While there is ample evidence on the linkage between public debt and economic growth for national economies, far fewer investigations have been carried out at the subnational level. In this paper, we therefore study the long- and short-term relationship between regional public debt intensities...

Deutschland hat im August 2009 eine Schuldenregel im Grundgesetz verankert. Die Bundesländer müssen bis 2020 ihre Ausgaben grundsätzlich ohne Kredite finanzieren. Konjunkturbedingte Defi zite sind weiterhin möglich, die in konjunkturell guten Zeiten ausgeglichen werden müssen. Das RWI hat...

Abstract In a bold legislative move, in 2009 Germany introduced a fundamental reform of the government borrowing rules which are specified in its constitution. In particular, state governments will be required to provide a balanced budget, abstracting from cyclical fluctuations, starting in the...