Staatsverschuldung in Extrahaushalten: Historischer Überblick und Implikationen für die Schuldenbremse in Deutschland

Markus Reischmann ()

Perspektiven der Wirtschaftspolitik, 2014, vol. 15, issue 2, 171-181

Abstract: By using special funds governments finance public activities outside the core budget. Until 2009 the German debt regime did not cover the borrowing of special funds. The German governments thus had an incentive to hide borrowing in special funds. In some periods, public debt increased more rapidly than the officially reported government deficit because the government borrowed via special funds. I describe special funds in Germany since 1949 and show for which purposes special funds were set up. Governments used special funds in particular to finance the German reunification in 1990 and support measures for financial institutions and economic stimulus packages during the financial crisis starting in 2008. I discuss to what extent the new German debt break limits the borrowing of special funds and show that governments still can circumvent the debt break by using some special funds.

Keywords: Special funds; public debt; fiscal rules; debt break; stock-flow adjustment; Germany; Extrahaushalte; Sondervermögen; Öffentliche Verschuldung; Finanzpolitische Regeln; Schuldenbremse; Deutschland; Special funds; public debt; fiscal rules; debt break; stock-flow adjustment; Germany (search for similar items in EconPapers)
Date: 2014
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Citations: View citations in EconPapers (13)

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Working Paper: Staatsverschuldung in Extrahaushalten: Historischer Überblick und Implikationen für die Schuldenbremse in Deutschland (2014)
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DOI: 10.1515/pwp-2014-0009

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