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50 Jahre Kritik an der deutschen Zahlungsbilanz

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  • Anton Konrad

Abstract

For nearly 50 years Germany has been criticised for the surplus on its balance of payments, especially on the current account. In 1965 and 1976, Charles P. Kindleberger analysed this phenomenon and predicted its persistence. The causes he presented were structural (the structure of German exports, a special “propensity to export”, the docility of German labour, German innovation and technical progress) and macroeconomic (inflation abroad, the German propensities to save or not to absorb); institutional factors were responsible for an inadequate long-term capital export so that the export surplus led to an accumulation of foreign liquid assets. It is shown that these forces, with some modifications, are still prevalent. Instead of alleviating these problems, the European Economic and Monetary Union reinforced the tendency towards disequilibrium. Copyright ZBW and Springer-Verlag Berlin Heidelberg 2014

Suggested Citation

  • Anton Konrad, 2014. "50 Jahre Kritik an der deutschen Zahlungsbilanz," Wirtschaftsdienst, Springer;ZBW - Leibniz Information Centre for Economics, vol. 94(7), pages 495-499, July.
    • Handle: RePEc:spr:wirtsc:v:94:y:2014:i:7:p:495-499
    DOI: 10.1007/s10273-014-1703-9
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    Keywords

    E61; F410; F420;
    All these keywords.

    JEL classification:

    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination

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