IDEAS home Printed from https://ideas.repec.org/p/agz/wpaper/2102.html
   My bibliography  Save this paper

Eine neue deutsche Finanzpolitik

Author

Listed:
  • Philippa Sigl-Gloeckner

    (Dezernat Zukunft)

  • Max Krahé

    (Dezernat Zukunft)

  • Pola Schneemelcher

    (Dezernat Zukunft)

  • Florian Schuster

    (Universitaet zu Koeln)

  • Viola Hilbert

    (Deutschen Instituts fuer Wirtschaftsforschung (DIW))

  • Henrika Meyer

    (Mercator Research Institute for Global Commons and Climate Change)

Abstract

Ueber Jahrzehnte war die deutsche Fiskalpolitik von der Idee gepraegt, dass die Tragfaehigkeit der oeffentlichen Finanzen an der Schuldenquote zu messen sei; die Schuldenquote wiederum sei am besten ueber das jaehrliche Haushaltsdefizit zu kontrollieren. Mit der Einfuehrung der Schuldenbremse fand dieser Ansatz 2009 Eingang in die deutsche Verfassung. Die neuere Forschung hat jedoch herausgearbeitet, dass dieses Paradigma im heutigen Kontext zu suboptimalen Ergebnissen fuehrt: Insbesondere gewaehrleistet es weder die langfristige Tragfaehigkeit der oeffentlichen Finanzen noch ein aussenwirtschaftliches Gleichgewicht noch einen effizienten Beitrag zur Loesung der heute vor uns stehenden Herausforderungen, insbesondere der Dekarbonisierung und des demographischen Wandels. Eine wachsende Erkenntnis dieser Tatsache hat sowohl in Deutschland als auch international zu einer lebhaften Debatte ueber die Zukunft von Fiskalregeln gefuehrt. Dieses Working Paper baut auf der Debatte auf und geht einen Schritt weiter, indem es nicht von den Unzulaenglichkeiten des heutigen Paradigmas, sondern von einer positiven Zielsetzung aus in Richtung neuer Reformideen denkt. Einfuehrend geben wir einen Ueberblick zum Stand der Diskussion um Alternativen und Reformen der Schuldenbremse. Anschliessend werden drei eng miteinander verknuepfte Fragen beantwortet: was ist die richtige Zielsetzung fuer Fiskalpolitik? Wie koennte ein institutionelles Rahmenwerk aussehen, um diese Zielsetzung in die Praxis umzusetzen? Und welche konkreten, politische realistischen Reformoptionen koennten uns in diese Richtung bewegen? Dabei identifizieren wir nachhaltige Vollauslastung der Wirtschaft als sinnvolles Ziel fuer Fiskalpolitik; machen einen Vorschlag fuer ein viergliedriges Rahmenwerk, und entwickeln detaillierte Vorschlaege fuer erste Reformschritte, mit denen dieses Rahmenwerk in Deutschland umgesetzt werden koennte, darunter eine Anpassung der einfachgesetzlich geregelten Konjunkturkomponente der Schuldenbremse, die Einfuehrung einer Investitionsgesellschaft fuer kommunale Investitionen, sowie die Einfuehrung eines Fruehwarnindikators fuer Zinskosten.

Suggested Citation

  • Philippa Sigl-Gloeckner & Max Krahé & Pola Schneemelcher & Florian Schuster & Viola Hilbert & Henrika Meyer, 2021. "Eine neue deutsche Finanzpolitik," Working Papers 2, Forum New Economy.
    • Handle: RePEc:agz:wpaper:2102
    as

