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News from Ifo Institute, CESifo and the Center for Economic Studies (CES)

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  1. Credit Constraint Indicator Falls to New Historic Low

    teaserImage German companies have fewer problems financing themselves with money from the banks. The credit constraint indicator for industry and trade in Germany fell to 15.0 percent in August, after 15.4 percent in the previous month. This is a new historic low. With the huge amounts of money pumped into the banks, the ECB is enticing them to an unprecedented nonchalance in lending. Details

  2. Globalisation and Regional Integration: Economic Developments, Prospects and Limitations

    teaserImage A central thesis of economics is that a lifting of restrictions on trade and capital flows increases welfare worldwide. International agreements and customs unions pursue the goal of free trade. Within the EU, this is supplemented by the European Monetary Union. The financial and euro crises have led to additional debate over the enlargement and deepening of the EU, including the EMU. The planned transatlantic free trade agreements also raise fundamental questions on the limits of economic integration. From 10 to 12 July 2015, a conference took place at the Academy for Political Education in Tutzing that looked more closely at these issues. Some of the conference lectures are published in ifo Schnelldienst 16/2015. Details

  3. German Manufacturing: Clear Increase in Investments in 2015

    teaserImage According to the results of the latest Ifo Investment Survey, in 2014 the German manufacturing sector increased its investment in nominal terms by 55 billion euros, or just over 3%. The real rate of change was slightly lower than the nominal, since the prices of capital goods stagnated in 2014. Most of the investments in the manufacturing sector were for the purchase of new capital goods (86%). The share of construction investments, whose prices increased slightly in the past year, amounted to 14%. Smaller companies tended to reduce their investments in the past year; larger companies, on balance, invested somewhat more than in the previous year. Details

  4. Renewed Increase in the Ifo Business Climate for Eastern Germany

    teaserImage The Ifo Business Climate for eastern German industry and trade improved in August. The surveyed eastern German firms are again more satisfied with their current business than last month. In the business expectations for the coming six months, there was no change over July. The eastern German economy is moving along a solid growth path. Details

  5. German Firms Plan to Hire Additional Staff

    teaserImage German companies intend to hire more people. In August, the Ifo Employment Barometer rose to 108.3 points from 107.2 in the previous month. In all sectors except manufacturing, more companies plan to hire additional employees. The robust economy in Germany is having a positive effect on the labour market. Details

  6. German Industry Expects Slower Export Growth

    teaserImage In terms of exports, German industry has become more pessimistic, export expectations having clouded over in August. In an Ifo survey, they fell to 7.4 balance points compared to 7.7 in July. The companies still expect growth in exports, however, but to a lesser extent. The difficult economic situation in emerging markets and China continues to have a dampening effect on exporters. Details

  7. Renewed Increase in the Ifo Business Climate Index

    teaserImage The Ifo Business Climate Index for German industry and trade rose in August to 108.3 points from 108.0 in the previous month. Satisfaction with the current situation has again increased significantly. However, the companies were somewhat less optimistic regarding future business. The German economy continues to be a rock in turbulent waters. Details

  8. German Service Sector: Ifo Business Climate Indicator for the Service Sector Rises to New Record Level

    teaserImage The Ifo Business Climate indicator for the German service sector has risen from 26.0 to 30.6 balance points in August. This is a new historic peak. The assessments of the current situation given by the service providers have never been so good. In addition, they expect business to improve further. Correspondingly, they plan to hire additional staff. Details

  9. Tax Competition at the Local Level – the Case of Monheim

    teaserImage In 2012, the town of Monheim am Rhein reduced the assessment rate of the business tax by more than a third in total; in the rest of North-Rhine Westphalia, the assessment rates rose, however, often quite extensively. Monheim was accused of unfair tax competition and of enticing companies from the area to settle in their town. Monheim’s mayor responded that his assessment rate policy was not to the detriment of surrounding communities because the additional tax revenue derived mainly from other German federal states or from abroad. An empirical analysis of recent data examines this issue and considers the assessment-rate developments in the municipalities of North-Rhine Westphalia before and after the Monheim assessment-rate reduction Details

  10. Ifo Dresden berichtet 4/2015 Now Available

    teaserImage The latest edition of ifo Dresden berichtet 4/2015 deals with the feasibility of short-term forecasts for the Free State of Saxony, tax competition among local authorities in North Rhine-Westphalia and indebtedness in a regional comparison. Details


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