Staatsschulden und Konsolidierung der Staatsfinanzen in der Welt
von Joachim Michel, 06.2010
Selected for the Global Economic Symposium 2010
In dealing with the past financial crisis, have we sown the seeds for a national debt crisis? The massive increase in public debt that has resulted from the crisis is of particular concern. This rise of public debt has made it more difficult to use expansionary fiscal policies to fight the next crisis. Public debt is rising particularly fast in countries with ageing populations, threatening public confidence in the sustainability of their social security systems. It is conceivable that high public debt and a resulting downgrading of public bonds could in itself trigger a new crisis. Unless economic growth re-emerges faster than consensus projections, rising sovereign debts will likely present a serious problem in many countries.
What are the appropriate fiscal exit strategies from the recent global economic crisis?
- What are the consequences of these crises on the global economic development?
- Is there a global strategy and what are its national impacts?
- How should the burden of fiscal consolidation be shared across social groups?
- How can governments strike the right balance between macroeconomic management and debt sustainability?
- How can government ensure that their debt burden does not rise faster than national product over the business cycle?
- Should the governments’ implicit assets and liabilities be counted along with the explicit ones in assessing the national debt burden?
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Wesentliches Schlagwort: Finanzmarktkrise
Wesentliches Schlagwort: Finanzpolitik
Wesentliches Schlagwort: Haushaltskonsolidierung
Wesentliches Schlagwort: Öffentliche Schulden
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