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Wachstum und Konsolidierung: ein Gegensatz?: zur Diskussion um "Austeritätspolitik" und "Wachstumsfalle"

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  • Susanne Neheider
  • Ludger Schuknecht

Abstract

The debate on fiscal consolidation is dominated by controversies about the negative impact of consolidation on growth. This contribution shortly summarizes the discussion about links between fiscal consolidation and growth. In addition, common advice that is derived from arguments about the detrimental impact of consolidation on growth, is analyzed. We argue that structural fiscal consolidation and sustainable growth do not contradict each other but are complementary. Fiscal consolidation that is credible and lasting and that is combined with structural reforms implies rather small multipliers and is a prerequisite for sustainable growth. Expectations about higher growth in euro area periphery countries as a result from fiscal stimulus in Germany do not hold up to scrutiny. When choosing a consolidation strategy, a changing global environment with possibly higher interest rates should also be taken into consideration. Die Debatte um Konsolidierung im Euroraum wird von der Frage dominiert, ob Konsolidierung dem Wachstum schadet. Der Beitrag gibt einen kurzen Überblick zum Diskussionsstand über die Zusammenhänge zwischen Konsolidierung und Wachstum. Darüber hinaus werden gängige Forderungen analysiert, die aus der Auffassung, die aktuelle Konsolidierungspolitik führe in eine Wachstumsfalle, abgeleitet werden. Wir argumentieren, dass strukturelle Konsolidierung und nachhaltiges Wachstum keine Gegensätze, sondern komplementär sind. Glaubwürdige und dauerhafte Konsolidierung in Verbindung mit Strukturreformen ist mit kleinen Multiplikatoren verbunden und Voraussetzung für nachhaltiges Wachstum. Auch Erwartungen an einen Wachstumsschub in den Peripherieländern durch einen fiskalischen Stimulus in Deutschland halten einer Überprüfung nicht stand. Bei der Wahl der Konsolidierungsstrategie muss zudem ein sich veränderndes globales Umfeld mit möglicherweise höheren Zinsen berücksichtigt werden.

Suggested Citation

  • Susanne Neheider & Ludger Schuknecht, 2013. "Wachstum und Konsolidierung: ein Gegensatz?: zur Diskussion um "Austeritätspolitik" und "Wachstumsfalle"," Vierteljahrshefte zur Wirtschaftsforschung / Quarterly Journal of Economic Research, DIW Berlin, German Institute for Economic Research, vol. 82(2), pages 25-37.
    • Handle: RePEc:diw:diwvjh:82-2-3
    DOI: 10.3790/vjh.82.2.25
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    More about this item

    Keywords

    Fiscal consolidation; growth; public debt; multiplier;
    All these keywords.

    JEL classification:

    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • H30 - Public Economics - - Fiscal Policies and Behavior of Economic Agents - - - General
    • H60 - Public Economics - - National Budget, Deficit, and Debt - - - General

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