IDEAS home Printed from https://ideas.repec.org/a/spr/wirtsc/v100y2020i7d10.1007_s10273-020-2701-8.html
   My bibliography  Save this article

Europäische Wirtschafts- und Währungsunion: Grenzwerte für Defizite und Schulden in der Kritik
[A Critique of the Caps on Deficits and Debt in the European Monetary Union]

Author

Listed:
  • Jan Priewe

    (Inst. f. Makroökonomie u. Konjunkturf. (IMK))

Abstract

Zusammenfassung Warum eigentlich 3 % und 60 %? Die Auseinandersetzung mit den Grenzwerten für Defizite und Schuldenstände in der Europäischen Wirtschafts- und Währungsunion zeigt, dass diese politisch willkürlich gesetzt und wenig ökonomisch fundiert sind. Auch ist der Schuldenstand als Grenzwert im Gegensatz zum Haushaltsdefizit ein europäischer Sonderweg. Eine Reform der Kriterien des Stabilitäts- und Wachstumspakts sowie des Fiskalpakts ist dringend geboten.

Suggested Citation

  • Jan Priewe, 2020. "Europäische Wirtschafts- und Währungsunion: Grenzwerte für Defizite und Schulden in der Kritik [A Critique of the Caps on Deficits and Debt in the European Monetary Union]," Wirtschaftsdienst, Springer;ZBW - Leibniz Information Centre for Economics, vol. 100(7), pages 538-544, July.
    • Handle: RePEc:spr:wirtsc:v:100:y:2020:i:7:d:10.1007_s10273-020-2701-8
    DOI: 10.1007/s10273-020-2701-8
    as

