Publications of the Research Unit Pensions and Sustainable Financial Markets

• Improved Economic Outlook: Turnaround in Sight?
• Government Demand still Crucial, Domestic Demand Up
• Mobile Payment Systems: China well ahead - Huge Scepticism (still) in Germany

• Konjunkturerwartungen nehmen moderat zu
• Eurozone: Inflationserwartungen nehmen deutlich zu
• USA: Konjunkturerwartungen nahezu unverändert
• Japan: Konjunkturerwartungen verschlechtern sich leicht
• Großbritannien:…

• International financial market data — assessments and expectations
• Higher long-term interest rates anticipated
• Analysts count on stable CHF
• Majority expects higher inflation rates
• Cautious assessment of the stock…

• Konjunkturerwartungen bleiben unverändert
• Eurozone: Inflationserwartungen nahezu unverändert
• USA: Moderates Wachstum
• Japan: Konjunkturlage verbessert sich leicht
• Großbritannien: Konjunkturerwartungen legen deutlich…

• International Financial Market Data — Assessments and Expectations
• Rise in long-term Interest Rates Expected
• Analysts Expect the US Dollar to Strengthen
• Rising Inflation Expectations
• Stock-Market Expectations still…

We examine how the geographical proximity to a microfinance bank affects financial inclusion. We study the expansion of the branch network of ProCredit banks in South-East Europe between 2006 and 2010. We report…

I study credit rationing in small firm-bank relationships by using a unique data set of matched loan applications and contracts. I establish the degree of credit rationing by relating a firm’s requested loan…

Could macroeconomic factors such as income inequality be the real root cause of financial crises? We explore a broad variety of financial and macroeconomic variables and employ a general-to-specific model…