This paper studies external sovereign bonds as an asset class. We compile a new database of 266,000 monthly prices of foreign-currency...

China’s lending boom to developing countries is morphing into defaults and debt distress. Given the secrecy surrounding China’s loans, also...

This paper studies external sovereign bonds as an asset class. We compile a new database of 220,000 monthly prices of foreign-currency...

Kiel Policy Brief No. 160: Against the backdrop of the economic theory of federalism, the author examines whether decentralized powers in...

We examine the consequences of a sudden increase in household debt burdens by exploiting variation in exposure to household foreign currency...

The paper argues that the monetary policy response to the COVID-19 crisis has been appropriate in terms of the ECB’s primary objective. The...

Risks to financial stability in the euro area appear to be contained for the time being, but could be substantial in the longer run. The...

The Corona pandemic still shapes the economic situation in Germany. A complete normalisation of contact-intensive activities is not to be...

Kiel Policy Brief No. 152: For Schleswig-Holstein's tourism industry, the Corona year 2020 ended with severe losses: Overnight stays decreased...

In their spring report, the leading economic research institutes forecast an increase in gross domestic product of 3.7 percent in the current...

We quantify the contemporaneous relationships among stock markets in the euro area, the United States, and a group of emerging economies over...

Die wirtschaftlichen Folgen der COVID-19-Pandemie führen nach aktuellen Erwartungen zu der schwersten Rezession in der deutschen...

Kiel Policy Brief No. 148: In an economy-wide emergency, effective macroeconomic stabilization requires a mecha-nism to protect sound...

Kiel Policy Brief Special Corona-Update 1: In times of a sudden crisis, such as the coronavirus, official statistics cannot cope with current...

Kiel Policy Brief No. 144: The restrictions on freedom of travel and far-reaching infection control measures in the wake of the Covid-19...

Partisan conflict and policy uncertainty are frequently invoked as factors contributing to slow post-crisis recoveries. Recent events in...

Data shows that populist and non-populist governments implemented similar policies to contain the pandemic. Non-populist governments see...

Kiel Policy Brief No. 136: The history of joint European bond issuance has been largely forgotten. The authors show that bonds issued and...