the more productive f...
Export Performance and Investment Behaviour of Firms in Ghana
From the theoretical literature a strong relationship between export performance and investment behaviour at the firm level is expected. A 2003 survey of 100 Ghanaian enterprises is used to analyse the factors that influence the investment and exporting behaviour of firms using a simultaneous equati...
Evaluating the German inventory cycle : using data from the Ifo business survey
Inventory fluctuations are an important phenomenon in business cycles. However, the preliminary data on inventory investment as published in the German national accounts are tremendously prone to revision and therefore ill-equipped to diagnose the current stance of the inventory cycle. The Ifo busin...
Evaluating the German Inventory Cycle Using Data from the Ifo Business Survey
Inventory fluctuations are an important phenomenon in business cycles. However, the preliminary data on inventory investment as published in the German national accounts are tremendously prone to revision and therefore ill-equipped to diagnose the current stance of the inventory cycle. The Ifo busin...
We analyze the impact of job entry restrictions on the economic integration of recent ethnic German immigrants, using twelve waves of the German Socio-Economic Panel.The German labor market closely ties job accessibility to vocational education which likely hampers the transferability of foreign hum...
The paper explores the investment behaviour of German firms in the context of the Qapproach, which plays a dominant role in empirical investment research. The analysis is based on the Deutsche Bundesbank's corporate balance sheet statistics. The panel data set contains some 2,300 German firms' balan...
Dynamic Effects of Foreign Direct Investment When Credit Markets are Imperfect
This paper argues that foreign direct investment in economies with credit market imperfections may increase their vulnerability to capital flow shocks. Due to better access to financial markets foreign firms can use other wage contracts than domestic ones. This alters the domestic wage composition a...
Does the tenure of private equity investment improve the performance of European firms?
The paper investigates whether the presence and tenure of Private Equity (PE) investment in European companies improves their performance. Previous studies documented the unambiguous merit of a buyout during the 1980s and 1990s for listed firms in the US and UK markets. This study analyzes such infl...
Does regional redistribution spur growth?
After the German reunification, interregional subsidies accounted for approximately four percent of gross fixed capital investment in the new federal states. We show that between 1992 and 2005 infrastructure and (small) business aid had a negative net impact on regional economic growth. This suggest...
Does migration stimulate human capital investment Theory and evidence
This paper investigates whether international migration stimulates additional investment in human capital in host countries. First, a simple theoretical model is developed, showing that if migration were allowed, additional human capital investment is possible. Whether human capital endowment in hos...
This paper examines the link between liquidity constraints and investment behavior for German firms of different sizes from 1970 to 1986. Results indicate that medium sized firms appear to be more liquidity constrained in their investment behavior than either the smallest or largest firms in the stu...
Does Experience Matter? Innovations and the Productivity of ICT in German Services
In this paper, it is argued that ICT investment is closely linked with complementary innovations and most productive in firms with innovative experience. In an analysis based on firm–level panel data covering the period 1994–99, system GMM estimates for an extended production function framework reve...
This paper investigates the quality of information on tax planning performance which is provided by financial accounting based on IAS 12 (Income taxes). A simple theoretical investment model is used to show that reported tax expenses can be misleading as an indicator of tax planning performance, sin...
Do Innovation Subsidies Crowd Out Private Investment? Evidence from the German Service Sector
This paper analyses the impact of public innovation subsidies on private innovation expenditure. In the empirical economic literature there is still no common support for the hypothesis of either a complementary or a substitutive relationship between public funding and private investment. We investi...
Many empirical studies in the area of foreign direct investment (FDI) exclusively focus on flows between industrialized countries. This article makes a contribution to the still relatively sparse literature on FDI in emerging markets by estimating determinants of German FDI flows to Latin America an...
Determinants of German FDI: New Evidence from Micro-Data
This paper provides new evidence on the foreign direct investment stocks of German firms. We use firm-level data for the years 1990-2000 to describe the regional and sectoral patterns of German FDI through gravity-type equations. We provide evidence on the patterns of FDI by sector, by size of the f...
