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Retained Earnings, Foreign Portfolio Ownership, and the German Current Account: A Firm-Level Approach 留存收益、外国证券投资所有权与德国经常账户：公司层面的方法
IF 1.1 4区 经济学
German Economic Review Pub Date : 2024-07-09 DOI: 10.1515/ger-2023-0065
Stefan Goldbach, Philipp Harms, Axel Jochem, Volker Nitsch, Alfons J. Weichenrieder
{"title":"Retained Earnings, Foreign Portfolio Ownership, and the German Current Account: A Firm-Level Approach","authors":"Stefan Goldbach, Philipp Harms, Axel Jochem, Volker Nitsch, Alfons J. Weichenrieder","doi":"10.1515/ger-2023-0065","DOIUrl":"https://doi.org/10.1515/ger-2023-0065","url":null,"abstract":"In some countries, a sizable fraction of savings is derived from corporate savings. Although larger, traded corporations are often co-owned by foreign portfolio investors, current international accounting standards allocate all corporate savings to the host country. This paper suggests a framework to correct for this misleading attribution and applies this concept to Germany. For the years 2012–2020, our corrections retrospectively reduce German savings and consequently the German current account surplus by, on average, €11.5 bn annually. This amounts to lowering Germany’s average official current account surplus (€226.6 bn) across these years by approximately five percent.","PeriodicalId":46476,"journal":{"name":"German Economic Review","volume":"38 1","pages":""},"PeriodicalIF":1.1,"publicationDate":"2024-07-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141567515","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Skill Supply, Technology Diffusion and the Labour Market 技能供应、技术扩散和劳动力市场
IF 1.1 4区 经济学
German Economic Review Pub Date : 2024-06-28 DOI: 10.1515/ger-2023-0098
Ignat Stepanok, Mewael F. Tesfaselassie
{"title":"Skill Supply, Technology Diffusion and the Labour Market","authors":"Ignat Stepanok, Mewael F. Tesfaselassie","doi":"10.1515/ger-2023-0098","DOIUrl":"https://doi.org/10.1515/ger-2023-0098","url":null,"abstract":"We analyze the short and long-run effects of an increase in the skill supply on skill-specific wages and unemployment in a model with endogenous, nonlinear diffusion of a general purpose technology (GPT) and labour market frictions. We calibrate and simulate the model using the trend rise in relative skill supply in the U.S. over two decades starting in the early 1970s. The transitional dynamics of the model show (i) an initial slump and long-run rise in the relative wage of high-skill labour and (ii) a long-run rise in the relative level of unemployment of low-skill versus high-skill labour. An increase in the number of skilled individuals reduces hiring costs and increases the incentive for firms to engage in the costly adoption of a new GPT. Stronger labour market rigidity and higher worker bargaining power are shown to have similar effects on relative wages and unemployment: changes in relative wages are more pronounced, whereas the response of relative unemployment is muted. The exact opposite effects are found in the case of a higher degree of substitution between products.","PeriodicalId":46476,"journal":{"name":"German Economic Review","volume":"31 1","pages":""},"PeriodicalIF":1.1,"publicationDate":"2024-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141509042","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
School Fees and Vouchers when Quality of Education Matters 教育质量至关重要时的学费和学券
IF 1.1 4区 经济学
German Economic Review Pub Date : 2024-03-05 DOI: 10.1515/ger-2023-0058
Alessandro Balestrino, Lisa Grazzini, Annalisa Luporini
{"title":"School Fees and Vouchers when Quality of Education Matters","authors":"Alessandro Balestrino, Lisa Grazzini, Annalisa Luporini","doi":"10.1515/ger-2023-0058","DOIUrl":"https://doi.org/10.1515/ger-2023-0058","url":null,"abstract":"The aim of this paper is to analyse the role that quantity and quality of education may play in the design of public policies. In our model, educated people enjoy a premium on their incomes, and education generates a positive externality for the society. Households live in two areas with different socio-economic characteristics. Altruistic parents choose both the amount and the quality of schooling they want for their children, ignoring the external effect. The latter is, instead, taken into account by the government, which is assumed to provide a composite education service that has a quantity as well as a quality dimension, and is financed mainly via taxes on the income of the parents. We investigate the effects on welfare of balanced-budget policy reforms aimed at introducing or raising i) school fees, and ii) vouchers meant to compensate the costs of attending high-quality schools. We show that, if the external effects are not considered, school fees improve <jats:italic>private</jats:italic> parental welfare while vouchers do not. Parental altruism is not enough to support high levels of quantity and quality of education. The consideration of <jats:italic>social</jats:italic> welfare, i.e. inclusive of the impact of the externality, somewhat mitigates the above results, by favouring lower (albeit positive) fees and allowing vouchers to increase social welfare under some circumstances.","PeriodicalId":46476,"journal":{"name":"German Economic Review","volume":"64 1","pages":""},"PeriodicalIF":1.1,"publicationDate":"2024-03-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140055074","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Regional Supply and Demand Fundamentals in the German Housing Price Boom 德国房价暴涨的地区供需基本面
