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Green Finance

Climate change poses huge challenges for the financial sector, too. The Bundesbank supports the transition to a low-carbon economy.

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Digital euro

A digital euro would be a digital form of central bank money, specifically the euro. It could be used by the general public in much the same way as cash, only in virtual form. Alongside cash, the Eurosystem would thus supply households with an additional form of central bank money that can be used quickly, easily and securely.

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SDMX Web Service

The Bundesbank provides a new procedure for the automated download of statistical data sets. The web service offers an interface for programmatic access.

SDMX Web Service

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Time series databases

The Bundesbank’s up-to-date statistical data in the form of time series (also available to download as a CSV file or SDMX-ML file).

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Bank sort codes search

Here you will find information on the bank sort code file and on the bank sort code update service. You can also download the bank sort code files.

Bank sort codes search
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In the press area, you will find press releases, speeches, guest contributions and interviews with Bundesbank Executive Board members as well as further press materials.

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The Bundesbank published various studies and conference proceedings, resulting from the research activities of its employees and guest researchers.

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Stefan Goldbach

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Stefan Goldbach

Research Interests

International Trade
International Finance
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Research Areas

Heterogeneity in the euro area and beyond: Firm activity, international trade and finance

Refereed Publications
Cryptocurrencies and Capital Flows: Evidence from El Salvador’s Adoption of Bitcoin Goldbach S., Nitsch V.

Applied Economics Letters, forthcoming.

Determinants of Net Transactions in TARGET2 of European Banks based on micro-data Drott C., Goldbach S., Jochem A.

Open Economies Review, forthcoming.

Retained Earnings, Foreign Portfolio Ownership, and the German Current Account: A Firm-Level Approach Goldbach S., Harms P., Jochem A., Nitsch V., Weichenrieder A.J.

2024 | GERMAN Economic Review, Vol. 25(2), pp. 127-145.

The Effects of Sanctions on Russian Banks in TARGET2 Transactions Data Drott C., Goldbach S., Nitsch V.

2024 | Journal of Economic Behavior and Organization, Vol. 219, pp. 38-51.

Smart or Smash? The Effect of Financial Sanctions on Trade in Goods and Services Besedes T., Goldbach S., Nitsch V.

2024 | Review of International Economics, Vol. 32(1), pp. 223-251.

Capital Controls Checkup: Cases, Customs, Consequences Goldbach S., Nitsch V.

2023 | IMF Economic Review, Vol. 71(4), 885–906.

Freeze! Financial Sanctions and Bank Responses Efing M., Goldbach S., Nitsch V.

2023 | Review of Financial Studies, Vol. 36(11), 4417–4459.

Covid-19 and Capital Flows: The Responses of Investors to the Responses of Governments Goldbach S., Nitsch V.

2022 | Open Economies Review, Vol. 33(4), pp. 751-774.

The tax-efficient use of debt in multinational corporations Goldbach S., Moen J., Schindler D., Schjelderup G., Wamser G.

2021 | Journal of Corporate Finance, Vol. 71, 102119.

Cheap Talk? Financial Sanctions and Non-Financial Firms Besedeš T., Goldbach S., Nitsch V.

2021 | European Economic Review, Vol. 134, 103688.

The effect of investing abroad on investment at home: On the role of technology, tax savings, and internal capital markets Nagengast A., Goldbach S., Wamser G., Steinmüller E.

2019 | Journal of International Economics, Vol. 116, pp. 58-73.

You’re banned! The effect of sanctions on German cross-border financial flows Besedeš T., Goldbach S., Nitsch V.

2017 | Economic Policy (formerly: Economic Policy: A European Forum), Vol. 32(90), pp. 263-318.

Extra Credit: Bank Finance and Firm Export Status in Germany Goldbach S., Nitsch V.

2014 | The World Economy, Vol. 37(7), pp. 883-891.
Other Working Papers and Publications
Foreign Corporate Savings and Germany’s Current Account Goldbach S., Harms P., Jochem A., Nitsch V., Weichenrieder A.J.

2023 | SAFE Working Paper. No. 389.

A model-based analysis of the German current account surplus Bursian D., Goldbach S., Jochem A., Nagengast A., Schön M., Stähler N., Vetlov I.

2020 | Deutsche Bundesbank, Technical Paper 03/2020.
Research Brief
Lower TARGET2 payment flows due to EU sanctions against Russia Research Brief | 55th edition – February 2023

22.02.2023 Christian Drott, Stefan Goldbach, Volker Nitsch

Increased investment abroad boosts domestic investment Research Brief | 16th edition – November 2017

22.11.2017 Stefan Goldbach, Arne Nagengast, Ph.D., Elias Steinmüller, Georg Wamser
Discussion Papers
Determinants of TARGET2 transactions of European banks based on micro-data Discussion paper 40/2022: Constantin Drott, Stefan Goldbach, Axel Jochem

24.10.2022 40/2022 | 2 MB, PDF

The effects of sanctions on Russian banks in TARGET2 transactions data Discussion paper 38/2022: Constantin Drott, Stefan Goldbach, Volker Nitsch

05.10.2022 38/2022 | 1 MB, PDF

Smart or smash? The effect of financial sanctions on trade in goods and services Discussion paper 28/2022: Tibor Besedeš, Stefan Goldbach, Volker Nitsch

12.07.2022 28/2022 | 1 MB, PDF

Benefits of internationalisation for acquirers and targets – but unevenly distributed Discussion paper 33/2021: Rainer Frey, Stefan Goldbach

28.09.2021 33/2021 | 1 MB, PDF

Covid-19 and capital flows: The responses of investors to the responses of governments Discussion paper 17/2021: Stefan Goldbach, Volker Nitsch

28.05.2021 17/2021 | 410 KB, PDF

Capital controls checkup: Cases, customs, consequences Discussion paper 47/2020: Stefan Goldbach, Volker Nitsch

27.08.2020 47/2020 | 330 KB, PDF

Freeze! Financial sanctions and bank responses Discussion paper 45/2018: Matthias Efing, Stefan Goldbach, Volker Nitsch

04.12.2018 45/2018 | 2 MB, PDF

Cheap talk? Financial sanctions and non-financial activity Discussion paper 09/2018: Tibor Besedeš, Stefan Goldbach, Volker Nitsch

11.05.2018 09/2018 | 428 KB, PDF

The effect of investing abroad on investment at home: On the role of technology, tax savings, and internal capital markets Discussion paper 14/2017: Stefan Goldbach, Arne J. Nagengast, Elias Steinmüller, Georg Wamser

23.05.2017 14/2017 | 2 MB, PDF

You’re banned! The effect of sanctions on German cross-border financial flows Discussion paper 12/2016: Tibor Besedeš, Stefan Goldbach, Volker Nitsch

13.05.2016 12/2016 | 428 KB, PDF

Cutting the credit line: evidence from Germany Discussion paper 25/2015: Stefan Goldbach, Volker Nitsch

12.08.2015 25/2015 | 342 KB, PDF

Contact

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Dr Stefan Goldbach Central Office, Directorate General Economics

+49 69 9566-38347

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60431 Frankfurt am Main
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