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Ist die Kreditfinanzierung öffentlicher Investitionen zu rechtfertigen?

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  • Kersten Kellermann

Abstract

The commonly held opinion is that credits taken by the government should rather be used for investive purposes than for consumption. However, from this it should not be concluded that public debt is an adequate instrument to finance public investment. Within a microeconomic based growth model it is shown that tax financed public investments causes an intergenerative redistribution towards future generations. This, however, does not suffice to justify a financing by credits. The opportunity costs of tax financed and credit financed public investments are compared within the steady state as well as within the transition. Financing public investment by credits is only justified if a considerable under-supply of public capital exist initially. In the long-run tax financing is superior.

Suggested Citation

  • Kersten Kellermann, 2000. "Ist die Kreditfinanzierung öffentlicher Investitionen zu rechtfertigen?," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 136(II), pages 161-180, June.
    • Handle: RePEc:ses:arsjes:2000-ii-3
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    Cited by:

    1. Kellermann Kersten, 2004. "Finanzierungsformen und Opportunitätskosten öffentlicher Investitionen / Public Debt and Opportunity Costs of Public Investment," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 224(4), pages 471-487, August.
    2. Kellermann, Kersten & Schlag, Carsten-Henning, 2005. "Eignung der liechtensteinischen volkswirtschaftlichen Gesamtrechnung als Basis für Beitragszahlungen an internationale Organisationen: Gutachten im Auftrag der Regierung des Fürstentums Liechtenstein.," KOFL Studien, Konjunkturforschungsstelle Liechtenstein (KOFL), Vaduz, volume 1, number 1.
    3. Wolfgang Kitterer, 2007. "Nachhaltige Finanz‐ und Investitionspolitik der Bundesländer," Perspektiven der Wirtschaftspolitik, Verein für Socialpolitik, vol. 8(S1), pages 53-83, April.

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