Fördern Geldpolitik und Niedrigzinsen einen nachhaltigen Rückgang der Staatsschulden?

Hans-Jörg Naumer ()

Wirtschaftsdienst, 2015, vol. 95, issue 9, 614-618

Abstract: Huge parts of the yield curve in several countries of the European Monetary Union entered negative territory after the European Central Bank started its Public Sector Purchase Programme (PSPP) in March 2015. The implicit interest rate for public deficits therefore has reached new lows after years of yield reductions. This paper will show that even such a favourable yield environment will not lead to a sustainable reduction of debt-to-GDP ratios and that it takes more than just low or negative yields to bring these ratios back in line with the Maastricht level of 60 per cent. This will be even more apparent when long-term yields head back to normal, driving the real rate of interest above the real rate of growth. Copyright ZBW and Springer-Verlag Berlin Heidelberg 2015

Keywords: E50; G10; H62 (search for similar items in EconPapers)
Date: 2015
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DOI: 10.1007/s10273-015-1876-x

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