In response to the financial crisis of 2007-2010, many central banks are getting involved in macroprudential supervision. Central bank communication will constitute a central policy tool for that purpose. The paper asks how such communication will affect financial markets, exploiting the fact...

Central banks regularly communicate about financial stability issues, by publishing Financial Stability Reports (FSRs) and through speeches and interviews. The paper asks how such communications affect financial markets. Building a unique dataset, it provides an empirical assessment of the...

The debate about TARGET2, the payment system of the European System of Central Banks (ESCB), has resulted in controversial discussions in Germany in recent years. The present study by DIW Berlin concludes that fears often expressed in this context of the risks to Germany are largely unfounded....

Target 2 - the payment system of the Eurosystem - caused a controversial debate in Germany during the recent past. This report reaches the conclusion, that any fear expressed with respect to potentially too large risks for Germany is to a large extent unfounded. Rather, Germany should be...

Since the beginning of the crisis, large Target 2 positions developed on the balance sheets of the national central banks in the euro area. At the height of this development in the middle of 2012, the German Bundesbank disclosed Target-claims vis-à-vis the ECB amounting to around 750 billion...

Am 1. Januar 1999 wurde der Euro als Buchgeld eingeführt. Schon ein halbes Jahr zuvor war die Europäische Zentralbank gegründet worden. Die Europäische Währungsunion hat mittlerweile einige Krisen überstanden. Probleme gab es vor allem, weil die gesetzten Rahmenbedingungen ihre Wirkung...

Although the federal government has been taking steps to strengthen investment in Germany, it remains considerably low. This includes private investment, on which thepresent study focuses. German companies are barely investing more than they did before the crisis, but this is not the case...

Obwohl die Bundesregierung erste Maßnahmen auf den Weg gebracht hat, besteht in Deutschland weiterhin eine signifikante Investitionsschwäche. Die vorliegende Studie des DIW Berlin untermauert dies anhand der Entwicklung der Unternehmensinvestitionen. Demnach investieren die hiesigen Firmen...