Akcije

Panoeconomicus
kako citirati ovaj članak
podeli ovaj članak

Metrika

  • citati u SCIndeksu: [3]
  • citati u CrossRef-u:0
  • citati u Google Scholaru:[]
  • posete u poslednjih 30 dana:1
  • preuzimanja u poslednjih 30 dana:0

Sadržaj

članak: 5 od 11  
Back povratak na rezultate
2014, vol. 61, br. 1, str. 21-38
Fiscal policy and rebalancing in the Euro Area: A critique of the German debt brake from a post-Keynesian perspective
(naslov ne postoji na srpskom)
Berlin School of Economics and Law and Institute for International Political Economy (IPE), Germany

e-adresaeckhard.hein@hwr-berlin.de, achim.truger@hwr-berlin.de
Ključne reči: Fiscal policy; Rebalancing; Functional income distribution; Debt brake; Germany; Euro area
Sažetak
(ne postoji na srpskom)
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 it's Fiscal Compact. In this paper we fundamentally criticise the debt brake. Firstly, we show that it suffers from serious shortcomings and that its success is far from certain even from a mainstream point of view. Secondly, we show that, from a Post-Keynesian perspective, the debt brake completely neglects the requirements for fiscal policies of member countries in a currency union like the Euro area. It will prevent fiscal policy from contributing to the necessary rebalancing in the Euro area. Thirdly, we show that alternative scenarios, which could avoid the deflationary pressures of the German Debt Brake on domestic demand and contribute to internally rebalancing the Euro area, are extremely unlikely as they would have to rely on unrealistic shifts in the functional income distribution and/or investment and savings behaviour in Germany.
Reference
Arestis, P., Sawyer, M. (2004) Re-examining monetary and fiscal policy for the 21st century. Cheltenham: Edward Elgar
Arestis, P., Sawyer, M. (2004) On Fiscal Policy and Budget Deficits. European Journal of Economics and Economic Policies: Intervention, 1(2): 61-74
Arestis, P. (2009) New Consensus Macroeconomics and Keynesian Critique. u: Hein Eckhard, Niechoj Thomas, Stockhammer Engelbert [ur.] Macroeconomic Policies on Shaky Foundations. Whither Mainstream Economics?, Marburg: Metropolis, 165-187
Arestis, P. (2011) Fiscal policy is still an effective instrument of macroeconomic policy. Panoeconomicus, vol. 58, br. 2, str. 143-156
Arestis, P. (2013) Economic theory and policy: a coherent post-Keynesian approach. European Journal of Economics and Economic Policies: Intervention, 10(2): 243-255
Arestis, P., Sawyer, M. (2013) Moving from inflation targeting to prices and incomes policy. Panoeconomicus, vol. 60, br. 1, str. 1-17
Brecht, M., Tober, S., van Treeck, T., Truger, A. (2011) Squaring the Circle in Euro Land? Some Remarks on the Stability Programmes 2010-€“13. u: Contributions to Stock-Flow Modeling, Basingstoke: Palgrave Macmillan
Clarida, R., Gali, J., Gertler, M. (1999) The science of monetary policy: A new Keynesian perspective. Journal of Economic Literature, 37(4), December, pages 1661-1707
Domar, E. (1944) The 'burden of debt' and the national income. American Economic Review, December, pp. 728-827
Dymski, G.A. (2011) Keynesian approaches to financial crisis. u: Hein Eckhard, Stockhammer Engelbert [ur.] A modern guide to Keynesian macroeconomics and economic policies, Cheltenham: Edward Elgar, 325-353
European Commission (2010) European economic forecast, spring 2010. Brussels
European Commission (2013) European Economic Forecast. Brussels: European Commission, Winter 2013
Goodfriend, M., King, R.G. (1997) The new neoclassical synthesis and the role of monetary policy. NBER Macroeconomics Annual, str. 231-283
Hein, E., Vogel, L. (2007) Distribution and growth reconsidered: empirical results for six OECD countries. Cambridge Journal of Economics, 32(3): 479-511
Hein, E., Vogel, L. (2009) Distribution and Growth in France and Germany: Single Equation Estimations and Model Simulations Based on the Bhaduri/Marglin Model. Review of Political Economy, 21(2): 245-272
Hein, E., Stockhammer, E. (2010) Macroeconomic Policy Mix, Employment and Inflation in a Post-Keynesian Alternative to the New Consensus Model. Review of Political Economy, 22(3): 317-354
