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dc.contributor.authorCiaglia, Sarahen_US
dc.contributor.authorHeinemann, Friedrichen_US
dc.date.accessioned2012-11-08en_US
dc.date.accessioned2012-11-08T16:16:47Z-
dc.date.available2012-11-08T16:16:47Z-
dc.date.issued2012en_US
dc.identifier.piurn:nbn:de:bsz:180-madoc-326197-
dc.identifier.urihttp://hdl.handle.net/10419/66119-
dc.description.abstractIn 2009, Germany introduced a new debt rule in its federal constitution (Grundgesetz). The socalled 'debt brake' prescribes a balanced budget for both the federal level and the states. However, the states have leeway regarding transposition and specification of the national requirements into their own state constitutions and budgetary laws. This analysis presents a comprehensive comparison of the 16 state provisions. We develop an indicator which quantifies the stringency of state rules (Strength of Fiscal Rule Indicator). Two results emerge: First, despite the common constitutional rule at the federal level, the analysis reveals a considerable heterogeneity across German states. Second, several highly indebted states miss the chance to make their fiscal regime more credible. This finding corresponds to the disincentives of the German federation. Due to bailout-guarantees enshrined in German federalism, German states do not have incentives to impress bond markets through particularly strict budgetary rules.en_US
dc.language.isoengen_US
dc.publisherZentrum für Europäische Wirtschaftsforschung (ZEW) Mannheimen_US
dc.relation.ispartofseriesZEW Discussion Papers 12-067en_US
dc.subject.jelH63en_US
dc.subject.jelH74en_US
dc.subject.jelH77en_US
dc.subject.ddc330en_US
dc.subject.keywordfiscal rulesen_US
dc.subject.keyworddebt brakeen_US
dc.subject.keywordGermanyen_US
dc.subject.keywordfiscal federalismen_US
dc.titleDebt rule federalism: The case of Germanyen_US
dc.typeWorking Paperen_US
dc.identifier.ppn729459888en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
dc.identifier.repecRePEc:zbw:zewdip:12067-
Appears in Collections:ZEW Discussion Papers
Publikationen von Forscherinnen und Forschern des ZEW

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