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Makroökonomische Stabilisierung und „Beggar-Thy-Neighbour“-Verhalten am Beispiel der Finanzkrise


  • Ulrike Bechmann

    (Wissenschaftlicher Stab des Sachverständigenrates zur Begutachtung der gesamtwirtschaftlichen Entwicklung, Richard-Wagner-Straße 21, D-65193 Wiesbaden)

  • Peter Schwarz

    (Jacobs University Bremen, Weizenkampstraße 1, D-28199 Bremen)


Discretionary fiscal policy can – owing to spillover effects – share characteristics of a public good, whenever some countries stabilize output, whereas others free ride and benefit from increasing import demand. Economic theory suggests that especially small countries and countries with large import shares have an incentive to free ride and stabilize less intensively. Prominent US-economists blamed the German government that it pursues a “Beggar-thy-Neighbour” policy during the current financial crisis. We investigate this hypothesis by analyzing the stimulus packages of roughly 50 countries during the financial crisis. Generally, the effects of country size and import shares are small suggesting that there is no need for international coordination of fiscal policy.

Suggested Citation

  • Ulrike Bechmann & Peter Schwarz, 2011. "Makroökonomische Stabilisierung und „Beggar-Thy-Neighbour“-Verhalten am Beispiel der Finanzkrise," Credit and Capital Markets, Credit and Capital Markets, vol. 44(2), pages 161-184.
  • Handle: RePEc:kuk:journl:v:44:y:2011:i:2:p:161-184

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    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • 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


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