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Fördern Geldpolitik und Niedrigzinsen einen nachhaltigen Rückgang der Staatsschulden?

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  • Hans-Jörg Naumer

Abstract

Huge parts of the yield curve in several countries of the European Monetary Union entered negative territory after the European Central Bank started its Public Sector Purchase Programme (PSPP) in March 2015. The implicit interest rate for public deficits therefore has reached new lows after years of yield reductions. This paper will show that even such a favourable yield environment will not lead to a sustainable reduction of debt-to-GDP ratios and that it takes more than just low or negative yields to bring these ratios back in line with the Maastricht level of 60 per cent. This will be even more apparent when long-term yields head back to normal, driving the real rate of interest above the real rate of growth. Copyright ZBW and Springer-Verlag Berlin Heidelberg 2015

Suggested Citation

  • Hans-Jörg Naumer, 2015. "Fördern Geldpolitik und Niedrigzinsen einen nachhaltigen Rückgang der Staatsschulden?," Wirtschaftsdienst, Springer;ZBW - Leibniz Information Centre for Economics, vol. 95(9), pages 614-618, September.
    • Handle: RePEc:spr:wirtsc:v:95:y:2015:i:9:p:614-618
    DOI: 10.1007/s10273-015-1876-x
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    Citations

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    Cited by:

    1. Heinz Gebhardt & Lars-H. R. Siemers, 2018. "Zur strukturellen Finanzlage der Laender: eine aktuelle Auswertung und Methodenkritik," MAGKS Papers on Economics 201837, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
    2. Naumer Hans-Jörg, 2017. "Helicopter Money: Central Banks as Spenders of Last Resort?: Comments on the book Between Debt and the Devil: Money, Credit, and Fixing Global Finance by Adair Turner," Journal for Markets and Ethics, Sciendo, vol. 5(2), pages 107-109, December.
    3. 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.

    More about this item

    Keywords

    E50; G10; H62;
    All these keywords.

    JEL classification:

    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • H62 - Public Economics - - National Budget, Deficit, and Debt - - - Deficit; Surplus

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