In this paper, we take a systematic look at global imbalances. First, we provide a definition of the phenomenon, and relate global imbalances to widening external positions of systemically important economies that reflect distortions or entail risks for the global economy. Second, we provide an...

European Union and the United States have decided to start negotiations over a Transatlantic Trade and Investment Partnership. Among other things, the agreement would include a reduction in trade and investment barriers as well as barriers against participation in public procurement projects. If...

This paper explores offshoring of firms’ research and development functions. Our analysis employs a previously untapped and unique Eurostat International Sourcing Survey. The results are easy to summarize. First, the magnitude of R&D offshoring is small. Second, a large majority of R&D is...

In the political declaration of the Withdrawal Agreement the EU should leave the door open for a free trade area for goods that has been suggested by the UK's Chequers proposals. The EU would profit from such an arrangement due to its comparative advantage in goods. However, in order to achieve...

Auf der Grundlage von Fachgesprächen mit Unternehmerinnen und Unternehmern sowie Expertinnen und Experten untersucht die Studie, inwieweit bürokratische Erfordernisse die grenzüberschreitende Erbringung von Dienstleistungen von deutschen und niederländischen KMU in ausgewählten...

This paper studies the incentives to join or enlarge a monetary union under alternative assumptions about the extent of market reform within the union and in candidate countries. Lack of labour mobility, wage/price flexibility or fiscal reform brings costs for both new entrants and in the...

At present, it is difficult for German companies to foresee future trading conditions with the UK after the withdrawal from the EU. This IW report attempts an initial assessment in order to reduce planning uncertainty. Firstly, the focus is on the short-term effects of Brexit. Due to the...

Eine der herausragenden Entwicklungen auf den internationalen Finanzmarkten in den letzten Jahren ist die Institutionalisierung, d. h. die zunehmende Delegation privater Ersparnisse an professionelle Kapitalanleger - den institutionellen Investoren. Darunter sind private...

We construct, on the basis of an original methodology and database, composite indices to measure domestic financial development in 26 emerging economies, using mature economies as a benchmark. Twenty-two variables are used and grouped according to three broad dimensions: (i) institutions and...