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Location choice and employment decisions: a comparison of German and Swedish multinationals

Becker, Sascha O.; Ekholm, Karolina; Jäckle, Robert; … - Deutsche Bundesbank - 2005

Using data for German and Swedish multinational enterprises (MNEs), this paper assesses international employment patterns. It analyzes determinants of location choice and the degree of substitutability of labor across locations. Countries with highly skilled labor forces attract German MNEs, but...

Persistent link: https://www.econbiz.de/10005083075

Margins of multinational labor substitution

Mündler, Marc-Andreas; Becker, Sascha O. - Deutsche Bundesbank - 2006

Multinational labor demand responds to wage differentials at the extensive margin, when a multinational enterprise (MNE) expands into foreign locations, and at the intensive margin, when an MNE operates existing affiliates across locations. We derive conditions for parametric and nonparametric...

Persistent link: https://www.econbiz.de/10005083175

Volatile multinationals? Evidence from the labor demand of German firms

Buch, Claudia M.; Lipponer, Alexander - Deutsche Bundesbank - 2007

Does more FDI make the world a riskier place for workers? We analyze whether an increase in multinational firms' activities is associated with an increase in firm-level employment volatility. We use a firm-level dataset for Germany which allows us to distinguish between purely domestic firms,...

Persistent link: https://www.econbiz.de/10005083210

Who is afraid of political risk? Multinational firms and their choice of capital structure

Kesternich, Iris; Schnitzer, Monika - Deutsche Bundesbank - 2009

This paper investigates how multinational firms choose the capital structure of their foreign affiliates in response to political risk. We focus on two choice variables, the leverage and the ownership structure of the foreign affiliate, and we distinguish different types of political risk, such...

Persistent link: https://www.econbiz.de/10005083161

Tax incentives and capital structure choice: Evidence from Germany

Hartmann-Wendels, Thomas; Stein, Ingrid; Stöter, Alwin - Deutsche Bundesbank - 2012

This paper provides new evidence that taxes affect capital structure choice, using a unique and comprehensive panel data set which covers 86,173 German non-financial firms over the years 1973-2008. Following the Graham methodology to simulate marginal tax rates, we find a statistically and...

Persistent link: https://www.econbiz.de/10010984727

The quality of banking and regional growth

Hasan, Iftekhar; Koetter, Michael; Wedow, Michael - Deutsche Bundesbank - 2007

We test whether output growth in European economic agglomeration regions depends on financial development. To this end … analysis. We show that more efficient banks spur regional growth while the typically used quantity measure of financial … development is negligible. Also, our results suggest an additional channel through which better banking can spur growth: the …

Persistent link: https://www.econbiz.de/10005082797

The Contribution of Rapid Financial Development to Asymmetric Growth of Manufacturing Industries: Common Claims vs. Evidence for Poland

Furstenberg, George M. von - Deutsche Bundesbank - 2004

industry growth in Poland. This negative finding held for 1990-2001 as a whole and for two distinct sub-periods that differed …

Persistent link: https://www.econbiz.de/10005083067

The Financial System in the Czech Republic, Hungary and Poland after a Decade of Transition

Schardax, Franz; Reininger, Thomas; Summer, Martin - Deutsche Bundesbank - 2001

The Czech Republic, Hungary and Poland (CEEC-3) have undertaken substantial efforts to build a new financial system under the constraints of their legacies from central planning. In this study, first we look at the banking sector. Then we give a description of bond and stock markets. These...

Persistent link: https://www.econbiz.de/10005083143

Dependence on external finance: an inherent industry characteristic?

von Kalckreuth, Ulf; Furstenberg, George M. von - Deutsche Bundesbank - 2006

Rajan and Zingales (1998) use U.S. Compustat firm data for the 1980s to obtain measures of manufacturing sectors? Dependence on External Finance (DEF). They take any differences in these measures to be structural/technological and thus applicable to other countries. Their joint assumptions about...

Persistent link: https://www.econbiz.de/10005083266

What drives portfolio investments of German banks in emerging capital markets?

Wildmann, Christian - Deutsche Bundesbank - 2010

After decades of steady liberalisation and financial market development, emerging capital markets experienced unparalleled capital inflows in the aftermath of the emerging markets crisis in the 1990s. This paper studies portfolio investment decisions of German banks in 30 emerging capital...

Persistent link: https://www.econbiz.de/10008554260