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Press releases in the past quarter

  1. Eastern Germany to Lag Behind also in the Coming 25 Years

    Sep 3, 2015: The economies of the eastern federal states will lag behind those of the western states also in the next 25 years. “Everything suggests that eastern Germany will not be able to catch up over the next 25 years”, said Joachim Ragnitz, deputy head of the Ifo Dresden branch on Thursday at a conference in Tutzing to mark a quarter century of German unification. “The convergence between eastern and western Germany in terms of economic output came to a halt twenty years ago. Since 1995, GDP per capita has remained at 75 percent of the western German average. We should abandon the illusory idea of a convergence of living conditions in east and west”, Ragnitz argued. Details

  2. Results of the Ifo Education Survey 2015

    Germans Support Higher Salaries for Preschool Teachers and Oppose the Home Child-Care Subsidy

    Sep 1, 2015: An overwhelming majority of German residents are in favour of higher salaries for preschool teachers: 79 percent support this demand in a representative survey of the Ifo Institute. At the same time, a clear majority in the Ifo Education Survey 2015 opposes the Betreuungsgeld, a subsidy paid to parents who do not take advantage of public child care: 57 percent reject it, only 34 percent favour it. “This finding indicates that a majority of the German population would not support a relaunch of the home child-care subsidy that would be in conformance with a recent ruling of the Constitutional Court”, commented Ludger Woessmann, director of the Ifo Center for the Economics of Education on Tuesday in Berlin. The survey participants clearly oppose preschool fees: 77 percent believe that the government should pay for all children aged four or above to attend preschool and that this should be financed by the taxpayer. 86 percent of the respondents also support nationwide quality standards for preschools in terms of group sizes and the training of preschool teachers. However, 55 percent do not feel that preschool teachers should be required to be university trained. Details

  3. Credit Constraint Indicator - From the Ifo Business Survey for August 2015

    Credit Constraint Indicator Falls to New Historic Low

    Aug 28, 2015: 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

  4. Results of the Ifo Business Survey for August 2015

    Renewed Increase in the Ifo Business Climate for Eastern Germany

    Aug 27, 2015: 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. Ifo Employment Barometer - Results of the Ifo Business Survey for August 2015

    German Firms Plan to Hire Additional Staff

    Aug 27, 2015: 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. Ifo Export Expectations - Results of the Ifo Business Survey for August 2015

    German Industry Expects Slower Export Growth

    Aug 26, 2015: 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. Ifo Business Climate Germany - Results of the August 2015 Ifo Business Survey

    Renewed Increase in the Ifo Business Climate Index

    Aug 25, 2015: 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. Results of the Ifo World Economic Survey (WES) of 3rd quarter 2015 (13 August 2015)

    Ifo World Economic Climate Cools Down

    Aug 13, 2015: After recovering somewhat in the first half of the year, the Ifo Index for the world economy fell. The indicator’s present level of 95.9 points is now slightly below its long-term average of 96.1 points. While assessments of the current economic situation deteriorated compared to last quarter, expectations emained positive. There was still no major upswing in the world economy in the third quarter. Details

  9. CESifo DICE Report 2/2015: Pensions and the Financial Crisis

    Aug 7, 2015: The recent economic and financial crisis has put additional pressure on many pension systems around the world, which are already burdened by population ageing. The current economic environment with low interest rates has shaken confidence in funded pension systems in general and in defined contribution pension plans in particular. At the same time pay-as-you go systems are being adversely affected by high unemployment rates and dramatic deteriorations in public deficits. These developments have given impetus to further reforms aimed at improving the sustainability of pension arrangements. Details

  10. Advance results of the Ifo World Economic Survey (WES) of 3rd quarter 2015

    Ifo Economic Climate in the Euro Area Clouds Over Slightly

    Aug 6, 2015: The Ifo Index for the economic climate in the euro area edged downwards in the third quarter of 2015 and dropped to 124.0 points from 129.2 points last quarter. While assessments of the current economic situation brightened slightly, the six-month economic outlook clouded over markedly. The economic recovery in the euro area economy will lose momentum. Details

  11. Residential Building Permits Rise Markedly in Europe in 2015

    Jul 30, 2015: Selected results of the EUROCONSTRUCT summer conference 2015 The recovery in European residential construction is continuing: in 16 of the 19 EUROCONSTRUCT member countries the volume of construction services looks set to increase in the current year, while growth in nine countries is even forecast to exceed the 3% marker. These are the results of the network’s country forecasts published in June and presented in the latest issue of ifo Schnelldienst. Details

