Tip: Activate javascript to be able to use all functions of our website

Welcome to KfW Research

Three teams of experts ensure that analyses from KfW Research are always of the highest standards.

Team SME and Competitiveness

This team focuses on small and medium sized enterprises (SME), innovations, internationalisation, start-ups, education and demographics. Both current and structural developments, as well as comprehensive trends such as digitalisation are priorities here. Investment and financing also play an important role. Our analyses and evaluations form the basis of our surveys, such as the KfW SME Panel or the KfW Entrepreneurship Monitor.

Further information on these topics can be found here:

Your point of contact:

Dr Vivien Lo
Team Leader
+49 69 7431-4852

Dr Jennifer Abel-Koch
Internationalisation and International SME Comparisons
+49 69 7431-9592

Charlotte Abraham
Editor KfW Research
+49 69 7431-4104

Bettina Apfelbach
Editor KfW Research
+49 69 7431-2186

Albrecht Bauer
Economic Trends and Funding Policies
+49 69 7431-3146

Dr Juliane Gerstenberger
SMEs and Corporate Financing
+49 69 7431-4420

Dr Elisabeth Grewenig
SMEs with a focus on climate protection
+49 69 7431-55722

Dr Georg Metzger
Start-ups, KfW Entrepreneurship Monitor, Venture Capital
+49 69 7431-9717

Dr Michael Schwartz
SMEs, SME Financing, KfW SME Panel
+49 69 7431-8695

Dr Steffen Viete
Start-ups, Venture Capital
+49 69 7431-68019

Dr Volker Zimmermann
Innovation – Activity, Financing and Promotion
+49 69 7431-3725

Team Energy, Environment and Municipalities

The Energy, Environment and Municipalities Team conducts economic analyses and evaluations relating to climate change, the energy turnaround ("Energiewende"), the protection of resources and the environment, as well as the future-oriented adapation of infrastructure, particularly at municipal level.

Specifically we focus on the modification of the energy system, the further development and integration of renewable energy sources, energy efficiency in buildings and businesses, as well as the financing of municipal infrastructure and the state of municipal finances. We not only look at developments in Germany but also at European and international trends.

Further information on these topics can be found here:

You point of contact:

Dr Karsten Kohn
Team Leader
+49 69 7431-4473

Dr Stephan Brand
Municipal Finances, KfW Municipal Panel, Urban Development
+49 69 7431-6257

Anke Brüggemann
Renewable Energy, Energy Efficiency in Businesses, Resource Efficiency
+49 69 7431-1736

Dr Daniel Römer
Energy Efficiency in Residential and Non-Residential Buildings, Mobility and Transportation
+49 69 7431-6326

Dr Johannes Salzgeber
Municipal Investment, Federal Finance System, Municipalities and Digitalisation
+49 69 7431-2306

Team Macro and Global Economics

The Macro Team analyses, forecasts and evaluates economic and structural developments and trends in Germany, Europe, USA and other industrialised and emerging countries. This also includes monitoring international capital markets, including forecasts for interest and exchange rates, as well as structural changes on the German and European banking markets. We also analyse and forecast investment behaviour and patterns, as well as credit market developments in both Germany and the Euro Area.

Further information on these topics can be found here:

Your point of contact:

Dr Vera Schubert
Team Leader
+49 69 7431-4220

Dr Klaus Borger
Economic and Structural Topics Germany, SME Economy
+49 69 7431-2455

Alexander Fanous
Capital Market Monitoring Euro Area / USA, Interest Rate Forecasts
+49 69 7431-4007

Dr Julia Kubny
Africa, vKC Development Economics
+49 69 7431-8567

Hannah Levinger
Developing and Emerging Countries, Global Economy, Sustainable Finance, Climate
+49 69 7431-5717

Martin Müller
Labour and Housing Markets Germany
+49 69 7431-3944

Dr Philipp Scheuermeyer
Economic and Structural Topics Germany / Euro Area, SME Economy
+49 69 7431-4017

Dr Felix Schmidt
USA, UK and Emerging Economies, International Capital Flows
+49 69 7431-9386

Stephanie Schoenwald
Euro Area/EU, German/European Credit Market/Banking
+49 69 7431-6446

Dr Katrin Ullrich
Developing and Emerging Countries, Japan, Global Economy, International Value Added and Trade
+49 69 7431-9791

We would be happy to provide you with regular updates from KfW Research.



KfW Research, KfW Group, Palmengartenstrasse 5-9, 60325 Frankfurt, Germany,

Publication search

Our practical search function makes it easy for you to find KfW’s current research publications.

Read more