Understanding Public Debt Preferences
AbstractSurprisingly 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 InfoArticle provided by Mohr Siebeck, Tübingen in its journal FinanzArchiv.
Volume (Year): 68 (2012)
Issue (Month): 4 (December)
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Web page: http://www.mohr.de/fa
Postal: Mohr Siebeck GmbH & Co. KG, P.O.Box 2040, 72010 Tübingen, Germany
Find related papers by JEL classification:
- H60 - Public Economics - - National Budget, Deficit, and Debt - - - General
- H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
- D78 - Microeconomics - - Analysis of Collective Decision-Making - - - Positive Analysis of Policy Formulation and Implementation
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- Bursian, Dirk & Weichenrieder, Alfons J. & Zimmer, Jochen, 2013.
"Trust in government and fiscal adjustments,"
SAFE Working Paper Series
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- Pierre Mandon, 2014. "Evaluating Treatment Effect and Causal Effect of Fiscal Rules on Procyclicality," Working Papers hal-01015439, HAL.
- Heinemann, Friedrich & Osterloh, Steffen & Kalb, Alexander, 2013.
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- Heinemann, Friedrich & Osterloh, Steffen & Kalb, Alexander, 2014. "Sovereign risk premia: The link between fiscal rules and stability culture," Journal of International Money and Finance, Elsevier, vol. 41(C), pages 110-127.
- Osterloh, Steffen & Heinemann, Friedrich & Kalb, Alexander, 2013. "Sovereign risk premia: The link between fiscal rules and stability culture," Annual Conference 2013 (Duesseldorf): Competition Policy and Regulation in a Global Economic Order 80043, Verein für Socialpolitik / German Economic Association.
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