This paper presents a framework for estimating losses in the residential real estate mortgage portfolios of German banks. We develop an EL model where LGD estimates are based on current collateral values and PD dynamics are estimated using a structural PVAR approach. We confirm empirically that...

M.S.

Excessive household borrowing has been identified as an important determinant of financial crises. Borrower-based macroprudential instruments have been proposed as a possible remedy. In Germany, two instruments have been available to macroprudential supervisors since 2017: a cap on the...

Purpose – Although policymakers have put great efforts into the promotion of older workers’ labour force participation, quantitative empirical knowledge about employers’ views towards extension of working lives is limited. The purpose of this paper is to improve the understanding of...

The German "Energiewende" constitutes a paradigm shift. While posing challenges to politics, the economy and society, it also offers new opportunities. Nuclear power and fossil fuels will be replaced with renewable energy and energy efficiency will be substantially increased. This article first...

We evaluate the impact of a major European state aid program for broadband deployment applied to rural areas in the German State of Bavaria in the years 2010 and 2011. Using difference-in-differences estimation strategies, we find that aided municipalities have - depending on broadband quality -...