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Staatsverschuldung und Financial Engineering

  • Georg Erber

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.

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Article provided by DIW Berlin, German Institute for Economic Research in its journal DIW Wochenbericht.

Volume (Year): 78 (2011)
Issue (Month): 36 ()
Pages: 11-19

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Handle: RePEc:diw:diwwob:78-36-3
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