    Download full text from publisher

    File URL: http://link.springer.com/10.1007/s10273-020-2701-8
    File Function: Abstract
    Download Restriction: Access to the full text of the articles in this series is restricted.
    File URL: https://libkey.io/10.1007/s10273-020-2701-8?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Olivier Blanchard, 2019. "Public Debt and Low Interest Rates," American Economic Review, American Economic Association, vol. 109(4), pages 1197-1229, April.
    2. Pasinetti, Luigi L, 1998. "The Myth (or Folly) of the 3 Percent Deficit/GDP Maastricht 'Parameter.'," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 22(1), pages 103-116, January.
    3. Markus K. Brunnermeier & Harold James & Jean-Pierre Landau, 2016. "The Euro and the Battle of Ideas," Economics Books, Princeton University Press, edition 1, number 10828.
    4. European Fiscal Board (EFB), 2019. "Assessment of EU fiscal rules with a focus on the six and two-pack legislation," Reports 2019, European Fiscal Board.
    5. Ugo Panizza & Andrea F. Presbitero, 2013. "Public Debt and Economic Growth in Advanced Economies: A Survey," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 149(II), pages 175-204, June.
    6. Carl-Ludwig Holtfrerich, 2015. "Staatsschulden: Ursachen, Wirkungen und Grenzen," Wirtschaftsdienst, Springer;ZBW - Leibniz Information Centre for Economics, vol. 95(8), pages 529-533, August.
    7. Olivier J Blanchard, 2019. "Public Debt: Fiscal and Welfare Costs in a Time of Low Interest Rates," Policy Briefs PB19-2, Peterson Institute for International Economics.
    8. Dyson, Kenneth & Featherstone, Kevin, 1999. "The Road To Maastricht: Negotiating Economic and Monetary Union," OUP Catalogue, Oxford University Press, number 9780198296386.
    9. Robert Price & Thai-Thanh Dang & Jarmila Botev, 2015. "Adjusting fiscal balances for the business cycle: New tax and expenditure elasticity estimates for OECD countries," OECD Economics Department Working Papers 1275, OECD Publishing.
    10. Checherita-Westphal, Cristina, 2019. "Interest rate-growth differential and government debt dynamics," Economic Bulletin Boxes, European Central Bank, vol. 2.
    11. Jan Priewe, 2020. "Why 60 and 3 percent? European debt and deficit rules - critique and alternatives," IMK Studies 66-2020, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    12. James, Harold, 2012. "Making the European Monetary Union," Economics Books, Harvard University Press, number 9780674066830, Spring.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Christian Breuer, 2022. "A Three Percent Structural Deficit Rule," Intereconomics: Review of European Economic Policy, Springer;ZBW - Leibniz Information Centre for Economics;Centre for European Policy Studies (CEPS), vol. 57(1), pages 2-3, January.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Jan Priewe, 2020. "Why 60 and 3 percent? European debt and deficit rules - critique and alternatives," IMK Studies 66-2020, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    2. Heikki Oksanen, 2019. "Reforming the Euro Pragmatically: Towards Sustainable Fiscal Policy and a Revamped Eurosystem," CESifo Working Paper Series 7912, CESifo.
    3. Daisuke Miyashita, 2023. "Public debt and income inequality in an endogenous growth model with elastic labor supply," International Journal of Economic Policy Studies, Springer, vol. 17(2), pages 447-472, August.
    4. Panizza, Ugo & Fatás, Antonio & Ghosh, Atish R. & ,, 2019. "The Motives to Borrow," CEPR Discussion Papers 13735, C.E.P.R. Discussion Papers.
    5. Navarro-Ortiz, Josep & Sapena, Juan, 2020. "Is external debt sustainable? A probabilistic approach," Economic Modelling, Elsevier, vol. 93(C), pages 142-153.
    6. Orsola Costantini, 2020. "The Eurozone as a Trap and a Hostage: Obstacles and Prospects of the Debate on European Fiscal Rules," Intereconomics: Review of European Economic Policy, Springer;ZBW - Leibniz Information Centre for Economics;Centre for European Policy Studies (CEPS), vol. 55(5), pages 284-291, September.
    7. Kose, M. Ayhan & Kurlat, Sergio & Ohnsorge, Franziska & Sugawara, Naotaka, 2022. "A cross-country database of fiscal space," Journal of International Money and Finance, Elsevier, vol. 128(C).
    8. Hauptmeier, Sebastian & Kamps, Christophe, 2022. "Debt policies in the aftermath of COVID-19 — The SGP’s debt benchmark revisited," European Journal of Political Economy, Elsevier, vol. 75(C).
    9. Stefano di Bucchianico, 2019. "A bit of Keynesian debt-to-GDP arithmetic for deficit-capped countries," Bulletin of Political Economy, Bulletin of Political Economy, vol. 13(1), pages 55-83, June.
    10. Hauptmeier, Sebastian & Leiner-Killinger, Nadine & Muggenthaler, Philip & Haroutunian, Stephan, 2022. "Post-COVID fiscal rules: a central bank perspective," Working Paper Series 2656, European Central Bank.
    11. Gilles Dufrénot & Carolina Ulloa Suarez, 2019. "Public finance sustainability in Europe: a behavioral model," AMSE Working Papers 1929, Aix-Marseille School of Economics, France.
    12. Mindaugas Butkus & Diana Cibulskiene & Lina Garsviene & Janina Seputiene, 2022. "Role of Uncertainty in Debt-Growth Nexus," Prague Economic Papers, Prague University of Economics and Business, vol. 2022(1), pages 58-78.
    13. König, Jörg, 2022. "Europas Schuldenproblem: Wie sich der gordische Knoten lösen lässt," Argumente zur Marktwirtschaft und Politik 164, Stiftung Marktwirtschaft / The Market Economy Foundation, Berlin.
    14. Debrun, Xavier & Masuch, Klaus & Ferrero, Guiseppe & Vansteenkiste, Isabel & Ferdinandusse, Marien & von Thadden, Leopold & Hauptmeier, Sebastian & Alloza, Mario & Derouen, Chloé & Bańkowski, Krzyszto, 2021. "Monetary-fiscal policy interactions in the euro area," Occasional Paper Series 273, European Central Bank.
    15. Dennis Bonam, 2020. "A convenient truth: The convenience yield, low interest rates and implications for fiscal policy," Working Papers 700, DNB.
    16. Michael Buchner, 2020. "Fiscal Policy in an Age of Secular Stagnation," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 62(3), pages 398-429, September.
    17. Heimberger, Philipp, 2023. "Public debt and r-g risks in advanced economies: Eurozone versus stand-alone," Journal of International Money and Finance, Elsevier, vol. 136(C).
    18. Kamiguchi, Akira & Tamai, Toshiki, 2023. "Public investment, national debt, and economic growth: The role of debt finance under dynamic inefficiency," Journal of Macroeconomics, Elsevier, vol. 77(C).
    19. Nikolaos Filippakis & Theodoros V. Stamatopoulos, 2021. "Public Debt and Economic Growth: A Review of Contemporary Literature," South-Eastern Europe Journal of Economics, Association of Economic Universities of South and Eastern Europe and the Black Sea Region, vol. 19(1), pages 33-50.
    20. Peppel-Srebrny, Jemima, 2021. "Not all government budget deficits are created equal: Evidence from advanced economies' sovereign bond markets," Journal of International Money and Finance, Elsevier, vol. 118(C).

    More about this item

    JEL classification:

    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • H62 - Public Economics - - National Budget, Deficit, and Debt - - - Deficit; Surplus
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:spr:wirtsc:v:100:y:2020:i:7:d:10.1007_s10273-020-2701-8. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.