Employment Effects of the Federal Republic of Germany’s Export Credit Guarantees (“Hermes Guarantees”)

Companies in Germany have access to export credit guarantees, which are also known as “Hermes guarantees”. In the framework of a topical study, the Ifo Institute assessed the employment effect of Hermes guarantees over the past ten years. The analysis shows that Hermes guarantees were especially used for exports to target countries that are characterised by both their high growth potential and a high risk environment. The analysis showed that the effect of Hermes guarantees on promoting exports also leads to higher employment in Germany.