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Wer soll für die Schulden im Bundesstaat haften? Eine vernachlässigte Frage der Föderalismusreform II

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  • Charles B. Blankart
  • Erik R. Fasten

Abstract

Mutual debt liability of the German federal states (Länder) contributed to the large increase of public debt in Germany over the last half century. A commission eager to impose stricter debt limits on state budgets encountered opposition by the Länder. This article proposes the strengthening of the Länder liability for their respective debt in order to disentangle interdependencies between state layers. A recent Federal Constitutional Court ruling is analyzed which sharply reduced bailout expectations of Länder and hence allows for the evolution of new institutions such as public bonds with collective action clauses as intermediate institutions towards strict bankruptcy procedures. Copyright 2009 die Autoren Journal compilation 2009, Verein für Socialpolitik und Blackwell Publishing Ltd.

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Bibliographic Info

Article provided by Verein für Socialpolitik in its journal Perspektiven der Wirtschaftspolitik.

Volume (Year): 10 (2009)
Issue (Month): 1 (02)
Pages: 39-59

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Handle: RePEc:bla:perwir:v:10:y:2009:i:1:p:39-59

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  1. Richards, Anthony & Gugiatti, Mark, 2003. "Do Collective Action Clauses Influence Bond Yields? New Evidence from Emerging Markets," International Finance, Wiley Blackwell, vol. 6(3), pages 415-47, Winter.
  2. Jochimsen, Beate, 2007. "'Staatsschulden ohne Haftung': Eine Option für deutsche Bundesländer?," Wirtschaftsdienst – Zeitschrift für Wirtschaftspolitik (1998 - 2007), ZBW – German National Library of Economics / Leibniz Information Centre for Economics, vol. 87(8), pages 518-524.
  3. Eduardo Borensztein & Olivier Jeanne & Paolo Mauro & Jeromin Zettelmeyer & Marcos Chamon, 2005. "Sovereign Debt Structure for Crisis Prevention," IMF Occasional Papers 237, International Monetary Fund.
  4. Soenke Haeseler, . "Collective Action Clauses in International Sovereign Bond Contracts – Whence the Opposition?," German Working Papers in Law and Economics 2007-2-1199, Berkeley Electronic Press.
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Cited by:
  1. Charles B. Blankart, 2011. "An Economic Theory of Switzerland," CESifo DICE Report, Ifo Institute for Economic Research at the University of Munich, vol. 9(3), pages 74-83, October.

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