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Eine neue deutsche Finanzpolitik

Author

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  • Sigl-Glöckner, Philippa
  • Krahé, Max
  • Schneemelcher, Pola
  • Schuster, Florian
  • Hilbert, Viola
  • Meyer, Henrika

Abstract

Über Jahrzehnte war die deutsche Fiskalpolitik von der Idee geprägt, dass die Tragfähigkeit der öffentlichen Finanzen an der Schuldenquote zu messen sei; die Schuldenquote wiederum sei am besten über das jährliche Haushaltsdefizit zu kontrollieren. Mit der Einführung 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 führt: Insbesondere gewährleistet es weder die langfristige Tragfähigkeit der öffentlichen Finanzen noch ein außenwirtschaftliches Gleichgewicht noch einen effizienten Beitrag zur Lösung 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 über die Zukunft von Fiskalregeln geführt. Dieses Working Paper baut auf der Debatte auf und geht einen Schritt weiter, indem es nicht von den Unzulänglichkeiten des heutigen Paradigmas, sondern von einer positiven Zielsetzung aus in Richtung neuer Reformideen denkt. Einführend geben wir einen Überblick zum Stand der Diskussion um Alternativen und Reformen der Schuldenbremse. Anschließend werden drei eng miteinander verknüpfte Fragen beantwortet: was ist die richtige Zielsetzung für Fiskalpolitik? Wie könnte ein institutionelles Rahmenwerk aussehen, um diese Zielsetzung in die Praxis umzusetzen? Und welche konkreten, politisch realistischen Reformoptionen könnten uns in diese Richtung bewegen? Dabei identifizieren wir nachhaltige Vollauslastung der Wirtschaft als sinnvolles Ziel für Fiskalpolitik; machen einen Vorschlag für ein viergliedriges Rahmenwerk, und entwickeln detaillierte Vorschläge für erste Reformschritte mit denen dieses Rahmenwerk in Deutschland umgesetzt werden könnte, darunter eine Anpassung der einfachgesetzlich geregelten Konjunkturkomponente der Schuldenbremse, die Einführung einer Investitionsgesellschaft für kommunale Investitionen, sowie die Einführung eines Frühwarnindikators für Zinskosten.

Suggested Citation

  • 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.
    • Handle: RePEc:zbw:dzimps:277883
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    References listed on IDEAS

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