    Download full text from publisher

    File URL: https://newforum.org/wp-content/uploads/2021/06/FNE-WP02-2021.pdf
    File Function: First version, 2021
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Congressional Budget Office, 2021. "Budgeting for Federal Investment," Reports 56900, Congressional Budget Office.
    2. Florian Blank & Camille Logeay & Erik Türk & Josef Wöss & Rudolf Zwiener, 2018. "Den demografischen Wandel bewältigen: Die Schlüsselrolle des Arbeitsmarktes," IMK Report 137-2018, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    3. Christian Magin, 2010. "Die Wirkungslosigkeit der neuen Schuldenbremse," Wirtschaftsdienst, Springer;ZBW - Leibniz Information Centre for Economics, vol. 90(4), pages 262-268, April.
    4. Sebastian Gechert & Ansgar Rannenberg, 2018. "Which Fiscal Multipliers Are Regime‐Dependent? A Meta‐Regression Analysis," Journal of Economic Surveys, Wiley Blackwell, vol. 32(4), pages 1160-1182, September.
    5. Olivier Blanchard & Alvaro Leandro & Jeromin Zettelmeyer, 2021. "Redesigning EU fiscal rules: from rules to standards," Economic Policy, CEPR, CESifo, Sciences Po;CES;MSH, vol. 36(106), pages 195-236.
    6. Hubertus Bardt & Sebastian Dullien & Michael Hüther & Katja Rietzler, 2019. "Für eine solide Finanzpolitik: Investitionen ermöglichen!," IMK Report 152-2019, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    7. Carmen M. Reinhart & Kenneth S. Rogoff, 2010. "Growth in a Time of Debt," American Economic Review, American Economic Association, vol. 100(2), pages 573-578, May.
    8. J. Bradford DeLong & Lawrence H. Summers, 2012. "Fiscal Policy in a Depressed Economy," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 44(1 (Spring), pages 233-297.
    9. Janet Yellen, 2018. "Comments on Monetary Policy at the Effective Lower Bound," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 49(2 (Fall)), pages 573-579.
    10. Olivier J. Blanchard & Lawrence H. Summers, 2020. "Automatic Stabilizers in a Low-Rate Environment," AEA Papers and Proceedings, American Economic Association, vol. 110, pages 125-130, May.
    11. Sebastian Gechert & Katja Rietzler & Sven Schreiber & Ulrike Stein, 2019. "Wirtschaftliche Instrumente für eine klima- und sozialverträgliche CO2-Bepreisung," IMK Studies 65-2019, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    12. J. Bradford DeLong & Lawrence H. Summers, 2012. "Fiscal Policy in a Depressed Economy," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 43(1 (Spring), pages 233-297.
    13. Achim Truger, 2015. "Implementing the golden rule for public investment in Europe," Working Paper Reihe der AK Wien - Materialien zu Wirtschaft und Gesellschaft 138, Kammer für Arbeiter und Angestellte für Wien, Abteilung Wirtschaftswissenschaft und Statistik.
    14. Mr. Paolo Mauro & Jing Zhou, 2020. "r minus g negative: Can We Sleep More Soundly?," IMF Working Papers 2020/052, International Monetary Fund.
    15. Coleen Wilder & Sailu Li, 2019. "Case Article—You Can’t Take It with You," INFORMS Transactions on Education, INFORMS, vol. 20(1), pages 33-36, September.
    16. Misch, Florian & Wolff, Peter, 2008. "The returns on public investment: concepts, evidence and policy challenges," IDOS Discussion Papers 25/2008, German Institute of Development and Sustainability (IDOS).
    17. Danny Yagan, 2019. "Employment Hysteresis from the Great Recession," Journal of Political Economy, University of Chicago Press, vol. 127(5), pages 2505-2558.
    18. J. W. Mason & Arjun Jayadev, 2018. "A comparison of monetary and fiscal policy interaction under ‘sound’ and ‘functional’ finance regimes," Metroeconomica, Wiley Blackwell, vol. 69(2), pages 488-508, May.
    19. Mai Dao, 2020. "Wealth Inequality and Private Savings: The Case of Germany," IMF Working Papers 2020/107, International Monetary Fund.
    20. Achim Truger, 2015. "Implementing the Golden Rule for Public Investment in Europe: Safeguarding Public Investment and Supporting the Recovery. WWWforEurope Policy Paper No. 22," WIFO Studies, WIFO, number 57898.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Christian Ochsner & Christopher Zuber, 2022. "Die Konjunkturbereinigung der Schuldenbremse: ein Plädoyer für methodische Reformen [The Cyclical Adjustment Procedure of the German Debt Brake: a Plea for Methodical Reforms]," Wirtschaftsdienst, Springer;ZBW - Leibniz Information Centre for Economics, vol. 102(11), pages 822-825, November.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Sigl-Glöckner, Philippa & Krahé, Max & Schneemelcher, Pola & Schuster, Florian & Hilbert, Viola & Meyer, Henrika, 2021. "Eine neue deutsche Finanzpolitik," Papers 277883, Dezernat Zukunft - Institute for Macrofinance, Berlin.
