Viele Länder stehen dem Problem des zunehmenden Protektionismus gegenüber. Durch die Ernennung des neuen US-Präsidenten Donald Trump hat diese Entwicklung ein neues Level erreicht. Die Vereinigten Staaten von Amerika sind aktuell der weltgrößte Binnenmarkt. Die US-Bürger erzielen eines der...

We show that banks "extended-and-pretended" their impaired CRE mortgages in the post-pandemic period to avoid writing off their capital, leading to credit misallocation and a buildup of financial fragility. We detect this behavior using loan-level supervisory data on maturity extensions, bank...

Based on granular data at the product level, this paper looks at whether and how the euro area and the United States have modified their import sourcing strategies since 2016, the role played by geopolitical tensions and the potential impact on import prices. It considers two different, but not...

Getting the picture -- The main bang -- Pushing back -- Wheels up -- Confliction -- Course correction -- Flight ceiling -- Turbulence -- Down the tubes -- Pilot error -- Dead reckoning -- Trading paint -- Aluminum rain -- Debris field -- Black box