Wer soll für die Schulden im Bundesstaat haften? Eine vernachlässigte Frage der Föderalismusreform II
AbstractMutual 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.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Bibliographic InfoArticle provided by Verein für Socialpolitik in its journal Perspektiven der Wirtschaftspolitik.
Volume (Year): 10 (2009)
Issue (Month): 1 (02)
Contact details of provider:
Web page: http://www.blackwellpublishing.com/journal.asp?ref=1465-6493
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Mark Gugiatti & Anthony Richards, 2003.
"Do Collective Action Clauses Influence Bond Yields? New Evidence from Emerging Markets,"
RBA Research Discussion Papers
rdp2003-02, Reserve Bank of Australia.
- 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.
- Eduardo Borensztein & Olivier Jeanne & Paolo Mauro & Jeromin Zettelmeyer & Marcos Chamon, 2005. "Sovereign Debt Structure for Crisis Prevention," IMF Occasional Papers 237, International Monetary Fund.
- 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.
- 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.
- 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.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Wiley-Blackwell Digital Licensing) or (Christopher F. Baum).
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.