IF 1.1 4区 经济学
German Economic Review Pub Date : 2023-12-12 DOI: 10.1515/ger-2023-0063
Lars Brausewetter, Stephan L. Thomsen, Johannes Trunzer
{"title":"Regional Supply and Demand Fundamentals in the German Housing Price Boom","authors":"Lars Brausewetter, Stephan L. Thomsen, Johannes Trunzer","doi":"10.1515/ger-2023-0063","DOIUrl":"https://doi.org/10.1515/ger-2023-0063","url":null,"abstract":"Over the last decade, German housing prices have increased unprecedentedly. Drawing on quality-adjusted housing price data at the district level, we show that regional fundamentals explain up to two-thirds of between-region and 77 to 87 percent of within-region variation in price growth. Price increases were driven mainly by co-movements in local demand fundamentals, notably population density and skill level. However, we further reveal systematic variation unrelated to fundamentals: overvaluation of top 7 cities, path dependency, and spatial spillovers. We infer that speculation, investor preference for liquid markets, and bounded rationality contributed substantially to the recent housing price boom in Germany.","PeriodicalId":46476,"journal":{"name":"German Economic Review","volume":"12 1","pages":""},"PeriodicalIF":1.1,"publicationDate":"2023-12-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138580494","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
System Relevance and Firm Performance Due to COVID-19 COVID-19 带来的系统相关性和公司绩效
IF 1.1 4区 经济学
German Economic Review Pub Date : 2023-12-07 DOI: 10.2139/ssrn.4636862
Michael Böhm, Pamela Qendrai
{"title":"System Relevance and Firm Performance Due to COVID-19","authors":"Michael Böhm, Pamela Qendrai","doi":"10.2139/ssrn.4636862","DOIUrl":"https://doi.org/10.2139/ssrn.4636862","url":null,"abstract":"Abstract We study the impact of COVID-19 on firm performance. Using financial accounts of a large number of German firms, we document that industry affiliation is an important economic dimension of the crisis. Motivated by this fact, we analyze an important industry-specific regulation, system relevance, which allows businesses to remain open in times of lockdown and other restrictions. A difference-in-differences estimation strategy shows that relative revenues of system-relevant firms increase by 6–9 percent and profits by 17–25 percent due to COVID. Controlling for channels that are arguably not driven by the system-relevance regulation, the impact on revenues decreases but remains significant. Overall, results indicate that regulations affecting the ability to operate as well as industry-level shocks play important roles for firm performance during a pandemic-induced crisis.","PeriodicalId":46476,"journal":{"name":"German Economic Review","volume":"2 3","pages":""},"PeriodicalIF":1.1,"publicationDate":"2023-12-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138591902","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Competing for Jobs: How COVID-19 Changes Search Behaviour in the Labour Market 竞争工作：COVID-19 如何改变劳动力市场的求职行为
IF 1.1 4区 经济学
German Economic Review Pub Date : 2023-12-06 DOI: 10.1515/ger-2021-0010
Anja Bauer, Kristin Keveloh, Mariano Mamertino, Enzo Weber
{"title":"Competing for Jobs: How COVID-19 Changes Search Behaviour in the Labour Market","authors":"Anja Bauer, Kristin Keveloh, Mariano Mamertino, Enzo Weber","doi":"10.1515/ger-2021-0010","DOIUrl":"https://doi.org/10.1515/ger-2021-0010","url":null,"abstract":"We provide insights on how job search changed in the Covid-19-crisis by analysing data from the LinkedIn professional network for Germany. We find that competition among workers for jobs strongly increased – which is due to additional job seekers rather than higher search intensity. Furthermore, the LinkedIn data show that people from industries particularly affected by the crisis applied much more frequently and there had been a substantial shift in the target industries for applications. Finally, we find that at the onset of the Covid-19-crises applications were made significantly more often below and significantly less often above a person’s level of seniority.","PeriodicalId":46476,"journal":{"name":"German Economic Review","volume":"122 1","pages":""},"PeriodicalIF":1.1,"publicationDate":"2023-12-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138580334","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
System Relevance and Firm Performance Due to COVID-19 COVID-19 带来的系统相关性和公司绩效
IF 1.1 4区 经济学
German Economic Review Pub Date : 2023-12-06 DOI: 10.1515/ger-2023-0070
Michael J. Böhm, Pamela Qendrai