  12. Credit Constraint Indicator - From the Ifo Business Survey for July 2015

    Credit Constraints Edge Upwards

    Jul 30, 2015: Credit constraints for German companies rose to 15.4 percent in July from 15.1 percent last month. This put a stop to the trend towards undercutting seen in recent months. Companies, however, still have virtually no problems accessing bank credit. Details

  13. Results of the Ifo Business Survey for July 2015

    Ifo Business Climate for Eastern German Companies Brightens Considerably

    Jul 29, 2015: The Ifo Business Climate Index for Eastern German trade and industry rose sharply in July to 107.4 points from 105.8 index points in June, almost compensating for the declines of the past two months. The marked increase in the eastern German climate indicator was due to better assessments of the current business situation. At the same time, assessments of the six-month business outlook were less pessimistic. The agreement reached in principle on Greece is expected to boost the Eastern German economy. Details

  14. Ifo Employment Barometer - Results of the Ifo Business Survey for July 2015

    Readiness to Recruit Wanes in the German Economy

    Jul 29, 2015: The Ifo Employment Barometer fell in July to 107.2 from 107.8 points last month. Companies in many branches are nevertheless still looking for staff. The positive employment dynamic continued to weaken. Details

  15. Ifo Export Expectations - Results of the Ifo Business Survey for July 2015

    Export Outlook Continues to Cloud Over

    Jul 28, 2015: The export expectations for German companies continued to decline this month, falling to 7.6 balance points in July from 9.2 points in June. The increase in exports continued to weaken. The expansive effects of the euro depreciation are slowly dissipating. In addition, cautious economic activity in several emerging economies is having a negative impact on the German export dynamic. Details

  16. Ifo Business Climate Germany - Results of the July 2015 Ifo Business Survey

    Ifo Business Climate Index Rises

    Jul 27, 2015: The Ifo Business Climate Index for German trade and industry rose to 108.0 points in July from 107.5 points last month. Assessments of the current business situation improved significantly after last month’s setback. Business expectations were also somewhat more optimistic after declining for three consecutive months. The recent easing of the Greece situation contributed to stronger sentiment in the German economy. Details

  17. Sinn: Euro Agreement Doesn’t Really Help Greece

    Jul 13, 2015: Ifo President Hans-Werner Sinn has criticised the agreement reached at the euro summit on Monday morning. “Many people believe that this plan is good for Greece, but it isn’t,” he said in Munich. “While this decision will cost the rest of Europe a great deal of money, all of this cash will not be enough to satisfy Greek citizens.” Greece is too expensive and is no longer competitive for that reason. “There is no sense in trying to solve the country’s problems by throwing more money at it. That is expensive and prevents the creation of competitive economic structures. A windfall will not create long-term jobs,” warned Sinn. Details

  18. Sinn and Fuest Oppose Extension of Emergency Credit for Greek Banks

    Jul 10, 2015: Ifo President Hans-Werner Sinn and his future successor Clemens Fuest have warned against extending ELA emergency credit to Greek commercial banks as of Monday. Details

  19. Ifo Viewpoint No. 169: Why “Grexit” Could Be Good for Greece

    Jul 9, 2015: It is a shame that Greece was unable to manage its finances and is now slipping into chaos. But this outcome was inevitable and could not be permanently averted with loans from the international community. The Greek government was effectively bankrupt back in 2012, in what was the biggest state Details

  20. Recovery in Eurozone Gains Impetus

    Jul 7, 2015: The economic recovery in the Eurozone will gain impetus slightly over the course of the year. Economic output is expected to grow by 0.5 percent in the third and fourth quarters respectively, following growth of 0.4 percent in the first and second quarters, according to the Ifo Institute (Munich), Insee (Paris) and Istat (Rome). The development will mainly be driven by domestic demand. Overall, this will lead to an annual rate of economic growth of 1.4 percent in 2015, after 0.9 percent in 2014. Details

  21. Ifo President Sinn Advises Greece to Reinstate the Drachma

    Jul 6, 2015: It is time for Greece to make a daring leap and adopt its own currency, says Ifo President Hans-Werner Sinn. “The drachma should be introduced immediately as a virtual currency,” Sinn said in Munich. Details

