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Handelbare Verschuldungsrechte zur Sicherung fiskalischer Stabilität in der Währungsunion?

Author

Listed:
  • Renate Ohr

    (University of Goettingen)

  • André Schmidt

    (University of Goettingen)

Abstract

Der europäische Stabilitäts- und Wachstumspakt zählt zu den zentralen Pfeilern der Europäischen Währungsunion. Die Erfahrungen der letzten Jahre zeigen jedoch, dass seine disziplinierende Wirkung zur Begrenzung übermäßiger Defizite in Zweifel zu ziehen ist. Auf der Basis des von Ronald Coase geforderten Denkens in „institutionellen Alternativen“ wird im folgenden Papier die Einführung handelbarer Verschuldungsrechte in der Europäischen Währungsunion diskutiert. Dabei wird gezeigt, dass handelbare Verschuldungsrechte sowohl aus politökonomischer als auch aus allokationstheoretischer Sicht dem bisherigen Regelungen des Stabilitäts- und Wachstumspaktes überlegen sind und eine höhere Anreizkompatibilität zur Verhinderung übermäßiger Defizite garantieren. The Stability and Growth Pact is one of the constituent pillars of the European Monetary Union. Though, meanwhile it is obvious that it will not be able to limit fiscal deficits of the member states. For this reason in this paper Coase’s thinking in institutional alternatives is applied to find a better way to increase the incentives for more fiscal stability. We present and discuss tradable deficit permits comprising market-orientated incentives for fiscal stability. It is shown that tradable deficit permits are superior from a politico-economical view as well as with regard to allocative efficiency.

Suggested Citation

  • Renate Ohr & André Schmidt, 2006. "Handelbare Verschuldungsrechte zur Sicherung fiskalischer Stabilität in der Währungsunion?," Departmental Discussion Papers 128, University of Goettingen, Department of Economics.
    • Handle: RePEc:got:vwldps:128
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    References listed on IDEAS

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    Cited by:

    1. Corinna Ahlfeld, 2009. "The scapegoat of heterogeneity - How fragmentation influences political decisionmaking," Departmental Discussion Papers 143, University of Goettingen, Department of Economics.
    2. Sascha Wolff, 2006. "Migration und ihre Determinanten im ost-westdeutschen Kontext nach der Wiedervereinigung: Ein Literaturüberblick," Departmental Discussion Papers 130, University of Goettingen, Department of Economics.
    3. Renate Ohr, 2009. "European Monetary Union at Ten: Had the German Maastricht Critics Been Wrong?," Departmental Discussion Papers 141, University of Goettingen, Department of Economics.

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    More about this item

    Keywords

    Stabilitäts- und Wachstumspakt; Handelbare Verschuldungsrechte; Währungsunion; Stability and Growth Pact; Tradable Deficit Permits; Monetary Union;
    All these keywords.

    JEL classification:

    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
    • H6 - Public Economics - - National Budget, Deficit, and Debt

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