The German population is aging. Since fewer children are born and simultaneously life expectancy rises, demographic changes will lead to a double aging process. The paper analyzes the effects of demographic changes on the public budget by applying a cointegration analysis to global budget...

This paper investigates the consequences of population aging and of changes in the education composition of the population for macroeconomic performance. Estimation results from a theoretically founded empirical framework show that aging as well as the education composition of the population...

Die Konsolidierung der Staatsfinanzen nach der gegenwärtigen Finanz- und Wirtschaftskrise wird eines der zentralen wirtschaftspolitischen Themen der nächsten Jahre sein: Die Regelungen zur "Schuldenbremse" sehen für den Bundeshaushalt bis 2016 einen annähernd ausgeglichenen Haushalt vor, und...

State-owned enterprises (SOEs) provide opportunities for a more flexible and market-based provision of public services. At the same time, they may impair fiscal transparency and offer politicians discretion in the presence of strict fiscal rules if these only constrain the core udget. Using a...