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Staatsverschuldung in Extrahaushalten: Historischer Überblick und Implikationen für die Schuldenbremse in Deutschland

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  • Reischmann Markus

    (ifo Institut – Leibniz-Institut für Wirtschaftsforschung an der Universität München e.V., ifo Zentrum für öffentliche Finanzen und politische Ökonomie, Poschingerstr. 5, 81679 München, Tel.: + 49 89 9224 1292, Fax: + 49 89 907795 1292)

Abstract

By using special funds governments finance public activities outside the core budget. Until 2009 the German debt regime did not cover the borrowing of special funds. The German governments thus had an incentive to hide borrowing in special funds. In some periods, public debt increased more rapidly than the officially reported government deficit because the government borrowed via special funds. I describe special funds in Germany since 1949 and show for which purposes special funds were set up. Governments used special funds in particular to finance the German reunification in 1990 and support measures for financial institutions and economic stimulus packages during the financial crisis starting in 2008. I discuss to what extent the new German debt break limits the borrowing of special funds and show that governments still can circumvent the debt break by using some special funds.

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  • Reischmann Markus, 2014. "Staatsverschuldung in Extrahaushalten: Historischer Überblick und Implikationen für die Schuldenbremse in Deutschland," Perspektiven der Wirtschaftspolitik, De Gruyter, vol. 15(2), pages 171-181, June.
  • Handle: RePEc:bpj:pewipo:v:15:y:2014:i:2:p:171-181:n:2
    DOI: 10.1515/pwp-2014-0009
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    2. Siemers Lars-H. & Gebhardt Heinz, 2020. "Die strukturelle Besserung der Länderfinanzen in der Niedrigzinsphase: die trügerische Leichtigkeit des Scheins," Perspektiven der Wirtschaftspolitik, De Gruyter, vol. 21(1), pages 54-78, April.
    3. Markus Reischmann, 2016. "Empirical Studies on Public Debt and Fiscal Transfers," ifo Beiträge zur Wirtschaftsforschung, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, number 63.
    4. Kauder Björn & Larin Benjamin & Potrafke Niklas, 2014. "Was bringt uns die große Koalition?: Perspektiven der Wirtschaftspolitik," Perspektiven der Wirtschaftspolitik, De Gruyter, vol. 15(1), pages 88-101, February.
    5. Reischmann, Markus, 2016. "Creative accounting and electoral motives: Evidence from OECD countries," Journal of Comparative Economics, Elsevier, vol. 44(2), pages 243-257.
    6. Niklas Potrafke & Marina Riem & Christoph Schinke, 2016. "Debt Brakes in the German States: Governments’ Rhetoric and Actions," German Economic Review, Verein für Socialpolitik, vol. 17(2), pages 253-275, May.
    7. Niklas Potrafke & Markus Reischmann & Julia Richenhagen & Marina Riem, 2015. "Die Fremdwährungsschulden der deutschen Bundesländer und Gemeinden," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 68(04), pages 48-51, February.
    8. Heine, Michael & Herr, Hansjörg, 2022. "Fiskalische Spielräume für eine offensive Wohnungsbaupolitik," IPE Working Papers 176/2021, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
    9. Heinemann, Friedrich & Nover, Justus, 2023. "State-owned enterprises, fiscal transparency, and the circumvention of fiscal rules: The case of Germany," ZEW Discussion Papers 23-058, ZEW - Leibniz Centre for European Economic Research.
    10. Asatryan, Zareh & Heinemann, Friedrich & Nover, Justus, 2022. "The other government: State-owned enterprises in Germany and their implications for the core public sector," ZEW Expert Briefs 22-08, ZEW - Leibniz Centre for European Economic Research.
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    More about this item

    Keywords

    Special funds; public debt; fiscal rules; debt break; stock-flow adjustment; Germany; Extrahaushalte; Sondervermögen; Öffentliche Verschuldung; Finanzpolitische Regeln; Schuldenbremse; Deutschland; Special funds; public debt; fiscal rules; debt break; stock-flow adjustment; Germany;
    All these keywords.

    JEL classification:

    • H61 - Public Economics - - National Budget, Deficit, and Debt - - - Budget; Budget Systems
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
    • H74 - Public Economics - - State and Local Government; Intergovernmental Relations - - - State and Local Borrowing

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