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Die Zinslast des Bundes


  • Christian Breuer


  • Daniel Mannfeld
  • Niklas Potrafke



Die Bundesrepublik Deutschland verschuldet sich, indem sie Staatsanleihen emittiert. Die laufenden Kosten der Bundesschuld bemessen sich nahezu vollständig in Zinszahlungen für umlaufende und neu emittierte Bundeswertpapiere. Im Zuge der europäischen Verschuldungskrise sind die Zinsen für deutsche Staatsanleihen stark gesunken, weil die EZB eine sehr expansive Geldpolitik betrieben hat und Investoren in Deutschland nun einen »sicheren Hafen« sehen. Dies bedeutet ein enormes Einsparungspotenzial für den Bundeshaushalt. Modelliert man die zukünftige Zinslast des Bundes und veranschaulicht die Ersparnis für den Bundeshaushalt durch das gegenwärtig außerordentlich niedrige Zinsniveau, deuten die Ergebnisse auf weiterhin sinkende Zinsausgaben bis zum Jahr 2014 hin.

Suggested Citation

  • Christian Breuer & Daniel Mannfeld & Niklas Potrafke, 2012. "Die Zinslast des Bundes," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 65(12), pages 47-50, June.
  • Handle: RePEc:ces:ifosdt:v:65:y:2012:i:12:p:47-50

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    References listed on IDEAS

    1. von Hagen, Jürgen & Schuknecht, Ludger & Wolswijk, Guido, 2011. "Government bond risk premiums in the EU revisited: The impact of the financial crisis," European Journal of Political Economy, Elsevier, vol. 27(1), pages 36-43, March.
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    Cited by:

    1. 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.
    2. Projektgruppe Gemeinschaftsdiagnose, 2013. "Deutsche Konjunktur erholt sich – Wirtschaftspolitik stärker an der langen Frist ausrichten," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 66(08), pages 03-77, April.

    More about this item


    Zins; Öffentliche Schulden;

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects


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