Ordnungspolitische Überlegungen zu einer Insolvenzordnung für Staaten / Principles for an Insolvency Code for States

Beck Hanno and Wentzel Dirk

ORDO. Jahrbuch für die Ordnung von Wirtschaft und Gesellschaft, 2011, vol. 62, issue 1, 71-100

Abstract: With reference to the current European crisis of highly indebted states and a common currency under pressure, the concept of a bankruptcy code for states is presented. The article examines the principles of such a code, analyzes interdependencies to other institutional parts of the economy and financial markets and discusses all pros and cons of such a proposal. Connected to the framework of a bankruptcy code, the idea of an international insurance system for government bonds is developed. Countries with poor economic performance and a high debt ratio have to pay higher premiums so that a direct incentive exists in order to implement a more solid budget policy.

Date: 2011
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DOI: 10.1515/ordo-2011-0105

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