Die EU-Kommission hat im Februar 2022 wirtschaftliche Sanktionen gegen ausgewählte russische OligarchInnen verkündet. So sollte Druck auf den Kreml ausgeübt werden, zunächst die Verlegung von Truppen in die Regionen Donezk und Luhansk und schließlich den Angriff auf die Ukraine zu beenden....

In February 2022, the EU Commission announced economic sanctions against Russian oligarchs. The goal was to exert pressure on the Kremlin: initially to stop deploying troops to the Donetsk and Luhansk regions and ultimately to end its attack on Ukraine. The present report investigates how these...

The German economy is stuck in a difficult position as it faces both slow growth as well as structural change. The continuing lack of orders in manufacturing, increasing international competition, and sluggish development in industry-related services are now affecting the labor market and...

Does central bank collateral policy contribute to financial market integration? We address this question by exploiting that, in 2007, the European Central Bank replaced national collateral frameworks by a single list. Under the single list regime, euro area banks could pledge all euro area bank...

This paper provides causal evidence on the effect of credit crunches on political polarization. We combine data on bank-firm connections and electoral outcomes at the city-level during the 2008-2014 Spanish Financial Crisis. First, we show that firms in a relationship with weak banks experience...

Nach der leichten Rezession im Winter ist die deutsche Wirtschaft mittlerweile auf Erholungskurs. Zwar haben der Krieg in der Ukraine, die Rekordinflation und die befürchtete Gasmangellage ihre Spuren hinterlassen und die deutsche Wirtschaft in Mitleidenschaft gezogen. Ein drastischer...

Die Erholung der deutschen Wirtschaft wird zur Geduldsprobe. Im dritten Quartal dieses Jahres lief es schlechter als erwartet - vor allem, weil die privaten Haushalte trotz steigender Löhne und sinkender Inflation ihr Geld nach wie vor nur zurückhaltend ausgeben. Der private Konsum und auch...

The recovery of the German economy is becoming an exercise in patience. In the third quarter of 2023 the economy fared worse than expected, in particular because private households continued to spend their money conservatively despite climbing wages and falling inflation. Both private...

How does a shock to the liquidity of bank assets affect credit supply, cross-border lending, and real activity at the firm level? We exploit that, in 2007, the European Central Bank replaced national collateral frameworks by a single list. This collateral framework shock added loans to...