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Licensed Unlicensed Requires Authentication Published by De Gruyter Oldenbourg March 22, 2016

Die deutsche “Schuldenbremse”: Ein wirksames Instrument zur Vermeidung eines Bailout?

  • Friedrich Gröteke and Karsten Mause EMAIL logo


In 2009, a new “debt brake” has been introduced into the German constitution. According to this fiscal rule, the federal government has to limit its annual net borrowing from the year 2016 on to a maximum of 0.35 percent of GDP; the German Laender must not take out new loans from the year 2020. Based on findings of the economic theory of fiscal federalism, this paper argues that the new debt brake - within the existing institutional framework - seems not to be an effective instrument to ban the risk of a bailout. For example, the Laender which de jure face the toughest budget constraint have no sufficient tax autonomy in order to react to a looming budget deficit through tax increases.

Online erschienen: 2016-3-22
Erschienen im Druck: 2009-12-1

© 2009 by Lucius & Lucius, Stuttgart

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