We gather the most comprehensive database of government bonds for the first globalisation era to date to conduct the first historically informed study of the importance of liquidity for colonial and sovereign yield spreads. Considering both liquidity and credit shows that the two markets were...

The measures taken to contain the Corona pandemic have resulted in, among other things, massive loss of earnings. Many people are therefore increasingly experiencing an income crisis in addition to the acute health crisis. Permanent existential insecurity remains for too many despite the...

Die wirtschaftlichen Folgen der COVID-19-Pandemie führen nach aktuellen Erwartungen zu der schwersten Rezession in der deutschen Nachkriegsgeschichte. Zur Bewältigung dieser Krise kommt der Wirtschaftspolitik die Aufgabe zu, positive wirtschaftliche Impulse zu setzen, ohne gleichzeitig die...