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Aspekte einer Reform des Stabilitäts- und Wachstumspakts

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  • Weinert, Günter
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    Abstract

    Der Stabilitäts- und Wachstumspakt ist in den vergangenen Jahren von einer zunehmenden Zahl von Ländern verletzt worden. Dies deutet auf Mängel in der Gestaltung bzw. in der Umsetzung des Pakts hin. Kritisiert wird insbesondere das zentrale Kriterium für eine nachhaltige Finanzpolitik, eine für alle Länder einheitliche Obergrenze von 3 % für die gesamtstaatliche Defizitquote, nicht zuletzt wegen der damit verbundenen Asymmetrie. Zugleich wurden zahlreiche Alternativen vorgeschlagen: eine Orientierung der Finanzpolitik an den gesamtstaatlichen Schulden, am strukturellen Budgetsaldo, mit oder ohne besondere Berücksichtigung der öffentlichen Investitionen, sowie an einem für die mittlere Frist festgelegten linearen Pfad für die öffentlichen Ausgaben. Die Analyse zeigt, dass speziellen Vorteilen der einzelnen Konzepte jeweils auch Schwächen gegenüberstehen. Unter den Vorschlägen, die eine Umsetzung des Pakts besser gewährleisten sollen, wird die Schaffung eines unabhängigen Gremiums dargestellt. -- The Stability and Growth Pact, intended to guarantee solid fiscal policy in each member state of the euro area, was breached by an increasing number of countries in recent years, indicating flaws in design and implementation. The criterion of a common ceiling of 3 % for the deficit ratio, central for this rule, is criticised especially, not least because of the asymmetry embodied. Connected with this several alternative criteria for an orientation of fiscal policy were suggested, for the general government each: public debt, a cyclically-adjusted budget balance, with or without special allowance for public investment, and a well defined medium-term linear path for public expenditure. General features of the pros and cons of these basic alternatives are presented. Among the suggestions to provide for a better implementation the creation of an independent council is illustrated.

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    File URL: http://econstor.eu/bitstream/10419/19272/1/300.pdf
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    Bibliographic Info

    Paper provided by Hamburg Institute of International Economics (HWWA) in its series HWWA Discussion Papers with number 300.

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    Date of creation: 2004
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    Handle: RePEc:zbw:hwwadp:26246

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    Web page: http://www.econstor.eu/handle/10419/20
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    Keywords: fiscal policy; budget deficit; public debt;

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    Cited by:
    1. Weinert, Günter & Wohlers, Eckhardt & Brück, Christiane & Feldkord, Eva-Ulrike & Hinze, Jörg & Kirchesch, Kai & Matthies, Klaus, 2005. "Konjunktur 2005: Weltwirtschaft bleibt auf Expansionskurs - Deutschland hinkt hinterher," HWWA Reports 251, Hamburg Institute of International Economics (HWWA).
    2. Koch, Daniel, 2011. "Wirksame Begrenzung von Staatsverschuldung auf europäischer Ebene," Wirtschaftswissenschaftliche Beiträge 114, Julius-Maximilians-Universität Würzburg, Lehrstuhl für Volkswirtschaftslehre, insbes. Wirtschaftsordnung und Sozialpolitik.

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