    2. Philippa Sigl-Gloeckner & Max Krahé & Pola Schneemelcher & Florian Schuster & Viola Hilbert & Henrika Meyer, 2021. "A new fiscal policy for Germany," Working Papers 2a, Forum New Economy.
    3. Hans Pitlik & Michael Klien & Stefan Schiman-Vukan, 2017. "Stabilitätskonforme Berücksichtigung nachhaltiger öffentlicher Investitionen," WIFO Studies, WIFO, number 60595.
    4. Sigl-Glöckner, Philippa & Krahé, Max & Schneemelcher, Pola & Schuster, Florian & Hilbert, Viola & Meyer, Henrika, 2021. "A new fiscal policy for Germany," Papers 277884, Dezernat Zukunft - Institute for Macrofinance, Berlin.
    5. Łukasz Rawdanowicz, 2014. "Choosing the pace of fiscal consolidation," OECD Journal: Economic Studies, OECD Publishing, vol. 2013(1), pages 91-119.
    6. Reinhart, Carmen M. & Reinhart, Vincent & Rogoff, Kenneth, 2015. "Dealing with debt," Journal of International Economics, Elsevier, vol. 96(S1), pages 43-55.
    7. Alexander Chudik & M. Hashem Pesaran & Kamiar Mohaddes, 2020. "Identifying Global and National Output and Fiscal Policy Shocks Using a GVAR," Advances in Econometrics, in: Essays in Honor of Cheng Hsiao, volume 41, pages 143-189, Emerald Group Publishing Limited.
    8. De Vita, Glauco & Trachanas, Emmanouil & Luo, Yun, 2018. "Revisiting the bi-directional causality between debt and growth: Evidence from linear and nonlinear tests," Journal of International Money and Finance, Elsevier, vol. 83(C), pages 55-74.
    9. Talknice Saungweme & Nicholas M. Odhiambo, 2019. "Does Public Debt Impact Economic Growth in Zambia? An Ardl-Bounds Testing Approach," SPOUDAI Journal of Economics and Business, SPOUDAI Journal of Economics and Business, University of Piraeus, vol. 69(4), pages 53-73, October-D.
    10. Vipul Bhatt & Andre R. Neveu, 2019. "Re-Thinking Debt Burden: Going with the Flow?," Eastern Economic Journal, Palgrave Macmillan;Eastern Economic Association, vol. 45(2), pages 179-203, April.
    11. Cameron Hepburn & Brian O’Callaghan & Nicholas Stern & Joseph Stiglitz & Dimitri Zenghelis, 2020. "Will COVID-19 fiscal recovery packages accelerate or retard progress on climate change?," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 36(Supplemen), pages 359-381.
    12. Marta Gómez-Puig & Simón Sosvilla-Rivero, 2015. "“On the bi-directional causal relationship between public debt and economic growth in EMU countries”," IREA Working Papers 201512, University of Barcelona, Research Institute of Applied Economics, revised May 2015.
    13. Achim Truger, 2013. "Austerity in the euro area: the sad state of economic policy in Germany and the EU," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 10(2), pages 158-174.
    14. Wifag Adnan & Kerim Peren Arin & Aysegul Corakci & Nicola Spagnolo, 2022. "On the heterogeneous effects of tax policy on labor market outcomes," Southern Economic Journal, John Wiley & Sons, vol. 88(3), pages 991-1036, January.
    15. Philipp Heimberger, 2017. "Did fiscal consolidation cause the double-dip recession in the euro area?," Review of Keynesian Economics, Edward Elgar Publishing, vol. 5(3), pages 439-458, July.
    16. Engelbert Stockhammer & Andre Novas Otero, 2023. "A tale of housing cycles and fiscal policy, not competitiveness. Growth drivers in Southern Europe," New Political Economy, Taylor & Francis Journals, vol. 28(3), pages 483-505, May.
    17. Siyan Chen & Saul Desiderio, 2018. "Long-run consequences of debt," Journal of Economic Interaction and Coordination, Springer;Society for Economic Science with Heterogeneous Interacting Agents, vol. 13(2), pages 365-383, July.
    18. Panizza, Ugo & Presbitero, Andrea F., 2014. "Public debt and economic growth: Is there a causal effect?," Journal of Macroeconomics, Elsevier, vol. 41(C), pages 21-41.
    19. Karfakis, Ioannis, 2021. "The predictive content of public debt for real output expansions and contractions over three centuries: A Markov switching analysis for the UK," The Journal of Economic Asymmetries, Elsevier, vol. 24(C).
    20. Luiggi Donayre & Ariuna Taivan, 2017. "Causality between Public Debt and Real Growth in the OECD: A Country-by-country Analysis," Economic Papers, The Economic Society of Australia, vol. 36(2), pages 156-170, June.

    More about this item

    Keywords

    Fiscal Policy; Fiscal Rules; Debt Brake; Debt Management;
    All these keywords.

    JEL classification:

    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
    • H62 - Public Economics - - National Budget, Deficit, and Debt - - - Deficit; Surplus
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:agz:wpaper:2102. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Xhulia Likaj (email available below). General contact details of provider: https://edirc.repec.org/data/edagzus.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.