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Anmerkungen zur Schuldenbremse


  • Christian Müller


In 2001 more than 80 percent of the Swiss electorate voted in favour of a constitutional amendment which aims at stopping the expansion of the public debt. A convincingly simple and seemingly intuitive formula provides an easy-to-implement expenditure rule for the budgetary process. This approach also accounts for cyclical output variation and appears unique and innovative on an international scale. This note shows that the ambitious objectives of the rule can almost surely not be met. However, the most likely outcome resembles the Maastricht criteria which might be of interest for a revision of the European growth and stability treaty. Volk und Stände der Schweiz beschlossen 2001, den absoluten Schuldenstand des Staates im Konjunkturverlauf zu begrenzen. Damit hat die Eidgenossenschaft einen Weg eingeschlagen, der sich von dem der Mitglieder des europäischen Stabilitätspaktes unterscheidet. Diese halten eine positive Obergrenze der Verschuldung relativ zur Wirtschaftsleistung für optimal. Dieser Beitrag soll zeigen, dass die Umsetzung des Verfassungsartikels einerseits de facto unmöglich ist, aber andererseits zu dem Ergebnis führt, dass die resultierenden Budgets langfristig das Maastrichter Defizitkriterium erfüllen. Kurzfristig besteht eine gewisse Flexibilität, die die Erfahrungen der Schweiz für eine Reform des Stabilitätspaktes interessant erscheinen lassen.

Suggested Citation

  • Christian Müller, 2004. "Anmerkungen zur Schuldenbremse," Vierteljahrshefte zur Wirtschaftsforschung / Quarterly Journal of Economic Research, DIW Berlin, German Institute for Economic Research, vol. 73(3), pages 491-501.
  • Handle: RePEc:diw:diwvjh:73-30-14

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    Cited by:

    1. Frank Bodmer, 2006. "The Swiss Debt Brake: How it Works and What Can Go Wrong," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 142(III), pages 307-330, September.

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