Hein, E. (2002) Monetary Policy and Wage Bargaining in the EMU: Restrictive ECB Policies, High Unemployment, Nominal Wage Restraint and Inflation above the Target. Banca Nazionale del Lavoro Quarterly Review, 55(222); 299-337
Hein, E., Achim, T. (2007) Germany's Post-2000 Stagnation in the European Context - A Lesson in Macroeconomic Mismanagement. u: Arestis Philip, Hein Eckhard, Le Heron Edwin [ur.] Aspects of Modern Monetary and Macro-Economic Policies, Basingstoke: Palgrave Macmillan, 223-247
Hein, E. (2012) The Macroeconomics of Finance-Dominated Capitalism - and its Crisis. Cheltenham: Edward Elgar
Hein, E., Truger, A., Vantreeck, T. (2012) The european financial and economic crisis: Alternative solutions from a (post-) Keynesian perspective. u: Arestis Philip , Sawyer Malcom [ur.] International Papers in Political Economy, Basingstoke: Palgrave Macmillan, 35-78
Hein, E. (2013) The Crisis of Finance-Dominated Capitalism in the Euro Area, Deficiencies in the Economic Policy Architecture, and Deflationary Stagnation Policies. u: Levy Economics Institute Working Paper 734
Hein, E., Truger, A. (2014) Future Fiscal and Debt Policies. u: Fiscal and Debt Policies for the Future, Basingstoke: Palgrave Macmillan
Herndon, T., Ash, M., Pollin, R. (2013) Does high public debt consistently stifle economic growth? A critique of Reinhart and Rogoff. u: Political Economy Research Institute Working Paper 322
Katja, R., Teichmann, D., Truger.Achim (2013) IMK-Steuerschätzung 2013-2017: Steuerpolitik am Scheideweg. Institut für Makroökonomie und Konjunkturforschung Report 81
Lerner, A.P. (1943) Functional finance and the federal debt. Social Research, 10, str. 38-51
Musgrave, R.A. (1959) The theory of public finance. New York, itd: McGraw-Hill
Naastepad, C., Storm, S. (2007) OECD demand regimes (1960-2000). Journal of Post Keynesian Economics, 29(2): 211-246
Nersisyan, Y., Wray, L. R. (2010) Does Excessive Sovereign Debt Really Hurt Growth? A Critique of 'This Time is Different', by Reinhart and Rogoff. u: The Levy Economics Institute Working Paper 603
Onaran, Ö., Giorgos, G. (2012) Is Demand Wage-Led or Profit-Led?, National and Global Effects. u: International Labour Organization Working Paper 40
Reinhart, C.M., Rogoff, K.S. (2010) From financial crash to debt crisis. National Bureau of Economic Research, Working Paper 15795
Rochon, L., Setterfield, M. (2007) Interest rates, income distribution, and monetary policy dominance: Post Keynesians and the 'fair rate' of interest. Journal of Post Keynesian Economics, 30(1): 13-42
Sawyer, M. (2011) Progressive Approaches to Budget Deficits. u: Niechoj Torsten, Onaran Özlem, Stockhammer Engelbert, Truger Achim, van Treeck Till [ur.] Stabilising an Unequal Economy?, Public Debt, Financial Regulation, and Income Distribution, Marburg: Metropolis, 143-159
Semieniuk, G., Truger, A., van Treeck, T. (2012) Towards Reducing Economic Imbalances in the Euro Area?. u: From Crisis to Growth? The Challenge of Imbalances and Deb, Metropolis, Marburg
Semieniuk, G., van Treeck, T., Truger, A. (2012) Nothing learned from the crisis? Some remarks on the stability programmes 2011-2014 of the Euro area governments. u: Keynes’s General Theory for Today, Cheltenham: Edward Elgar, str. 186-206
Stockhammer, E., Hein, E., Grafl, L. (2011) Globalization and the effects of changes in functional income distribution on aggregate demand in Germany. International Review of Applied Economics, 25(1): 1-23
Thirlwall,, Anthony, P. (1979) The Balance of Payments Constraint as an Explanation of International Growth Differences. Banca Nazionale del Lavoro Quarterly Review, 32(128); 45-53
Thirlwall, A. (2002) The Nature of Economic Growth. Cheltenham: Edward Elgar
Thomas, P. (2011) Monetary Union Stability: The Need for a Government Banker and the Case for a European Public Finance Authority. Macroeconomic Policy Institute Working Paper 2/2011
van Till, T., Simon, S. (2012) Income Inequality as a Cause of the Great Recession?, A Survey of Current Debates. ' International Labour Organization Working Paper, 40
Woodford, M. (2003) Interest and prices: Foundations of a theory of monetary policy. Princeton: Princeton University Press
 

O članku

jezik rada: engleski
vrsta rada: izvorni naučni članak
DOI: 10.2298/pan1401021h
objavljen u SCIndeksu: 10.05.2015.