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Privater Investitionsstau in Deutschland?

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  • Fabian Lindner

Abstract

Der Report analysiert die Entwicklung der privaten Investitionen in Deutschland. Im Vergleich zum Euroraum hat sich in Deutschland seit 2000 eine große Investitionslücke gebildet. Diese Lücke ist vor allem auf den starken Rückgang der Bauinvestitionen zurückzuführen, während sich die Ausrüstungsinvestitionen besser als im Euroraum entwickelt haben. Im Vergleich zur Vergangenheit liegen die Ausrüstungsinvestitionen aber dennoch auf niedrigem Niveau, obwohl die Gewinne weiter nahe historischen Höchstständen liegen, die Unternehmenssteuersätze gering sind und die Zinsen auf historischen Tiefstständen liegen. Die Unternehmen halten sich bei den Ausrüstungsinvestitionen im Moment vor allem wegen der geringen Kapazitätsauslastung zurück sowie wegen der Unsicherheit über die Zukunft des Euroraums. Die Bauinvestitionen in % des BIP sind zwar gestiegen, bleiben aber insgesamt noch unter denen im Rest des Euroraums. Dafür ist auch der Investitionsstau bei der öffentlichen Infrastruktur verantwortlich. Um die gesamte deutsche Investitionsleistung zu steigern, müsste der Staat für eine bessere Kapazitätsauslastung der Unternehmen sorgen. Dazu müsste sich die Regierung für eine Lockerung der Austeritätspolitik im Euroraum einsetzen und vermehrt in die öffentliche Infrastruktur investieren.

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  • Fabian Lindner, 2014. "Privater Investitionsstau in Deutschland?," IMK Report 96-2014, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    • Handle: RePEc:imk:report:96-2014
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    1. Gustav A. Horn & Alexander Herzog-Stein & Peter Hohlfeld & Fabian Lindner & Ansgar Rannenberg & Katja Rietzler & Sabine Stephan & Thomas Theobald & Silke Tober, 2014. "Der gefährdete Aufschwung - Prognose der Wirtschafzlichen Entwicklung 2014/2015," IMK Report 98-2014, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    2. Roland Döhrn & Christian Obst & André Küster Simic & Malte Knigge & Hans Jürgen Kerkhoff, 2018. "Steel Industry Mergers: Structural Crisis and Crowding Out in the Steel Market," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 71(02), pages 03-13, February.
    3. Jan Behringer & Thomas Theobald & Till van Treeck, 2014. "Einkommens- und Vermögensverteilung in Deutschland: Eine makroökonomische Sicht," IMK Report 99-2014, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    4. Bofinger, Peter & Schnabel, Isabel & Feld, Lars P. & Schmidt, Christoph M. & Wieland, Volker, 2014. "Mehr Vertrauen in Marktprozesse. Jahresgutachten 2014/15 [More confidence in market processes. Annual Report 2014/15]," Annual Economic Reports / Jahresgutachten, German Council of Economic Experts / Sachverständigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung, volume 127, number 201415.
    5. Theobald, Thomas & Grüning, Patrick & van Treeck, Till, 2015. "Income inequality and Germany's current account surplus," VfS Annual Conference 2015 (Muenster): Economic Development - Theory and Policy 112846, Verein für Socialpolitik / German Economic Association.

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