Beschäftigungseffekte der Exportkreditgarantien des Bundes und globale Wertschöpfungsketten

Germany’s export business has been an important pillar of the country’s overall economic development for decades. In addition to the innovative strength of German exporters, their ability to finance exports is crucial for successfully gaining access to international markets. In order to insure exporters against payment default risks especially in risky but high-growth countries, the German government provides export credit guarantees – so called Hermes coverage. To qualify for the guarantees, German companies are however required to produce a certain minimum share of value added in Germany. Against the background of increasingly international supply chains, the ifo institute – on behalf of the German Federal Ministry for Economic Affairs and Energy - has investigated the extent to which companies with high shares of foreign added value create jobs in Germany and whether increasing the share of foreign added value that can be covered would lead to a change in the employment effect of Hermes guarantees. While the existing cover policy is sufficiently flexible for the majority of companies, the study finds that allowing higher foreign content shares would create additional employment in Germany and Europe. Finally, the study includes a critical discussion about passing on default risks to countries whose companies have a share in German exports.