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Understanding Public Debt Preferences

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  • Friedrich Heinemann
  • Tanja Hennighausen

Abstract

Surprisingly little is known about voters´ public debt preferences on a micro level. This is deplorable, given the importance of the fiscal stability culture in the context of the European public debt crisis. This contribution tests, for a self-designed representative German survey, debt preferences and their determinants. Our results indicate that a Ricardian approach has some importance for explaining individual heterogeneity of consolidation preferences -- emphasizing, for example, the importance of individual credit constraints. However, Ricardian reasoning is not able to give a complete picture. Theories of debt determination that point to societal coordination failures or ideology offer additional explanations with empirical backing. The magnitude of these additional effects is substantial; the size of the trust variable is not smaller than the intergenerational dummy for the presence of children.

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Bibliographic Info

Article provided by Mohr Siebeck, Tübingen in its journal FinanzArchiv.

Volume (Year): 68 (2012)
Issue (Month): 4 (December)
Pages: 406-430

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Handle: RePEc:mhr:finarc:urn:sici:0015-2218(201212)68:4_406:updp_2.0.tx_2-i

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Related research

Keywords: Ricardian equivalence; stability culture; European debt crisis;

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Cited by:
  1. Bursian, Dirk & Weichenrieder, Alfons J. & Zimmer, Jochen, 2013. "Trust in government and fiscal adjustments," SAFE Working Paper Series 22, Research Center SAFE - Sustainable Architecture for Finance in Europe, Goethe University Frankfurt.
  2. Pierre Mandon, 2014. "Evaluating Treatment Effect and Causal Effect of Fiscal Rules on Procyclicality," Working Papers hal-01015439, HAL.
  3. Heinemann, Friedrich & Osterloh, Steffen & Kalb, Alexander, 2013. "Sovereign risk premia: The link between fiscal rules and stability culture," ZEW Discussion Papers 13-016, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.

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