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  1. Growing like Germany: local public debt, local banks, low private investment
    Autor*in: Hoffmann, Mathias; Stewen, Iryna; Stiefel, Michael
    Erschienen: March 2021
    Verlag:  University of Zurich, Department of Economics, Zurich

    Using a firm-bank panel of more than 1m German firms over 2010-2016, we document that local public bank lending to municipalities crowds out private investment. Our results show how crowding-out can happen in a developed economy characterized by low... mehr

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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 191
    Fernleihe:
    keine Fernleihe

     

    Using a firm-bank panel of more than 1m German firms over 2010-2016, we document that local public bank lending to municipalities crowds out private investment. Our results show how crowding-out can happen in a developed economy characterized by low interest rates and fiscal austerity. Our mechanism relies on two structural features of Germany's banking landscape: First, the geographical segmentation of credit markets for small and medium firms (SME) which are dominated by local banks. Secondly, a special statutory mandate requiring local public banks to lend to municipalities. With yields on local government debt declining to all-time lows, local public banks tried to alleviate stress on their balance sheets by using their local market power to charge higher rates on their SME customers. This crowded out firm investment. Perversely, fiscal consolidation at the state and federal levels contributed to this effect by putting pressure on the budgets of municipal governments which increasingly borrowed from local public banks. Crowding-out lowered aggregate private investment by around 30-40 bio euros per year (or 1 percent of GDP). Thus, we identify a novel channel through which low interest rates can adversely affect bank lending and firm performance. Our results also illustrate how segmented credit markets can amplify negative multiplier effects from fiscal austerity.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/232054
    Auflage/Ausgabe: This version: March 2021
    Schriftenreihe: Working paper series / University of Zurich, Department of Economics ; no. 380
    Schlagworte: Local public finance; firm-level investment; crowding-out; fiscal austerity; global and intra-European imbalances
    Umfang: 1 Online-Ressource (circa 63 Seiten), Illustrationen
  2. The asymmetric impact of economic policy uncertainty on firm-level investment in South Africa
    firm-level evidence from administrative tax data
    Autor*in: Lesame, Keagile
    Erschienen: March 2021
    Verlag:  United Nations University World Institute for Development Economics Research, Helsinki, Finland

    This paper uses firm-level data and a news-based measure of economic policy uncertainty to provide empirical evidence that economic policy uncertainty has a negative impact on firm-level investment in South Africa. Firms' investment decisions in... mehr

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 248
    Fernleihe:
    keine Fernleihe

     

    This paper uses firm-level data and a news-based measure of economic policy uncertainty to provide empirical evidence that economic policy uncertainty has a negative impact on firm-level investment in South Africa. Firms' investment decisions in response to uncertainty reflect firms' heterogeneity. Medium-sized firms and, to a different extent, small firms reduce their investment by much more than large firms in response to increased policy uncertainty. The relationship between firms categorized by size and the degree of financial constraints they face implies that financially constrained firms are more sensitive to uncertainty than large, unconstrained firms.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789292569907
    Weitere Identifier:
    hdl: 10419/243378
    Schriftenreihe: WIDER working paper ; 2021, 52
    Schlagworte: economic policy uncertainty; firm-level investment; South Africa; firm heterogeneity
    Umfang: 1 Online-Ressource (circa 20 Seiten), Illustrationen
  3. Growing like Germany
    local public debt, local banks, low private investment
    Autor*in: Hoffmann, Mathias; Stewen, Iryna; Stiefel, Michael
    Erschienen: December 2021
    Verlag:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    Using a firm-bank panel of more than 1m German firms over 2010-2016, we document that local public bank lending to municipalities crowds out private investment. Our results show how crowding out can happen in a developed economy characterized by low... mehr

    Zugang:
    Verlag (kostenfrei)
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 63
    Fernleihe:
    keine Fernleihe

     

    Using a firm-bank panel of more than 1m German firms over 2010-2016, we document that local public bank lending to municipalities crowds out private investment. Our results show how crowding out can happen in a developed economy characterized by low interest rates and fiscal austerity. Our mechanism relies on two structural features of Germany’s banking landscape: First, the geographical segmentation of credit markets for small and medium firms (SME) which are dominated by local banks. Second, a special statutory mandate requiring local public banks to lend to municipalities. With yields on local government debt declining to all-time lows, local public banks tried to alleviate stress on their balance sheets by using their local market power to charge higher rates on their SME customers. This crowded out firm investment. Perversely, fiscal consolidation at the state and federal levels contributed to this effect by putting pressure on the budgets of municipal governments which increasingly borrowed from local public banks. Crowding out lowered aggregate private investment by around 30-40 bio euros per year (or 1 percent of GDP). Thus, we identify a novel channel through which low interest rates can adversely affect bank lending and firm performance. Our results also illustrate how segmented credit markets can amplify negative multiplier e ffects from fiscal austerity.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/252013
    Schriftenreihe: CESifo working paper ; no. 9496 (2021)
    Schlagworte: local public finance; firm-level investment; crowding-out; fiscal austerity; global and intra-European imbalances
    Umfang: 1 Online-Ressource (circa 60 Seiten), Illustrationen
  4. Growing like Germany
    local public debt, local banks, low private investment
    Autor*in: Hoffmann, Mathias; Stewen, Iryna; Stiefel, Michael
    Erschienen: [2020]
    Verlag:  Verein für Socialpolitik, [Köln]

