The German “debt brake”: a shining example for European fiscal policy? (notice n° 838754)
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| fixed length control field | 01807cam a2200229 4500500 |
| 005 - DATE AND TIME OF LATEST TRANSACTION | |
| control field | 20250123141522.0 |
| 041 ## - LANGUAGE CODE | |
| Language code of text/sound track or separate title | fre |
| 042 ## - AUTHENTICATION CODE | |
| Authentication code | dc |
| 100 10 - MAIN ENTRY--PERSONAL NAME | |
| Personal name | Truger, Achim |
| Relator term | author |
| 245 00 - TITLE STATEMENT | |
| Title | The German “debt brake”: a shining example for European fiscal policy? |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. | |
| Date of publication, distribution, etc. | 2013.<br/> |
| 500 ## - GENERAL NOTE | |
| General note | 77 |
| 520 ## - SUMMARY, ETC. | |
| Summary, etc. | Many observers consider the German “debt brake” beyond criticism. In the current crisis, many European countries have difficulties refinancing their budgets, while the German Treasury’s funding conditions are most favourable. The “fiscal compact’s” call for the introduction of German-style “debt brakes” in the constitutions of other countries in order to rebuild their credibility on financial markets therefore might seem reasonable. However, there are several reasons to doubt the underlying (macro-) economic reasoning. Two specific problems of the German debt brake are analysed in greater detail: Firstly, the German rule is neither simple nor transparent. The calculation of structural deficits is a complex matter highly sensitive to specification and therefore open to political manipulation. Secondly, the debt brake will ultimately have a pro-cyclical effect because of the way the commonly used cyclical adjustment method works. This will, as a result, destabilise the economy. The German debt brake can therefore hardly serve as a good example for other countries. JEL Classification: H12, H39, H50, H6. |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | sovereign debt |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | euro zone |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | debt brake |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | Germany |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | euro crisis |
| 700 10 - ADDED ENTRY--PERSONAL NAME | |
| Personal name | Will, Henner |
| Relator term | author |
| 786 0# - DATA SOURCE ENTRY | |
| Note | Revue de l'OFCE | 127 | 1 | 2013-01-01 | p. 153-188 | 1265-9576 |
| 856 41 - ELECTRONIC LOCATION AND ACCESS | |
| Uniform Resource Identifier | <a href="https://shs.cairn.info/revue-de-l-ofce-2013-1-page-153?lang=en&redirect-ssocas=7080">https://shs.cairn.info/revue-de-l-ofce-2013-1-page-153?lang=en&redirect-ssocas=7080</a> |
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