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Deutsche Finanzpolitik zwischen Konsolidierung und Wachstum

Author

Listed:
  • Arne Heise

    (Hamburg University of Economics & Political Science)

Abstract

Consolidation seems to be the need of the present. Although this statement ought to refer to the debt situation of public finance, all too often it is the deficit ratio as an instrument variable which is taken as the target of consolidation ('zero-defict'). Recent studies try to show 'non-keynesian' results of the reduction of structural deficits, i.e. positive short-term effects if the magnitude of fiscal retrenchment is only big enough and achieved by cutting public expenditures rather than increasing taxes. In this paper empirical evidence from the European Union is put forward to counter such claims: reducing structural deficits has always ha negative ('keynesian')effects in the short term and may even harm growth in the long term, if consolidation is focussed on cutting investment expenditures.

Suggested Citation

  • Arne Heise, 2004. "Deutsche Finanzpolitik zwischen Konsolidierung und Wachstum," Public Economics 0404010, University Library of Munich, Germany.
    • Handle: RePEc:wpa:wuwppe:0404010
    Note: Type of Document - pdf; pages: 13
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    Keywords

    Public Deficits; Consolidation;

    JEL classification:

    • I - Health, Education, and Welfare
    • I - Health, Education, and Welfare

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