Public Debt and Public Debt Policy in Germany

Manfred Willms

Chapter 4 in Public Sector Deficits in OECD Countries, 1988, pp 102-119 from Palgrave Macmillan

Abstract: Abstract In post-war Germany for a long period of time public debt was not a subject of economic policy discussion. Government debt related to war-financing had been almost completely cancelled out by the currency reform of 1948, and the new constitution required a balanced budget. Debt financing was only allowed for investment purposes. Accordingly public debt grew at very moderate rates and was mainly issued by local governments. In order to stimulate private capital formation the federal budget and the state budgets for many years were in a surplus position.

Keywords: Interest Rate; Public Expenditure; Real Interest Rate; Public Debt; Nominal Interest Rate (search for similar items in EconPapers)
Date: 1988
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-08952-9_4

Ordering information: This item can be ordered from
http://www.palgrave.com/9781349089529

DOI: 10.1007/978-1-349-08952-9_4

Access Statistics for this chapter

More chapters in Palgrave Macmillan Books from Palgrave Macmillan
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().