Corporate taxation and investment: explaining investment dynamics with firm-level panel data
Using a firm-level panel data set I assess whether dynamic models of in- vestment provide an empirically fruitful framework for analyzing tax effects on changes in capital stock. In particular I estimate a one-step error correction model (ECM) complementing the usual estimation of a distributed lag ...
Corporate tax Reform and foreign direct investment in Germany: evidence from firm-level data
Does the reduction of the effective tax burden on corporations trigger foreign direct investment? We take the German tax reform of 2000 as a natural experiment in order to isolate the impact of corporate taxation on the investment of foreign-held affiliates in Germany. We do so by exploiting the ver...
This study is the first empirical analysis to investigate the relationship between the investment behaviour of firms resident in Germany and the empirically determined marginal tax rates developed by John R. Graham. It is based on the Bundesbank's corporate balance sheet statistics for the period 19...
Clustering or competition? The foreign investment behaviour of German banks
The presence of other firms in a foreign market can have a double-edged effect on the profitability of new entrants. Firstly, a larger presence of other firms implies more competition and thus lowers the earnings prospects of new entrants. Secondly, there might be positive spill-over effects between...
Byways and Highways of Direct Investment: China and the Offshore World
This paper examines a lacuna in the literature on foreign direct investment (FDI) flows to China: the absence of analysis for the prominent location of small Caribbean and Pacific islands as leading sources of FDI. An indeterminate amount of domestic capital is embedded in these FDI flows, which dis...
Bringin? Home the Curry and Givin? it away: Commercial Ventures of NGOs in Bangladesh
From handicraft shops to cyber cafés, more and more NGOs in developing countries are moving toward investment in revenue-generating business ventures. This paper explores the motivations behind such investments and their impact the donor-NGO relationship. First, a case study of NGOs in Bangladesh pr...
Are there financing constraints for R&D and investment in German manufacturing firms?
Using a newly constructed panel dataset of German enterprises, I estimate R&D and capital investment equations for the time period from 1990 to 1994. Simple accelerator specifications indicate considerable sensitivity of R&D and investment to cash flow for relatively small firms. Much of this effect...
Apprenticeship training in Germany : investment or productivity driven?
The German dual apprenticeship system came under pressure in recent years because enterprises were not willing to offer a sufficient number of apprenticeship positions. A frequently made argument is that the gap could be closed if more firms would be willing to incur net costs during the training pe...
Apprenticeship Training in Germany? Investment or Productivity Driven?
The German dual apprenticeship system came under pressure in recent years because enterprises were not willing to offer a sufficient number of apprenticeship positions. A frequently made argument is that the gap could be closed if more firms would be willing to incur net costs during the training pe...
Apprenticeship Training in Germany – Investment or Productivity Driven?
The German dual apprenticeship system came under pressure in recent years because enterprises were not willing to offer a sufficient number of apprenticeship positions. A frequently made argument is that the gap could be closed if more firms would be willing to incur net costs during the training pe...
An agent-based model to analyse the long-term development of the german electricity system
In this paper, we present an agent-based simulation model of the long-term development of the German electricity market. The model includes a day-ahead spot market and forward market module for the simulation of long term price developments, and an investment decision module. This article gives a de...
For some, global finance is ubiquitous. The growth of advanced electronic communications combined with computer-driven, top-down investment strategies has provided institutional investors access to the most sheltered capital markets, including those of continental Europe. By contrast, many economic ...
ACE vs. CBIT: which is better for investment and welfare?
This paper analyses the switch to an ACE or to a CBIT type of tax system starting from the present German tax system. We show that in case an ACE type of reform is financed by an increase in the VAT and not in the profit tax, it might be preferred to a CBIT even in the context of an open economy. Mo...
This paper proposes a new framework for studying the effects of monetary policy on business investment. Important ambiguities with the modeling of investment dynamics and interactions between real and financial decisions suggest modeling investment spending as a VAR. Based on a panel of financial st...
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