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Stabilitätspolitik in der Corona-Krise

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  • Kooths, Stefan
  • Felbermayr, Gabriel

Abstract

Die Corona-Pandemie bewirkt einen globalen Interaktionsschock, der die Weltwirtschaft unter massiven Stress setzt. Stabilisierungspolitische Maßnahmen begründen sich unmittelbar aus den Folgen der Seuchenpolitik. Die Autoren betonen, dass es in Zeiten hoher Konjunkturunsicherheit in besonderem Maße auf zielgenaue, selbstdosierende und reaktionsschnelle Instrumente ankommt. Sie sehen einen branchenübergreifenden Lastenausgleich als notwendig an, ohne den Liquiditätshilfen zum Teil ins Leere laufen könnten. Demgegenüber sind Konjunkturprogramme zur allgemeinen Nachfragebelebung für den Restart nach dem Shutdown nicht das Mittel der Wahl. Auf europäischer Gemeinschaftsebene stellt ein Absichern des Bankensektors den am besten begründbaren Stabilisierungsbeitrag dar. Steigende Risikoprämien auf Staatsanleihen sind den Autoren zufolge per se kein dysfunktionales Marktsignal und verhindern nicht das Handeln solventer Staaten. Die Gemeinschaftshaftung zur Abwehr von akuten Staatsschuldenkrisen ist aus ihrer Sicht in einem Szenario multipler Gleichgewichte nur eine Randlösung. Sie empfehlen, dass trotz akutem Handlungsdruck auch in Zeiten der Krise Langfristeffekte mitbedacht werden sollten. Denn die Corona-Krise legt Stabilitätsdefekte im Euroraum offen, die bereits vorher bestanden.

Suggested Citation

  • Kooths, Stefan & Felbermayr, Gabriel, 2020. "Stabilitätspolitik in der Corona-Krise," Kiel Policy Brief 138, Kiel Institute for the World Economy (IfW Kiel).
  • Handle: RePEc:zbw:ifwkpb:138
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    References listed on IDEAS

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    5. Boysen-Hogrefe, Jens & Gern, Klaus-Jürgen & Groll, Dominik & Jannsen, Nils & Kooths, Stefan & Plödt, Martin & van Roye, Björn & Scheide, Joachim & Schwarzmüller, Tim, 2015. "Das europäische Verfahren zur Vermeidung und Korrektur makroökonomischer Ungleichgewichte: Auswertung der bisherigen Erfahrung und mögliche Reformansätze," Kieler Beiträge zur Wirtschaftspolitik 7, Kiel Institute for the World Economy (IfW Kiel).
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    Cited by:

    1. Boysen-Hogrefe, Jens & Fiedler, Salomon & Groll, Dominik & Jannsen, Nils & Kooths, Stefan & Mösle, Saskia, 2020. "Deutsche Konjunktur im Sommer 2020 - Deutsche Wirtschaft vor mühsamer Erholung [German Economy Summer 2020 - German economy faces sluggish recovery]," Kieler Konjunkturberichte 68, Kiel Institute for the World Economy (IfW Kiel).
    2. Felbermayr, Gabriel & Hinz, Julian & Mahlkow, Hendrik & Stamer, Vincent, 2020. "Bodenbildung in der Binnenwirtschaft, Kollaps des Welthandels," Kiel Policy Brief Spezial Corona-Update 2, Kiel Institute for the World Economy (IfW Kiel).
    3. Ademmer, Martin & Boysen-Hogrefe, Jens & Fiedler, Salomon & Groll, Dominik & Jannsen, Nils & Kooths, Stefan & Mösle, Saskia, 2020. "Deutsche Wirtschaft im Herbst 2020. Rückprall nach dem Absturz - aber Pandemie lastet auf Erholung [German Economy Autumn 2020 - Quick rebound, but Pandemic weighs on full recovery]," Kieler Konjunkturberichte 71, Kiel Institute for the World Economy (IfW Kiel).

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