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Neubewertung der Devisenreserven der Bundesbank - viel Lärm um nichts

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  • Willi Leibfritz

Abstract

Bundesregierung und Bundesbank sind sich einig: die Dollarreserven sollen marktnäher bewertet werden. Der Buchgewinn - der überschlägig gerechnet eine Größenordnung von 10 Mrd. DM haben dürfte - wird an den Bund ausgeschüttet; er wird die Einnahmen jedoch nicht für höhere Ausgaben, sondern zur Tilgung von Schulden des Erblastentilgungsfonds verwenden. Die Transaktion vermindert zwar einmalig den Schuldenstand (und je nach Buchungsverfahren in der VGR auch das Defizit) um 0,3% des Bruttoinlandsprodukts, sie stellt jedoch, ebensowenig wie Privatisierungsmaßnahmen, eine echte Haushaltskonsolidierung dar. Auf Dauer bringt die Umschichtung dem Bund einen Netto-Vorteil von größenordnungsmäßig 200 Millionen DM pro Jahr.

Suggested Citation

  • Willi Leibfritz, 1997. "Neubewertung der Devisenreserven der Bundesbank - viel Lärm um nichts," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 50(19), pages 03-05, October.
  • Handle: RePEc:ces:ifosdt:v:50:y:1997:i:19:p:03-05
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