    The paper uses a panel of more than 1m German firms over 2010-2016, to provide the first firm-bank level evidence of local crowding out for a developed economy characterized by low interest rates and fiscal austerity. Our mechanism relies on two... mehr

    Zugang:
    Resolving-System (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DSM 13
    Fernleihe:
    keine Fernleihe

     

    The paper uses a panel of more than 1m German firms over 2010-2016, to provide the first firm-bank level evidence of local crowding out for a developed economy characterized by low interest rates and fiscal austerity. Our mechanism relies on two structural features of Germany's banking landscape: the local segmentation of credit markets for small and medium-sized firms (SME) and the role of local public banks in local public finance. Local public banks dominate lending to small and medium firms in Germany and also have an explicit mandate to lend to the local public sector. With spreads on local government debt at all-time lows, local public banks tried to break even, using their market power in geographically segmented lending markets to charge higher rates on their SME customers. This crowded out firm investment. Perversely, fiscal consolidation at the state and federal levels substantially worsened this effect by putting pressure on the budgets of municipal governments which increasingly borrowed from local public banks. We estimate that our mechanism lowered aggregate private investment by around 30-40 bio euros per year (or 1 percent of GDP). Our findings identify a novel channel through which low interest rates can adversely affect bank lending and firm performance. They also illustrate how negative multiplier effects from fiscal austerity can be exacerbated if credit markets are locally segmented.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/242412
    Auflage/Ausgabe: This version: December 2020, first version: August 2019
    Schriftenreihe: Jahrestagung 2021 / Verein für Socialpolitik ; 42
    Schlagworte: local public banks; regional banking integration; firm-level investment; crowding out,current account; global and European imbalances
    Umfang: 1 Online-Ressource (circa 61 Seiten), Illustrationen
  5. Growing like Germany
    local public debt, local banks, low private investment
    Autor*in: Hoffmann, Mathias; Stewen, Iryna; Stiefel, Michael
    Erschienen: 22 August 2022
    Verlag:  Bank of Finland, Helsinki

    Over 2010-2016, municipal debt in Germany crowded out private investment worth 1 percent of GDP. Forced to lend to municipalities by their statutes, local public banks compensated for declining municipal-debt yields by charging higher rates to firms... mehr

    Zugang:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)
    Resolving-System (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 685
    Fernleihe:
    keine Fernleihe

     

    Over 2010-2016, municipal debt in Germany crowded out private investment worth 1 percent of GDP. Forced to lend to municipalities by their statutes, local public banks compensated for declining municipal-debt yields by charging higher rates to firms in Germany's locally segmented credit markets. The ensuing crowding-out was made worse by increased municipal borrowing when expensive fiscal commitments were shifted from federal and state to the municipal levels following the introduction of the debt brake. Our results identify new channels through which low interest rates adversely affect real outcomes and locally segmented credit markets can amplify contractionary effects from fiscal austerity.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789523234147
    Weitere Identifier:
    hdl: 10419/263989
    Auflage/Ausgabe: This version: August 21, 2022
    Schriftenreihe: Bank of Finland research discussion papers ; 2022, 9
    Schlagworte: local public finance; firm-level investment; crowding-out; fiscal austerity; global and intraEuropean imbalances
    Umfang: 1 Online-Ressource (circa 67 Seiten), Illustrationen
  6. Growing like Germany
    local public debt, local banks, low private investment
    Autor*in: Hoffmann, Mathias; Stewen, Iryna; Stiefel, Michael
    Erschienen: [2023]
    Verlag:  University of Zurich, Department of Economics, Zurich

    Over 2010-2016, municipal debt in Germany crowded out private investment worth 1 percent of GDP. Forced to lend to municipalities by their statutes, local public banks compensated for declining municipal-debt yields by charging higher rates to firms... mehr

    Zugang:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)
    Resolving-System (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 191
    Fernleihe:
    keine Fernleihe

     

    Over 2010-2016, municipal debt in Germany crowded out private investment worth 1 percent of GDP. Forced to lend to municipalities by their statutes, local public banks compensated for declining municipal-debt yields by charging higher rates to firms in Germany's locally segmented credit markets. The ensuing crowding out was made worse by increased municipal borrowing when expensive fiscal commitments were shifted from federal and state to the municipal levels following the introduction of the debt brake. Our results identify new channels through which low interest rates adversely affect real outcomes and locally segmented credit markets can amplify contractionary effects from fiscal austerity.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/282187
    Auflage/Ausgabe: Revised version, December 2023
    Schriftenreihe: Working paper series / University of Zurich, Department of Economics ; no. 380
    Schlagworte: local public finance; firm-level investment; crowding out; fiscal austerity; fiscal rules; global and intra-European imbalances
    Umfang: 1 Online-Ressource (circa 68 Seiten), Illustrationen