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Staatsverschuldung und Financial Engineering

Author

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  • Georg Erber

Abstract

Das Vertrauen in die Stabilität der Staatsfinanzen vieler europäischer Länder und der USA wurde durch die weltweite Wirtschafts- und Finanzkrise nachhaltig erschüttert. Expansive Fiskalprogramme zur Konjunkturstützung und Bailouts zur Rettung des Bankensystems haben die Staatsverschuldung nach oben getrieben. In vielen Fällen wurden die Schulden über Derivate finanziert, die die wirkliche Höhe der Defizite verschleiern und die Spekulationen über die Finanzstabilität der Länder weiter anfachen. Die Finanzmärkte reagieren auf diese Unsicherheit mit Preisaufschlägen für Kreditausfallrisiken, die Ratingagenturen mit der Herabstufung der Länder-Bonitäten. Um diesen Trend zu brechen, sind nicht nur Konsolidierungen der öffentlichen Haushalte notwendig - sie müssen durch mehr Transparenz und klarere Regeln auch glaubwürdiger werden.

Suggested Citation

  • Georg Erber, 2011. "Staatsverschuldung und Financial Engineering," DIW Wochenbericht, DIW Berlin, German Institute for Economic Research, vol. 78(36), pages 11-19.
  • Handle: RePEc:diw:diwwob:78-36-3
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    More about this item

    Keywords

    public debt; public deficits; ratings; financial engineering;

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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