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Sicherer durch Schulden: Safe Assets und die vergessene Dimension der Schuldenbremse

Author

Listed:
  • Heider, Florian
  • Schlegel, Jonas

Abstract

Eine oft vernachlässigte Dimension in der aktuellen Debatte zur Schuldenbremse ist die zentrale Rolle deutscher Staatsanleihen als sichere Vermögenswerte ("Safe Assets") für stabile Finanzmärkte. Deutsche Staatsanleihen sichern Finanztransaktionen ab und wirken in Krisenzeiten als stabilisierender Anker. Die Schuldenbremse führt jedoch zu einer künstlichen Verknappung dieser essenziellen Güter und gefährdet damit die Funktionsfähigkeit des Finanzsystems. Deutsche Staatsschulden stellen in diesem Fall keine Belastung dar, sondern dienen als Grundlage für stabile Finanzmärkte und eine effiziente Liquiditätsverteilung. Die Lücke, die fehlende deutsche Staatsanleihen in den Finanzmärkten hinterlassen, wird zunehmend durch US-Staatsanleihen geschlossen, wodurch Risiken anderer Staaten in die EU importiert und die Safe-Asset-Prämie US-amerikanischen statt deutschen Steuerzahlern zugutekommt. Um dies zu verhindern, Deutschlands Rolle als Stabilitätsanker im Euroraum zu festigen und somit die europäische Souveränität zu stärken, ist eine flexiblere Schuldenbremse notwendig, die die Emission sicherer Vermögenswerte ermöglicht und fördert.

Suggested Citation

  • Heider, Florian & Schlegel, Jonas, 2024. "Sicherer durch Schulden: Safe Assets und die vergessene Dimension der Schuldenbremse," SAFE Policy Letters 105, Leibniz Institute for Financial Research SAFE.
  • Handle: RePEc:zbw:safepl:308090
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    References listed on IDEAS

    as
    1. Corradin, Stefano & Heider, Florian & Hoerova, Marie, 2017. "On collateral: implications for financial stability and monetary policy," Working Paper Series 2107, European Central Bank.
    2. repec:ecb:ecbdps:20174 is not listed on IDEAS
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    Keywords

    Safe Assets; Schuldenbremse; Repos; Staatsverschuldung;
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