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Staatsfinanzierung durch Geldpolitik
[Government Financing Through Monetary Policy]

Author

Listed:
  • Nicolas Afflatet

Abstract

Zusammenfassung Das Eurosystem hat bis Dezember 2018 im Rahmen des Public Sector Purchase Programme (PSPP) Staatsanleihen für fast 2,2 Billionen Euro erworben, um (laut offizieller Begründung) die Inflationsrate auf den Zielwert von knapp 2 % zu bringen. Nicht wenige Ökonomen qualifizieren die Anleihekäufe aber als monetäre Staatsfinanzierung. Das betrifft nicht nur die Auswirkungen auf die Refinanzierungsbedingungen, sondern ebenso das Halten der Anleihen. Die Trennlinie zwischen Geld- und Fiskalpolitik wird dadurch endgültig aufgehoben.

Suggested Citation

  • Nicolas Afflatet, 2019. "Staatsfinanzierung durch Geldpolitik [Government Financing Through Monetary Policy]," Wirtschaftsdienst, Springer;ZBW - Leibniz Information Centre for Economics, vol. 99(8), pages 562-566, August.
    • Handle: RePEc:spr:wirtsc:v:99:y:2019:i:8:d:10.1007_s10273-019-2491-z
    DOI: 10.1007/s10273-019-2491-z
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    Cited by:

    1. Andreas Nastansky & Sarah Siris, 2024. "Risikoverbund zwischen Banken und Staaten: Eine empirische Analyse für den Euroraum," Statistische Diskussionsbeiträge 56, Universität Potsdam, Wirtschafts- und Sozialwissenschaftliche Fakultät.

    More about this item

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • H6 - Public Economics - - National Budget, Deficit, and Debt

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