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Die Zinslast des Bundes in der Schuldenkrise: Wie lukrativ ist der 'sichere Hafen'?

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  • Boysen-Hogrefe, Jens

Abstract

In the aftermath of the Great Recession and during the debt crisis in the euro area yields on German federal bonds have been exceptionally low. This analysis tries to calculate the profits that the federal government makes due to the low yields. The interest payments that are due to emissions of bonds and bills made between 2009 and 2012 are approximated and compared to several benchmark scenarios. Compared to the mean yields of the years 1999-2008 profits of the federal government are quite high (68 billion euros). Application of yield curve models show that most of these profits are due to the macroeconomic conditions in the euro area and to low central bank rates. To a much smaller extend these profits are due to flight into safety, which, however, has become more relevant recently.

Suggested Citation

  • Boysen-Hogrefe, Jens, 2012. "Die Zinslast des Bundes in der Schuldenkrise: Wie lukrativ ist der 'sichere Hafen'?," Kiel Working Papers 1780, Kiel Institute for the World Economy (IfW Kiel).
    • Handle: RePEc:zbw:ifwkwp:1780
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    1. Baur, Dirk G. & McDermott, Thomas K., 2010. "Is gold a safe haven? International evidence," Journal of Banking & Finance, Elsevier, vol. 34(8), pages 1886-1898, August.
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    4. Boysen-Hogrefe, Jens & Gern, Klaus-Jürgen & Jannsen, Nils & Plödt, Martin & van Roye, Björn & Scheide, Joachim & Groll, Dominik & Kooths, Stefan, 2012. "Weltkonjunktur und deutsche Konjunktur im Winter 2012," Kiel Discussion Papers 514/515, Kiel Institute for the World Economy (IfW Kiel).
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    7. repec:hal:journl:peer-00844811 is not listed on IDEAS
    8. Gern, Klaus-Jürgen & Jannsen, Nils & Plödt, Martin & Van Roye, Björn & Scheide, Joachim & Schwarzmüller, Tim & Boysen-Hogrefe, Jens & Groll, Dominik & Kooths, Stefan, 2012. "Weltkonjunktur und deutsche Konjunktur im Sommer 2012," Kiel Discussion Papers 506/507, Kiel Institute for the World Economy (IfW Kiel).
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    Cited by:

    1. Boysen-Hogrefe, Jens, 2014. "Niedrige Zinsen und rasche monetäre Expansion: Was soll die Finanzpolitik tun?," Kiel Policy Brief 75, Kiel Institute for the World Economy (IfW Kiel).
    2. Boysen-Hogrefe, Jens, 2013. "Wie der Staat 2010 bis 2012 konsolidiert hat," Kiel Policy Brief 62, Kiel Institute for the World Economy (IfW Kiel).
    3. Boysen-Hogrefe, Jens, 2018. "Zur Projektion des impliziten Zinses der öffentlichen Bruttoschuld," Kiel Insight 2018.6, Kiel Institute for the World Economy (IfW Kiel).
    4. Boysen-Hogrefe, Jens & Gern, Klaus-Jürgen & Groll, Dominik & Jannsen, Nils & Kooths, Stefan & Plödt, Martin & Schwarzmüller, Tim & van Roye, Björn & Scheide, Joachim, 2014. "Finanz- und Wirtschaftspolitik bei einer anhaltenden monetären Expansion," Kieler Beiträge zur Wirtschaftspolitik 5, Kiel Institute for the World Economy (IfW Kiel).
    5. Boeing-Reicher, Claire A. & Boysen-Hogrefe, Jens, 2017. "Estimating the effects of the "flight to quality", with an application to German bond yields and interest payments," Kiel Working Papers 2086, Kiel Institute for the World Economy (IfW Kiel).
    6. Athanasios Orphanides, 2014. "The Euro Area Crisis: Politics over Economics," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 42(3), pages 243-263, September.
    7. Döhrn, Roland & Barabas, György & Gebhardt, Heinz & Kitlinski, Tobias & Micheli, Martin & Vosen, Simeon & Zwick, Lina, 2013. "Die wirtschaftliche Entwicklung im Inland: Aufschwung setzt sich fort," RWI Konjunkturberichte, RWI - Leibniz-Institut für Wirtschaftsforschung, vol. 64(1), pages 41-99.
    8. Christian Breuer, 2015. "Fiscal Consolidation in Germany: Gain without Pain?," CESifo Forum, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 16(2), pages 50-53, August.
    9. Roland Döhrn & György Barabas & Heinz Gebhardt & Tobias Kitlinski & Martin Micheli & Simeon Vosen & Lina Zwick, 2013. "Die wirtschaftliche Entwicklung im Inland: Aufschwung setzt sich fort," RWI Konjunkturbericht, Rheinisch-Westfälisches Institut für Wirtschaftsforschung, pages 60, 03.
    10. Boysen-Hogrefe, Jens & Gern, Klaus-Jürgen & Jannsen, Nils & Plödt, Martin & van Roye, Björn & Scheide, Joachim & Schwarzmüller, Tim & Groll, Dominik & Kooths, Stefan, 2013. "Weltkonjunktur und deutsche Konjunktur im Sommer 2013," Kiel Discussion Papers 524/525, Kiel Institute for the World Economy (IfW Kiel).
    11. Ademmer, Martin & Boysen-Hogrefe, Jens & Fiedler, Salomon & Gern, Klaus-Jürgen & Groll, Dominik & Hauber, Philipp & Jannsen, Nils & Kooths, Stefan & Potjagailo, Galina & Stolzenburg, Ulrich, 2018. "Mittelfristprojektion für Deutschland im Frühjahr 2018 - Wachstum lässt nach: Konjunktur kühlt ab," Kieler Konjunkturberichte 42, Kiel Institute for the World Economy (IfW Kiel).
    12. Projektgruppe Gemeinschaftsdiagnose, 2013. "German Economy Recovering - Long-Term Appproach Needed to Economic Policy," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 66(08), pages 03-77, April.
    13. Christian Breuer, 2015. "Fiscal Consolidation in Germany: Gain without Pain?," CESifo Forum, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 16(02), pages 50-53, August.

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    More about this item

    Keywords

    safe haven; interest payments; debt crisis; yield curve;
    All these keywords.

    JEL classification:

    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt

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