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Ist die Schuldenbremse eine Investitionsbremse?

Author

Listed:
  • Hack Lukas

    (ETH Zürich Leonhardstrasse 21 8092 Zürich Schweiz)

  • Janeba Eckhard

    (Universität Mannheim L7, 3-5 68131 Mannheim Germany)

Abstract

Verfechter der Schuldenbremse bringen vor, die empirische Literatur zu den Effekten von Fiskalregeln auf öffentliche Investitionen belege keine systematischen negativen Effekte. Deshalb sei eine Reform von Art. 109 GG nicht notwendig. Dieses Argument überzeugt die Autoren nicht, gerade wenn man – wie viele Reformgegner – einen Gegenwartsbias im politischen Prozess unterstellt. Aus theoretischer Sicht, erklären Lukas Hack und Eckhard Janeba, führe ein solcher Gegenwartsbias zwingend zu ineffizient niedrigen Investitionen, selbst wenn man die Schuldengrenze auf das optimale (erstbeste) Verschuldungsniveau setze. Die bestehende empirische Literatur sei ungeeignet, das Problem der Unterinvestition relativ zur erstbesten Welt zu quantifizieren, da die erstbeste Welt ein nicht beobachtbares kontrafaktisches Szenario darstelle.

Suggested Citation

  • Hack Lukas & Janeba Eckhard, 2025. "Ist die Schuldenbremse eine Investitionsbremse?," Perspektiven der Wirtschaftspolitik, De Gruyter, vol. 26(2), pages 193-198.
    • Handle: RePEc:bpj:pewipo:v:26:y:2025:i:2:p:193-198:n:1002
    DOI: 10.1515/pwp-2025-0002
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    JEL classification:

    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • H54 - Public Economics - - National Government Expenditures and Related Policies - - - Infrastructures
    • H6 - Public Economics - - National Budget, Deficit, and Debt

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