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dc.contributor.authorBoysen-Hogrefe, Jensen_US
dc.date.accessioned2012-08-01en_US
dc.date.accessioned2012-08-10T16:54:34Z-
dc.date.available2012-08-10T16:54:34Z-
dc.date.issued2012en_US
dc.identifier.urihttp://hdl.handle.net/10419/60330-
dc.language.isogeren_US
dc.publisherKiel Institute for the World Economy (IfW) Kielen_US
dc.relation.ispartofseriesKiel Working Paper 1780en_US
dc.subject.jelG12en_US
dc.subject.jelH63en_US
dc.subject.ddc330en_US
dc.subject.keywordsafe havenen_US
dc.subject.keywordinterest paymentsen_US
dc.subject.keyworddebt crisisen_US
dc.subject.keywordyield curveen_US
dc.subject.stwZinsen_US
dc.subject.stwÖffentliche Schuldenen_US
dc.subject.stwZinsstrukturen_US
dc.subject.stwÖffentliche Anleiheen_US
dc.subject.stwDeutschlanden_US
dc.subject.stwKapitalfluchten_US
dc.subject.stwStaatsbankrotten_US
dc.subject.stwEurozoneen_US
dc.titleDie Zinslast des Bundes in der Schuldenkrise: Wie lukrativ ist der 'sichere Hafen'?en_US
dc.typeWorking Paperen_US
dc.identifier.ppn720455456en_US
dc.description.abstracttransIn the aftermath of the Great Recession and during the debt crisis in the euro area yields on German federal bonds have been exceptionally low. This analysis tries to calculate the profits that the federal government makes due to the low yields. The interest payments that are due to emissions of bonds and bills made between 2009 and 2012 are approximated and compared to several benchmark scenarios. Compared to the mean yields of the years 1999-2008 profits of the federal government are quite high (68 billion euros). Application of yield curve models show that most of these profits are due to the macroeconomic conditions in the euro area and to low central bank rates. To a much smaller extend these profits are due to flight into safety, which, however, has become more relevant recently.en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:Kieler Arbeitspapiere, IfW
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