Lea Immel prepared this study while she was working at the Research Group Taxation and Fiscal Policy at the ifo Institute. The study was completed in September 2020 and accepted as doctoral thesis by the Department of Economics at the University of Munich. It consists of four distinct empirical...

The cumulative growth rate of the German economy since reunification would have been around two percentage points higher if income inequality had remained constant. This is whatsimulations using the DIW Macroeconomic Model have shown. They were made under the assumption that the income...

Lea Immel prepared this study while she was working at the Research Group Taxation and Fiscal Policy at the ifo Institute. The study was completed in September 2020 and accepted as doctoral thesis by the Department of Economics at the University of Munich. It consists of four distinct empirical...

This paper critically examines the conventional view that the lack of fiduciary duty protections for corporate shareholders in civil law systems explains crucial differences in corporate structure and finance. It questions the thesis that the structure of civil law systems militates against the...

This paper analyses a longitudinal dataset on legal protection of shareholders over a 36 year period, 1970-2005, for four advanced countries, the UK, France, Germany and the USA. It examines two aspects of the legal origin hypothesis-whether shareholder protection is higher in the common law...

With a market share of 76.2 percent of the total German crowdfunding market with monetary consideration (German: Crowd-investing), real estate projects make up the largest part by far. Only a significantly smaller portion is used for classic start-up finance. The volume brokered, and the number...

The real estate crowdfunding market in Germany and Austria has experienced a strong growth in recent years. By end of 2018 nearly € 400m have been raised through real estate crowdfunding in Germany. From the investors' perspective, however, things do not always look so shiny. More and more...

We use annual real GDP and the volume of the bond, stock and credit markets to assess the causal relationship between the aggregate bond market development and economic growth in the USA, Japan, Germany, Great Britain, Italy, France and the Netherlands over the 1950 to 2001 period. The...

Wir untersuchen die Mittelschicht in Österreich und Deutschland, wobei ein besonderer Fokus auf den Veränderungen der vergangenen 20 Jahre liegt. Es wird gezeigt, dass sich die Mittelschicht in Deutschland und Österreich in ihrer Zusammensetzung hinsichtlich Bildung, Familienkonstellationen...

This article examines the spread of financialization in Germany before the financial crisis. It provides an up-to date overview on the literature on financialization and reviews which of the phenomena typically associated with financialization have emerged in Germany. In particular, the article...