Nach Artikel 115 Grundgesetz darf die Nettokreditaufnahme die Investitionsausgaben nicht übersteigen, es sei denn, es liegt eine Störung des gesamtwirtschaftlichen Gleichgewichts vor. Bremst die Budgetregel des Art. 115 GG in ihrer derzeitigen Form tatsächlich die Entwicklung der...

Nach Artikel 115 Abs. 1 Satz 2 GG wird die Höhe der staatlichen Kreditaufnahme durch die Investitionsausgaben begrenzt Dem liegt die Vorstellung einer intertemporalen Äquivalenz zwischen der Finanzierung des Schuldendienstes und dem Nutzen aus den Investitionsausgaben zugrunde. Professor...

Art. 115 Abs. 1 Satz 2 Grundgesetz begrenzt die Verschuldungsmöglichkeiten des Staates, indem er eine Nettoneuyerschuldung nur in Höhe der Investitionsausgaben zuläßt. In der Praxis verhinderte diese Regelung aber nicht, daß die Schuldenlast von Bund, Ländern und Gemeinden fortlaufend...

Economists agree at least on this: it is difficult to find evidence for, or merely to imagine any growth mechanism that does not work through the increase of a stock of capital in one way or another. From a more policy point of view - in particular in terms of the debate of economic development...

This paper investigates whether there is a lack of public capital in European Union countries. The analysis builds on a new database providing internationally comparable capital stock estimates for 22 OECD countries, among these 14 EU countries, for the period 1960-2001. A simple model of...

We set out to decompose government investment, seeking especially to estimate how much governments in Europe invest in infrastructure in general and transport infrastructure in particular. It is concluded that infrastructure accounts for about one-third of overall government investment in the EU...

This paper presents new estimates for 21 OECD countries covering the period 1960-2001, focusing on two questions: To what extent does the impact of public capital on output differ across countries? And to what extent does it differ over time? Using vector autoregressions (VARs), we find that in...

Most new EU member states (NMS) need further fiscal adjustment to support economic growth and macroeconomic stability. In this context, achieving income convergence with other EU members rests more with maintaining productivity growth, attracting foreign savings, and improving investment...

This paper provides an overview of both theoretical and empirical literature on the link between public investment (capital) and economic growth (national income). We first survey the channels through which public capital can conceivably affect growth. We then turn to reviewing the existing...