1. Discussion and Working Paper // 2021

    Is There a Need for Reverse Mortgages in Germany? Empirical Evidence and Policy Implications

    Building up sufficient capital for old-age provision often is a challenge for private households. For homeowners, one way to generate old-age income from illiquid housing wealth is the use of equity release…

  2. Discussion and Working Paper // 2021

    Small Firms and the COVID-19 Insolvency Gap

    COVID-19 placed a special role on fiscal policy in rescuing companies short of liquidity from insolvency. In the first months of the crisis, SMEs as the backbone of Germany’s economy benefited from large and…

  3. Discussion and Working Paper // 2021

    Benefits of Investing into the Development of 4IR-Related Technologies

    The Fourth Industrial Revolution (4IR) presents a major technology transformation towards a data-driven economy, associated with both high costs and potential benefits. We build and estimate a dynamic discrete…

  4. Discussion and Working Paper // 2021

    Generation, Diffusion and Productivity Effects of Industry 4.0 Technologies

    This paper explores the role of 4.0 technologies in three dimensions. First, we examine the patterns and trends in the emergence of 4.0 technologies in Europe, differentiating between technology groups (core,…

  5. Discussion and Working Paper // 2021

    The fight against financial crime: How global banks' de-risking affects trade and the local economy

    This paper investigates the importance of correspondent banking for trade and firm performance in emerging Europe. We exploit the unexpected "structural break" in the U.S. regulator’s enforcement of financial…

  6. Discussion and Working Paper // 2021

    Representation is Not Sufficient for Selecting Gender Diversity

    Representation of women and minorities in a “selectorate”—the group that chooses an organization's leaders—is a key mechanism for promoting diversity. We show that representation, on its own, is not…