Advanced Search
MyIDEAS: Login

Keynes oder Mises? Wer hat die bessere Therapie für die Schuldenkrise?

Contents:

Author Info

  • Henning Klodt
Registered author(s):

    Abstract

    Should fiscal consolidation and scaling down public debt be given highest priority in Euro countries in crisis? Or do they need a strong fiscal stimulus from expansive government spending for overcoming their deep recessions? Here, these questions are analyzed against the background of Keynesian and Austrian business cycle theories. It is argued that the prospects for Keynesian fiscal spending crucially depend upon the availability of competitive idle capacities. If such capacities have eroded during the long phase of cheap money, a fiscal stimulus would merely foster domestic inflation and foreign imports. The empirical evidence collected in this paper tends to support the latter view which is closer to the Austrians than to the Keynesians. The paper concludes that expansive government spending in Euro countries in crisis would postpone restructuring and would add further adjustment burdens to existing ones. Vor dem Hintergrund der keynesianischen und der österreichischen Konjunkturtheorie wird diskutiert, ob Haushaltskonsolidierung und Schuldenabbau in den Krisenländern des Euroraums oberste Priorität haben sollten oder ob es kräftiger Impulse durch staatliche Nachfrageprogramme bedarf, um diese Länder zunächst einmal aus ihrem konjunkturellen Tal herauszuholen. Dabei wird herausgearbeitet, dass die angemessene Antwort darauf nicht zuletzt davon abhängt, ob es in den Krisenländern überhaupt unausgelastete Kapazitäten in nennenswertem Umfang gibt, die konjunkturell wiederbelebt werden könnten, oder ob ihre Wirtschaftsstrukturen in den langen Jahren des billigen Gelds so stark erodiert sind, dass expansive Konjunkturprogramme weitgehend ins Leere laufen wür-den. Die in diesem Beitrag herangezogene empirische Evidenz spricht für letztere Sichtweise, die eher mit der österreichischen als mit der keynesianischen Sichtweise in Einklang steht. Mit einem konjunkturellen Strohfeuer würden die Krisen demnach nur unnötig verlängert, da die Strukturanpassung vertagt und auf heute schon bestehende Anpassungslasten weitere Anpassungslasten getürmt würden.

    Download Info

    If 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.
    File URL: http://ejournals.duncker-humblot.de/doi/pdf/10.3790/vjh.82.2.39
    Download Restriction: Fulltext of the latest 4 issues for subscribers or as pay-per-view articles from the publisher's e-journals platform.

    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 Info

    Article provided by DIW Berlin, German Institute for Economic Research in its journal Vierteljahrshefte zur Wirtschaftsforschung.

    Volume (Year): 82 (2013)
    Issue (Month): 2 ()
    Pages: 39-49

    as in new window
    Handle: RePEc:diw:diwvjh:82-2-4

    Contact details of provider:
    Postal: Mohrenstraße 58, D-10117 Berlin
    Phone: xx49-30-89789-0
    Fax: xx49-30-89789-200
    Email:
    Web page: http://www.diw.de/en
    More information through EDIRC

    Related research

    Keywords: Debt crisis; Euro area; Austrian business cycle;

    Find related papers by JEL classification:

    References

    No references listed on IDEAS
    You can help add them by filling out this form.

    Citations

    Lists

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    Statistics

    Access and download statistics

    Corrections

    When requesting a correction, please mention this item's handle: RePEc:diw:diwvjh:82-2-4. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Bibliothek).

    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.