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Der italienische Schuldenberg: Ursachen und Schlussfolgerungen

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  • Boysen-Hogrefe, Jens
  • Gern, Klaus-Jürgen

Abstract

Im vorliegenden Beitrag sollen anhand von einfachen Modellrechnungen die Ursachen für den hohen italienischen Schuldenstand beleuchtet werden. Die Analyse der italienischen Staatsschuld geschieht vor dem Hintergrund, dass Italien im Verlauf des Jahres 2011 zusehends in den Fokus der Schuldenkrise im Euroraum geraten ist. Während zu Beginn der stärkeren Differenzierung der Risikoprämien auf Staatsanleihen unterschiedlicher Länder im Euroraum in den Jahren 2009 und 2010 Italiens Bonität kaum angezweifelt wurde und deutlich besser eingeschätzt wurde als die von Griechenland, Portugal und Irland, aber auch als die von Spanien, haben sich zeitweise die Zweifel über die Schuldentragfähigkeit des italienischen Staates gemehrt. [...] Im Folgenden sollen die hier kurz angerissenen Episoden der italienischen Finanzpolitik erläutert und anhand von Modellrechnungen die relative Bedeutung der unterschiedlichen Einflüsse vonseiten des Primärsaldos, der Realzinsen und der Nominalzinsen für das Entstehen der aktuellen Situation veranschaulicht werden.

Suggested Citation

  • Boysen-Hogrefe, Jens & Gern, Klaus-Jürgen, 2012. "Der italienische Schuldenberg: Ursachen und Schlussfolgerungen," Kiel Policy Brief 45, Kiel Institute for the World Economy (IfW Kiel).
    • Handle: RePEc:zbw:ifwkpb:45
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    1. Snower, Dennis J. & Burmeister, Johannes & Seidel, Moritz, 2011. "Dealing with the eurozone debt crisis: A proposal for reform," Kiel Policy Brief 33, Kiel Institute for the World Economy (IfW Kiel).
    2. Nathalie Girouard & Christophe André, 2005. "Measuring Cyclically-adjusted Budget Balances for OECD Countries," OECD Economics Department Working Papers 434, OECD Publishing.
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    1. Gern, Klaus-Jürgen & Stolzenburg, Ulrich, 2016. "Italien am Scheideweg: Wachstumsschwäche erfordert weitere Reformen," Kiel Policy Brief 102, Kiel Institute for the World Economy (IfW Kiel).

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