New Research paper

How high local public debt and local public banks crowd out private investment in Germany – and what the debt brake has to do with it

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In a recent column in VoxEU together with Michael Stiefel (UZH) and Iryna Stewen (JGU Mainz)) we discuss our new CEPR discussion paper Growing Like Germany: Local public debt, local banks, low private investment. The paper shows that local government debt in Germany crowds out private investment to the tune of 1 percent of GDP … Read more

Softening the Blow of the China Trade Shock — and lessons for EMU in the times of COVID19

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My new paper with Lilia Ruslanova: Softening the Blow: U.S. State-Level Banking Deregulation and Sectoral Reallocation after the China Trade Shock is now online as UZH discussion paper. The upshot: U.S. state-level banking deregulation during the 1980s  considerably dampened the fallout on local economies of the China trade shock a decade later. The reason: households … Read more

New paper in the IMF Economic Review

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Our paper Channels of Risk Sharing in the Eurozone: What Can Banking and Capital Market Union Achieve? (with Egor Maslov, Iryna Stewen and Bent E. Sorensen) is now forthcoming in the IMF Economic Review. In the paper, we argue that the interplay of equity market and banking integration is of first-order importance for risk sharing … Read more

New paper in JEEA

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Our paper “ Holes in the Dike: The Global Savings Glut, U.S. House Prices and the Long Shadow of Banking Deregulation” (with Iryna Stewen) is now forthcoming in the Journal of the European Economic Association. In the paper, we argue that capital inflows into the U.S. greatly contributed to the housing boom in the years … Read more

Shocks and risk sharing in the EMU: Lessons for Banking and Capital Market Union

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A short policy piece by Mathias Hoffmann and his co-authors Bent Sorensen, Egor Maslov and Iryna Stewen on how to ensure that risk sharing in EMU  becomes resilient to systemic banking shocks has just appeared in a new CEPR e-book edited by my colleagues Jan-Egbert Sturm and Nauro Campos entitled Bretton Woods, Brussels, and Beyond: … Read more

The Euro at 20

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Mathias Hoffmann will present his new paper “Are capital market and banking union complements? Evidence from Risk Sharing Channels in the EMU”   co-authored with Egor Maslov, Bent E. Sorensen and Iryna Stewen at the Conference “The Euro at 20” on June 25-26 2018 co-organized by the IMF, the Central Bank of Ireland and the … Read more

New paper in RoWE

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My paper “A provincial view of Global Imbalances: Regional Capital Flows in China” with Samuel Cudré (Mc Kinsey & Co) is now forthcoming in the Review of World Economics