{"title":"System Relevance and Firm Performance Due to COVID-19","authors":"Michael J. Böhm, Pamela Qendrai","doi":"10.1515/ger-2023-0070","DOIUrl":"https://doi.org/10.1515/ger-2023-0070","url":null,"abstract":"We study the impact of COVID-19 on firm performance. Using financial accounts of a large number of German firms, we document that industry affiliation is an important economic dimension of the crisis. Motivated by this fact, we analyze an important industry-specific regulation, system relevance, which allows businesses to remain open in times of lockdown and other restrictions. A difference-in-differences estimation strategy shows that relative revenues of system-relevant firms increase by 6–9 percent and profits by 17–25 percent due to COVID. Controlling for channels that are arguably not driven by the system-relevance regulation, the impact on revenues decreases but remains significant. Overall, results indicate that regulations affecting the ability to operate as well as industry-level shocks play important roles for firm performance during a pandemic-induced crisis.","PeriodicalId":46476,"journal":{"name":"German Economic Review","volume":"12 1","pages":""},"PeriodicalIF":1.1,"publicationDate":"2023-12-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138580338","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Index of Volume 24, 2023 第 24 卷索引，2023 年
IF 1.1 4区 经济学
German Economic Review Pub Date : 2023-12-01 DOI: 10.1515/ger-2023-3006
{"title":"Index of Volume 24, 2023","authors":"","doi":"10.1515/ger-2023-3006","DOIUrl":"https://doi.org/10.1515/ger-2023-3006","url":null,"abstract":"","PeriodicalId":46476,"journal":{"name":"German Economic Review","volume":"438 ","pages":""},"PeriodicalIF":1.1,"publicationDate":"2023-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139023740","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Don’t Look Up: House Prices in Emerging Europe 不要抬头看:新兴欧洲的房价
4区 经济学
German Economic Review Pub Date : 2023-10-17 DOI: 10.1515/ger-2023-0015
Serhan Cevik, Sadhna Naik
{"title":"Don’t Look Up: House Prices in Emerging Europe","authors":"Serhan Cevik, Sadhna Naik","doi":"10.1515/ger-2023-0015","DOIUrl":"https://doi.org/10.1515/ger-2023-0015","url":null,"abstract":"Abstract This paper investigates how housing prices respond to economic, financial and demographic conditions in emerging markets in Europe. We use quarterly data covering 10 countries over the period 1998–2022 and implement a panel quantile regression approach to obtain a granular analysis of real estate markets. Overall, economic, financial and demographic developments explain real house price growth in emerging Europe, with income growth having the most significant impact. Quantile regression estimations show that income growth matters more for higher quantiles of the property market. We also find that an increase in short-term or long-term interest rates has a price-dampening impact, indicating that a higher cost of borrowing is associated with lower real house price growth. These results indicate that the downturn in house prices could deepen with the looming economic recession and soaring interest rates.","PeriodicalId":46476,"journal":{"name":"German Economic Review","volume":"55 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135944867","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Corona and the Cross: Religious Affiliation, Church Bans, and Covid Infections 冠状病毒和十字架:宗教信仰、教会禁令和冠状病毒感染
IF 1.1 4区 经济学
German Economic Review Pub Date : 2023-08-15 DOI: 10.1515/ger-2022-0131
H. Strulik, Slava Yakubenko
{"title":"Corona and the Cross: Religious Affiliation, Church Bans, and Covid Infections","authors":"H. Strulik, Slava Yakubenko","doi":"10.1515/ger-2022-0131","DOIUrl":"https://doi.org/10.1515/ger-2022-0131","url":null,"abstract":"Abstract We examine the effectiveness of church service bans in containing the spread of Covid-19 in Germany. We furthermore investigate how differences in the local religious affiliations affect infections and the effectiveness of church bans and other church-related restrictions. We find that, without a ban, infections per capita are higher in districts (Landkreise) with larger shares of religious population. In panel analysis, controlling for district fixed effects and a host of potential confounders, we find that church bans effectively reduce infections. For a ban in place for 14 days before a considered day, the predicted growth factor of infections is lower by 0.9 of its standard deviation. Finally, we show that Easter contributed significantly to the growth of infections in 2020 and 2021. The growth factor of infections was lower in regions with larger shares of Catholics and Protestants during Easter 2020 (when a church ban was in place) but not in 2021 (without a ban).","PeriodicalId":46476,"journal":{"name":"German Economic Review","volume":"7 1","pages":""},"PeriodicalIF":1.1,"publicationDate":"2023-08-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81662446","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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