Talking point
Open data – unrecognised potential
The commercial and data protection foundations for debate about big data may well already be in place. But far removed from the debate about monetisation and data misuse there is another world in which data applications, regardless of their data volumes, can provide a valuable economic benefit to society. Our increasingly digital and data-driven economy enables us to more rapidly detect potential ways to boost efficiency and productivity and subject them to closer scrutiny. In this context, the desire for greater transparency, participation and collaboration provides an important motive for experimenting ultimately in fact with new forms of democratic processes. The initially exponential growth in the volume of data and its intelligent evaluation provide the fertile breeding ground needed for innovation and economic growth in the digital age. [more]
Germany
Focus Germany: Stronger growth and wages – little reaction from savers
The Q4 GDP details corroborate that the German economy ended 2014 on a high note (+0.7% qoq vs +0.1% in Q3) as private consumption received a substantial stimulus from the drop of the oil prices. We increase our 2015 GDP forecast to 2.0% from 1.4% previously. This is especially due to the much larger carry-over effect courtesy of the marked Q4 GDP growth. In addition, we raise our Q1 GDP forecast to 0.5% qoq as the renewed oil price drop will boost consumption again. Sentiment also improved further in January/February with ifo expectations and the composite PMI pointing to 0.5% and 0.4% growth, respectively.  [more]
Global financial markets
Money market funds – an economic perspective: Matching short-term investment and funding needs
Money market funds are important financial players in Europe and the US, offering investors capital preservation and daily liquidity on the one hand, while providing short-term funding in money markets on the other. However, the European and US markets differ in their structures and economic functions: In Europe, where the market is split into two distinct segments, MMFs’ balance sheets reflect to a large degree intermediation within the financial sector and a strong investment focus on bank debt. In the US, by contrast, a homogeneous set of industry standards exists and MMFs’ business is geared more towards direct intermediation between non-financial sectors. [more]
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