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Public Debt and Public Debt Policy in Germany

In: Public Sector Deficits in OECD Countries

Author

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  • Manfred Willms

Abstract

In post-war Germany for a long period of time public debt was not a subject of economic policy discussion. Government debt related to war-financing had been almost completely cancelled out by the currency reform of 1948, and the new constitution required a balanced budget. Debt financing was only allowed for investment purposes. Accordingly public debt grew at very moderate rates and was mainly issued by local governments. In order to stimulate private capital formation the federal budget and the state budgets for many years were in a surplus position.

Suggested Citation

  • Manfred Willms, 1988. "Public Debt and Public Debt Policy in Germany," Palgrave Macmillan Books, in: Henry Cavanna (ed.), Public Sector Deficits in OECD Countries, chapter 4, pages 102-119, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-08952-9_4
    DOI: 10.1007/978-1-349-08952-9_4
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