German public finances through the financial crisis

Maximilian Blömer, Mathias Dolls, Clemens Fuest, Max Löffler and Andreas Peichl

No 15-041, ZEW Discussion Papers from ZEW - Leibniz Centre for European Economic Research

Abstract: The German experience of the crisis was very different compared to those of most other countries in Europe. Germany was hit by a very strong shock which was relatively concentrated in the exporting, manufacturing industries. In addition, the German labour market was very resilient during the crisis due to earlier labour market reforms and policy instruments facilitating labour hoarding. As a consequence, public finances were only moderately affected and not many policy reforms had to be enacted. This chapter will present the German experience of the financial crisis. We start by presenting the macroeconomic situation and how the crisis unfolded in Germany, before focusing on the situation of public finances. Finally, we analyse the policy responses to the financial crisis.

Keywords: crisis management; financial crisis; redistribution; budget deficit and debt (search for similar items in EconPapers)
JEL-codes: H12 H23 H32 H60 (search for similar items in EconPapers)
Date: 2015
New Economics Papers: this item is included in nep-eec
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (6)

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Journal Article: German Public Finances through the Financial Crisis (2015)
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:zewdip:15041

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