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Le 26 mai 1828, Kaspar Hauser fit son apparition sur une place de Nuremberg. Ce jeune homme, qui semblait avoir 16 ou 17 ans, savait à peine marcher et n'avait pas cinquante mots en bouche. La rumeur enflant, il devint bientôt l'« orphelin de l'Europe » et demeure l'un des plus célèbres « enfants sauvages ». Arraché au berceau, séquestré quinze années durant dans une cave obscure, coupé de la nature comme des autres humains, Hauser était vierge de toute socialisation. Rien ne le reliait à son temps et à son groupe, pas davantage à sa génération et à son sexe. Habitant un corps étrange, il était doté d'une sensorialité inouïe et d'une intense vie émotionnelle. Et ce jusqu'à ce qu'il vienne au monde une seconde fois et apprenne douloureusement les mœurs et usages de son temps. Sans délaisser le mystère de ses origines et l'énigme de son assassinat, ce livre révèle, derrière cette vie minuscule, sans équivalent connu, un cas majuscule saisi à la croisée des sciences sociales et des disciplines de la psyché. Éclairant nos façons d'arraisonner le monde, l'examen approfondi de cette trajectoire aberrante dévoile ainsi, en contrepoint, jusqu'à quelles secrètes profondeurs le social-historique s'inscrit d'ordinaire en chacun de nous.

Germany

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Advanced economies made available more than 5 trillion USD through government-supported credit guarantee and direct loan programs to provide lifelines to firms in the face of the COVID-19 pandemic. Notwithstanding the unprecedented scale of credit made available, an in-depth analysis of the fiscal consequences is missing, and the costs of these programs are not recognized in a transparent way. In this paper, we fill in an important aspect of the fiscal picture by estimating the subsidies that were provided by the largest credit guarantee programs introduced in 2020 in seven advanced economies. We estimate the subsidies on a fair value basis that provides a consistent and comprehensive upfront measure of cost. We explain the logic behind applying a fair value framework in a government context and compare it to alternative approaches. For the programs that we examine, total credit extended totaled 1.7 trillion USD. The subsidy element (cash-equivalent subsidy) is estimated to be 67 percent of loan principal on average (37 percent, excluding the US PPP), with a wide range across programs, from 12 to 100 percent. The variation is explained by differences across programs including eligibility criteria, loan terms, compensation to lenders, and other program design choices.

Germany

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This paper assembles a comprehensive sovereign green bond database and estimates the sovereign greenium. The development of green bond markets has been one of the most important financial breakthroughs in the domain of sustainable finance during the last 15 years. A central benefit associated with green bonds has been that they exhibit a positive green premium (greenium), i.e., a lower yield relative to a similar conventional bond. Yet, issuances at the sovereign level have been relatively recent and not well documented in the literature. We find that green bonds are issued at a relatively small premium (4 basis points on average) in Advanced Economies. Yet, importantly, the greenium is growing over time and is considerably larger (11 basis points on average) for Emerging Market Economies.

Germany

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Germany

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Germany