Based on its outward-oriented development strategy, respectable growth, increased integration into world trade and financial markets, and imperfect though vibrant and wide-based democracy, Turkey is often cited as a development model for other countries in the region and elsewhere. Countering...

This paper shows that rising real estate prices reduce industry productivity, because they lead to a reallocation of capital and labor towards inefficient firms. I establish that the rise in real estate value during the US housing boom relaxes firms' financial constraints. Companies borrow...

As one of the main pillars of the ifo Institute's economic research, the ifo Business Survey has been conducted monthly since 1949, a year after the foundation of the ifo Institute. Since then, ifo has extended its survey activity by developing and administering additional business, expert, and...