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Nur gute Schuldner profitieren von niedrigen Zinsen

In: Die Wirtschaft im Wandel

Author

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  • Benedikt Lennartz

    (Universität St.Gallen)

Abstract

Zusammenfassung Damit die Geldpolitik mit niedrigen Zinsen eine Rezession bekämpfen kann, braucht es finanziellen Spielraum bei den Schuldnern. Nur wer beim Kauf einer Immobilie einen hohen Anteil mit Eigenmitteln finanziert, kann die Gunst niedriger Zinsen nützen. Nur gute Schuldner können den Hypothekarkredit weiter aufstocken und Eigenmittel für den Konsum mobilisieren. So können Zinssenkungen die Nachfrage stabilisieren und die Rezession lindern. Wer von vornherein überschuldet ist, hat in der Rezession keinen Spielraum mehr, um mit neuen Krediten den Konsum zu steigern. Systematische Überschuldung nimmt den Zinssenkungen ihre Wirkung und lähmt die Geldpolitik. Martin Beraja, Andreas Fuster, Erik Hurst und Joseph Vavra (2019), Regional Heterogeneity and the Refinancing Channel of Monetary Policy, Quarterly Journal of Economics, 109–183.

Suggested Citation

  • Benedikt Lennartz, 2021. "Nur gute Schuldner profitieren von niedrigen Zinsen," Springer Books, in: Christian Keuschnigg & Michael Kogler (ed.), Die Wirtschaft im Wandel, pages 83-88, Springer.
    • Handle: RePEc:spr:sprchp:978-3-658-31735-5_14
    DOI: 10.1007/978-3-658-31735-5_14
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