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...

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...

The German debt brake is often regarded as a great success story, and has therefore served as a role model for the Euro area and its fiscal compact. In this paper we fundamentally criticize the debt brake. We show that (1) it suffers from serious shortcomings, and its success is far from certain...

Weltweit werden etwa 3 Billionen US-Dollar staatlicher Hilfen ausgegeben, um den Absturz der Weltwirtschaft abzubremsen. Dieser Nachfrageschub von 4,7 Prozent des Welteinkommens hat zuallererst die Aufgabe, die Spirale gestrichener Investitionspläne, reduzierter Produktion, gesunkener...

Weltweit werden etwa 3 Billionen US-Dollar staatlicher Hilfen ausgegeben, um den Absturz der Weltwirtschaft abzubremsen. Dieser Nachfrageschub von 4,7 Prozent des Welteinkommens hat zuallererst die Aufgabe, die Spirale gestrichener Investitionspläne, reduzierter Produktion, gesunkener...