Durch die Versteigerung der UMTS-Lizenzen erhielt die Bundeskasse unerwartete Mehreinnahmen von knapp 100 Mrd. DM. Diese Erlöse sollen zur Schuldentilgung verwendet, die dadurch einsparten Zinszahlungen des Bundes in Höhe von jährlich 5 Mrd. DM in Forschung, Bildung, Verkehr und...

Höppner and Kastrop examine the role of fiscal institutions and budgetary procedures in Germany with respect to the objective of safeguarding sound public finances in the long-run. The paper analyses the main factors underlying debt developments in Germany in recent decades. It also examines...

Elke Baumann and Christian Kastrop discuss the main features and shortfalls of Germany's current fiscal framework and examine possible reforms. They analyze the shortcomings of the golden rule that has been applied in Germany since the end of the 1960s, which include the rule's asymmetry over...