Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/111411
Authors: 
Blömer, Maximilian
Dolls, Mathias
Fuest, Clemens
Löffler, Max
Peichl, Andreas
Year of Publication: 
2015
Series/Report no.: 
ZEW Discussion Papers 15-041
Abstract: 
The German experience of the crisis was very different compared to those of most other countries in Europe. Germany was hit by a very strong shock which was relatively concentrated in the exporting, manufacturing industries. In addition, the German labour market was very resilient during the crisis due to earlier labour market reforms and policy instruments facilitating labour hoarding. As a consequence, public finances were only moderately affected and not many policy reforms had to be enacted. This chapter will present the German experience of the financial crisis. We start by presenting the macroeconomic situation and how the crisis unfolded in Germany, before focusing on the situation of public finances. Finally, we analyse the policy responses to the financial crisis.
Subjects: 
crisis management
financial crisis
redistribution
budget deficit and debt
JEL: 
H12
H23
H32
H60
Document Type: 
Working Paper

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