  22. Ifo Economic Forecast for Eastern Germany and Saxony 2015/2016

    Eastern German Economy Enjoys Sustained Growth

    Jul 2, 2015: Real gross domestic product in eastern Germany is expected to rise sharply by 1.8 percent this year and by 1.6 percent in 2016. These are the findings of the Ifo Institute’s Economic Forecast for Eastern Germany and Saxony published today. “Private consumption will remain the main economic driver”, notes Prof. Dr. Joachim Ragnitz, Deputy Executive Director of the Dresden Branch of the Ifo Institute. “But eastern German producers will also benefit from growing demand for capital goods,” he adds. Details

  23. Potential losses of the other euro countries if Greece and Greek commercial banks declare insolvency

    Jul 1, 2015: The table features the latest figures on the potential losses of the other euro countries if the Greek government and Greece’s commercial banks were to declare insolvency. Details

  24. Credit Constraint Indicator - From the Ifo Business Survey for June 2015

    Credit Constraints Hit Successive Historic Lows

    Jun 29, 2015: It has never been so easy for German companies to access bank credit. Credit constraints for German companies fell to 15.1 percent in June from 15.7 percent last month, hitting a historic low once again. The flood of money in Europe from the European Central Bank is having an impact. German companies are almost being pressed to accept bank loans. Details

  25. Ifo President Hans-Werner Sinn Supports Orderly Grexit

    Jun 28, 2015: Ifo President Hans-Werner Sinn has spoken out in favour of an orderly Grexit. “The foreseeable insolvency of Greece is deeply regrettable. Greece now needs to immediately introduce a new electronic currency as legal tender and must stop all euro payment orders to other countries abroad and impose capital controls”, Sinn said on Sunday. “The new currency would devalue against the euro, which would make the country competitive again.” Details

  26. Results of the Ifo Business Survey for June 2015

    Ifo Business Climate for Eastern Germany Clouds Over

    Jun 26, 2015: The Ifo Business Climate Index for industry and trade in eastern Germany fell in June from 107.2 points in May to 105.7 points this month. This brings the climate indicator back down to a level last seen in mid-2013. The deterioration in the business climate was due to assessments of the current business situation, which were markedly more cautious. Moreover, eastern German survey participants continued to assess their six-month business outlook somewhat less favourably. The wrestling over Greece is sparking uncertainty in the eastern German economy. Details

  27. Ifo Employment Barometer - Results of the Ifo Business Survey for June 2015

    German Companies Scale Back Recruitment Plans Slightly

    Jun 26, 2015: German companies are currently hiring a slightly lower number of new staff than in May. The Ifo Employment Barometer edged downwards in June to 107.8 index points from 108.2 points last month. The service sector remains the main driver behind these developments. Details

  28. Ifo Business Climate Germany - Results of the June 2015 Ifo Business Survey

    Ifo Business Climate Index Falls

    Jun 24, 2015: The Ifo Business Climate Index for German trade and industry fell to 107.4 points in June from 108.5 points last month. The indicator for the current business situation declined this month following three successive increases. Business expectations deteriorated for the third consecutive month and are now only slightly optimistic. The outlook for the German economy is overcast. Details

  29. Ifo President Sinn Warns of IMF’s Exclusion from Greece Negotiations

    Jun 22, 2015: Ifo President Hans-Werner Sinn has warned against breaking up the Greece troika and excluding the International Monetary Fund (IMF) from negotiations. According to Sinn, some voices want to keep the IMF out of negotiations. Details

  30. Ifo Survey Signals Rising Revenues in German Manufacturing

    Jun 22, 2015: The results of a survey by the Ifo Institute suggest that German industry looks set to earn more this year than in 2014. According to the survey, manufacturers are currently more satisfied with their income situation than in 2014, measured by profit from ordinary activities. The corresponding index is currently at 107.2 points, versus an annual average of 105.9 points in 2014. The long-term average since the launch of the survey in 2002 is 100.5 points. Since then the Ifo Institute has surveyed thousands of manufacturers on their revenue situation twice a year. Details

  31. Ifo Institute Upwardly Revises GDP Forecast for Germany to 1.9 Percent in 2015 and 1.8 Percent in 2016

    Jun 17, 2015: The Ifo Institute has upwardly revised its GDP forecast for this year to 1.9 percent. In December its researchers were still expecting just 1.5 percent. For 2016 Ifo’s research team, headed by Prof. Timo Wollmershäuser, expects a GDP increase of 1.8 percent. “The German economy is currently experiencing a sharp upturn,” he said. Details

