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Eine saldenmechanische Perspektive auf die Schuldenbremse

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  • Tichy Gunther

Abstract

The debt brake was introduced to limit electoral spending excesses and ensure (debt) sustainability. Although the debt ratio has been reduced, this has come at the cost of an investment backlog and persistent current account surpluses. The reason for this is the household savings surplus that cannot be utilised domestically. If these savings exceed the capital requirements of companies, either government debt or foreign debt inevitably increases. Consequently, the reduction in the debt ratio in recent years has led to higher foreign debt. In light of low interest rates, higher investments will benefit future generations more than lower debt levels.

Suggested Citation

  • Tichy Gunther, 2024. "Eine saldenmechanische Perspektive auf die Schuldenbremse," Wirtschaftsdienst, Sciendo, vol. 104(11), pages 773-777.
    • Handle: RePEc:vrs:wirtsc:v:104:y:2024:i:11:p:773-777:n:1013
    DOI: 10.2478/wd-2024-0198
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    References listed on IDEAS

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    1. Gauti B. Eggertsson & Neil R. Mehrotra, 2014. "A Model of Secular Stagnation," NBER Working Papers 20574, National Bureau of Economic Research, Inc.
    2. Iain Begg & Daniel Cicak, 2024. "The EU’s Future Prosperity: What Role for the Fiscal Framework?," EconPol Forum, CESifo, vol. 25(03), pages 32-36, May.
    3. Darvas, Zsolt & Anderson, Julia, 2020. "New life for an old framework: redesigning the European Union's expenditure and golden fiscal rules," Corvinus Economics Working Papers (CEWP) 2020/05, Corvinus University of Budapest.
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    More about this item

    JEL classification:

    • G51 - Financial Economics - - Household Finance - - - Household Savings, Borrowing, Debt, and Wealth
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements

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