Die bisher vom Bund im Rahmen der Ausnahme von der Schuldenbremse aufgenommenen Notkredite müssen zwischen 2028 und 2061 getilgt werden. Vor diesem Hintergrund werden die rechtlichen ...Rahmenbedingungen, die fiskalischen Auswirkungen und die Herausforderungen beim Schuldenmanagement näher betrachtet. Die Details der gesetzlichen Verpflichtung zur Rückzahlung werden im öffentlichen Diskurs oft missverstanden, was Bedenken hinsichtlich der fiskalischen Nachhaltigkeit aufkommen lässt. Ein transparentes und rechenschaftspflichtiges Schuldenmanagement ist erforderlich, um Generationengerechtigkeit zu gewährleisten.
This paper analyses Germany's approach to repaying emergency debts. It explores legal frameworks, fiscal implications and challenges in debt management. Despite legal obligations, public discourse often misunderstands the details of repayment, raising concerns about fiscal sustainability. The paper calls for transparent and accountable debt management to ensure intergenerational fairness.
Schulden prägen das Leben vieler Millionen Menschen in den USA. Felix Krämer macht sich auf die Suche nach ihren Geschichten von 1865 bis in die Gegenwart. Dabei wird deutlich, dass insbesondere ...Schwarze Amerikaner:innen, aber auch Frauen, Arbeiter:innen oder Migrant:innen immer wieder höheren Kreditrisiken oder untragbaren Konditionen ausgesetzt waren. Solche Unterschiede werden mit dem Begriff der »Schuldendifferenz« adressiert. Das Buch zeigt dies an verschiedenen Verschuldungsformen wie dem System des Sharecropping nach Ende der Sklaverei, an Bildern von Loan Sharks oder an Immobilienschulden und zeichnet nach, wie Studienverschuldung und Kreditkartenpraktiken den Neoliberalismus in die Alltagserfahrungen der Menschen brachten. Mit seinem Fokus auf Prekarisierung durch Verschuldung legt das Buch eine Produktionslinie des »wealth gap« in den USA frei und füllt so eine Leerstelle in der neuen Kapitalismusgeschichte.
This book develops new theory about the link between debt and democracy and applies it to a classic historical comparison: Great Britain in the eighteenth century which had strong representative ...institutions and sound public finance vs. ancient regime France, which had neither. The book argues that whether representative institutions improve commitment depends on the opportunities for government creditors to form new coalitions with other social groups, more likely to occur when a society is divided across multiple political cleavages. It then presents historical evidence to show that improved access to finance in Great Britain after 1688 had as much to do with the development of the Whig Party as with constitutional changes. In France, it is suggested that the balance of partisan forces made it unlikely that an early adoption of 'English-style' institutions would have improved credibility.
The global financial crisis has permanently lowered the path of GDP in all advanced economies. At the same time, and in response to rising government debt levels, many of these countries have been ...engaging in fiscal consolidations that have had a negative impact on growth rates. We empirically explore the connections between these two facts by extending to longer horizons the methodology of Blanchard and Leigh (2013) regarding fiscal policy multipliers. Our results provide support for the presence of strong hysteresis effects of fiscal policy. The large size of the effects points in the direction of self-defeating fiscal consolidations as suggested by DeLong and Summers (2012). Attempts to reduce debt via fiscal consolidations have very likely resulted in a higher debt to GDP ratio through their long-term negative impact on output.
The German debt brake forces the German government to target a very specific public deficit to GDP ratio. A ruling of the German constitutional court has drawn attention to the debt brake, as it is ...to be enforced more tightly than the federal German government previously thought. In this article, the author argues that the debt brake should be abolished. It does not do what it is supposed to do - the sustainability of public debt depends on the European Central Bank's Dealer of Last Resort function and nothing else. As a side effect, the debt brake curtails government spending at a time of close to zero net public investment and huge requirements for more public spending.
We studied systemic risk in European sovereign debt markets before and after the onset of the Greek debt crisis, taking the conditional value-at-risk (CoVaR) as a systemic risk measure, characterized ...and computed using copulas. We found that, before the debt crisis, sovereign debt markets were all coupled and systemic risk was similar for all countries. However, with the onset of the Greek crisis, debt markets decoupled and the systemic risk of the countries in crisis (excepting Spain) for the European debt market as a whole decreased, whereas that of the non-crisis countries increased to a small degree. The systemic risk of the Greek debt market for other countries in difficulties increased, especially for Portugal where systemic risk tripled after the onset of the crisis, whereas the systemic impact on the non-crisis countries decreased.
•We studied systemic risk in European sovereign debt markets.•We characterized and computed CoVaR using copulas.•Before the sovereign debt crisis, sovereign debt markets were all coupled.•After the debt crisis, systemic risk decreased for crisis countries.•Greek systemic increased for crisis countries and decreased for other countries.
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