  32. Ifo President Sinn criticises European Court of Justice

    Jun 16, 2015: Ifo President Hans-Werner Sinn has criticised the view expressed by the European Court of Justice that the European Central Bank’s (ECB) OMT bond-buying programme is lawful. “That is a regrettable mistake on the part of the Court. The ECB is indeed overstepping its mandate and implementing economic policy, which it is not allowed to do”, said Sinn. Details

  33. 30 Percent Higher Wages and Earnings in Retailers with Collective Wage Agreements

    Jun 16, 2015: The personnel costs of German retailers with collective wage agreements are between 25 percent and 32 percent higher than those of their competitors without such agreements. These are the results of a new analysis of collective wage agreements in retailing published by the Ifo Institute in its "Schnelldienst". This pay differential is particularly pronounced in eastern Germany (44 percent) and for cashiers (30 percent). The differential is greater in small companies than in large firms. Details

  34. German Minister for Economic Affairs Gabriel Pays Tribute to Hans-Werner Sinn

    Jun 12, 2015: The German Federal Minister for Economic Affairs Sigmar Gabriel has paid tribute to Ifo President Hans-Werner Sinn. “Professor Hans-Werner Sinn is one of the rare economists to have held an outstanding position in research an economic policy advisory work in Germany over several decades", Gabriel said at the beginning of the Ifo Annual Meeting on Friday in Munich. Details

  35. Prof. Dr. Clemens Fuest New Ifo President As From 1 April 2016

    Jun 11, 2015: A decision has been taken regarding the successor to Ifo President Prof. Hans-Werner Sinn, who has reached retirement age and whose term-in-office ends on 31 March 2016. The Administrative Council of the Ifo Institute – Leibniz Institute for Economic Research at the University of Munich has appointed Prof. Dr. Clemens Fuest as President of the Ifo Institute as of 1 April 2016. The Ifo presidency is linked to a professorship at the economics faculty of the University of Munich (LMU). According to Chairman of the Administrative Council Peter-Alexander Wacker, Prof. Fuest is "an excellent financial economist with an extensive international network and an economic policy thought leader who is the ideal person to succeed Prof. Hans-Werner Sinn as President of the Ifo Institute.” Details

  36. Ifo President Hans-Werner Sinn advocates euro as a parallel currency for Greece

    Jun 10, 2015: In a new publication, Ifo President Hans-Werner Sinn assesses the overall public credit that Greece received until the end of March 2015 from other states and institutions at 325 billion euros. One-third of this money has served to finance the Greek current account deficit, one-third to repay foreign credit, and one-third for the outright capital flight of Greek citizens and institutions, he told reporters in Brussels. Details

  37. Ifo Viewpoint No. 167: Varoufakis’s Great Game

    Jun 9, 2015: Munich, 9 June 2015 Game theorists know that a Plan A is never enough. One must also develop and put forward a credible Plan B – the implied threat that drives forward negotiations on Plan A. Greece’s finance minister, Yanis Varoufakis, knows this very well. As the Greek government’s anointed Details

  38. ifo-Präsident Hans-Werner Sinn befürwortet den Euro als Parallelwährung für Griechenland

    Jun 4, 2015: In einer Sonderausgabe des ifo Schnelldienstes beziffert Hans-Werner Sinn, Präsident des ifo Instituts, die Höhe der öffentlichen Kredite, die Griechenland bis Ende März 2015 von den anderen Staaten und Institutionen erhalten hat, auf insgesamt 325 Mrd. Euro. Ein Drittel dieses Geldes diente der Finanzierung des griechischen Leistungsbilanzdefizits, ein Drittel der Schuldentilgung, und ein Drittel wurde für eine Kapitalflucht griechischer Bürger und Institutionen ins Ausland eingesetzt. Details

  39. Ifo Viewpoint No. 166: Why the ECB QE May not Mean a Safe Retirement

    Jun 3, 2015: The capital markets have greeted the European Central Bank’s (ECB) loose monetary policy with euphoria. The prices of shares and property are shooting up to dizzying heights. The ECB seems to have stumbled across a magic formula for creating wealth from nothing. However, will this magic also make savers’ worries Details

  40. Ifo Viewpoint No. 165: Stop the Splinter Unions

    Jun 1, 2015: There are some things that Germany’s unions can be praised for. Although they got carried away with excessive pay claims in the 1970s and 80s, leading to mass unemployment that turned Germany into the sick man of Europe, they subsequently contributed to the turnaround with Agenda 2010 – when, by Details

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