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16.03.2026|New HWWI-Working Paper

Institutional Reform and Depositors’ Portfolio Choice. Evidence from Bank Account Data

How do political and economic systems shape people’s financial behavior over the long run? Using Germany’s division and reunification as a natural experiment, this working paper analyzes unique bank account data. The results reveal that even many years after reunification, investment choices in East and... Read more

How do political and economic systems shape people’s financial behavior over the long run? Using Germany’s division and reunification as a natural experiment, this working paper analyzes unique bank account data. The results reveal that even many years after reunification, investment choices in East and West Germany still differ—particularly regarding risky assets. The study highlights how historical experiences and institutional environments can leave lasting imprints on household financial decisions.

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11.03.2026|Neue Publikation

The tension between competition policy and industrial policy in the German defense industry

With the security policy “Zeitenwende” and rising defense spending, calls for industrial policy to strengthen the domestic arms industry are increasing, while the role of competition policy receives little attention. This article analyses the specific characteristics of arms markets and empirically examines competition intensity at... Read more

With the security policy “Zeitenwende” and rising defense spending, calls for industrial policy to strengthen the domestic arms industry are increasing, while the role of competition policy receives little attention. This article analyses the specific characteristics of arms markets and empirically examines competition intensity at national and European levels. It then discusses the tension between industrial and competition policy from a regulatory perspective and argues that strengthening defense capabilities should rely primarily on pro-competitive measures, including joint European procurement, open tendering, and lower market entry barriers.

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06.03.2026|New HWWI-Study

Simulation of the impact of US tariffs on Hamburg as a business location

The present HWWI study uses a CGE model to analyze the short-run effects of the current U.S. tariff regime (as of Fall/Winter 2025) on Hamburg. At the aggregate level, the impacts on GDP and employment in Germany, the EU, and Hamburg are close to zero,... Read more

The present HWWI study uses a CGE model to analyze the short-run effects of the current U.S. tariff regime (as of Fall/Winter 2025) on Hamburg. At the aggregate level, the impacts on GDP and employment in Germany, the EU, and Hamburg are close to zero, while the United States is likely to enter a stagflationary environment. Sectoral developments in Hamburg, however, depend on differing price effects induced by the U.S. tariff regime.

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13.02.2026|Neue Publikation

Commodity price index down in 2025

This article examines the development of the HWWI-Rohstoffpreisindex in 2025. The analysis focuses on the price dynamics of Germany’s key imported raw materials and the contributions of individual commodity groups. The overall decline of the index during 2025 was largely driven by price movements in... Read more

This article examines the development of the HWWI-Rohstoffpreisindex in 2025. The analysis focuses on the price dynamics of Germany’s key imported raw materials and the contributions of individual commodity groups. The overall decline of the index during 2025 was largely driven by price movements in energy commodities, whose prices remained consistently below the previous year’s level from March onwards and showed predominantly downward trends over the course of the year.

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12.02.2026|Neuer HWWI Commodity price

HWWI Commodity Price Index rises again after decline

Over the past three months, the previously observed slight downward trend in the HWWI Commodity Price Index did not continue. Following an increase of 2.1 % in November and a decline of −1.8 % in December, the index rose markedly by 5.5 % in January... Read more

Over the past three months, the previously observed slight downward trend in the HWWI Commodity Price Index did not continue. Following an increase of 2.1 % in November and a decline of −1.8 % in December, the index rose markedly by 5.5 % in January 2026. Despite this monthly increase, the index at the end of January remained around 10.5 % below the level of the corresponding month of the previous year (data status: 08.02.2026).

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02.02.2026|New HWWI-Study

The economic dimension of sport in Hamburg

A new study by the HWWI confirms the enormous importance of sport for the Hanseatic city. “Sport is a powerful driving force for Hamburg,” emphasized President Prof. Norbert Aust, Senator for Sport Andy Grote, and HSB President Katharina von Kodolitsch at the presentation of the... Read more

A new study by the HWWI confirms the enormous importance of sport for the Hanseatic city. “Sport is a powerful driving force for Hamburg,” emphasized President Prof. Norbert Aust, Senator for Sport Andy Grote, and HSB President Katharina von Kodolitsch at the presentation of the study. The study shows that sport secures around 15,000 jobs and generates added value of €5.3 billion. In addition to its economic importance, it also improves quality of life, promotes health prevention, and enhances Hamburg's attractiveness as a location. Sport is therefore much more than just competition – it moves the whole city.

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13.01.2026|News from the Institute

New messaging system

We have modernized our messaging system for the new year and look forward to keeping you up to date on our activities. Once you have registered, you can individually select which topics and news from our institute you would like to receive in the future.

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04.12.2025|New HWWI-Forecast

2026/2027 Economic growth of 1 1/2 % possible in each case

The German economy is waiting for the economic turnaround. As in the first half of 2025 overall, real gross domestic product stagnated in the 3rd quarter. A difficult international environment and a so far only tentative implementation of reforms by the new government – overshadowed... Read more

The German economy is waiting for the economic turnaround. As in the first half of 2025 overall, real gross domestic product stagnated in the 3rd quarter. A difficult international environment and a so far only tentative implementation of reforms by the new government – overshadowed by recurring disruptions within the coalition – continued to slow down economic development.

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