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dc.contributor.authorCiaglia, Sarahen
dc.contributor.authorHeinemann, Friedrichen
dc.date.accessioned2012-11-08-
dc.date.accessioned2012-11-08T16:16:47Z-
dc.date.available2012-11-08T16:16:47Z-
dc.date.issued2012-
dc.identifier.piurn:nbn:de:bsz:180-madoc-326197en
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
dc.language.isoengen
dc.publisher|aZentrum für Europäische Wirtschaftsforschung (ZEW) |cMannheimen
dc.relation.ispartofseries|aZEW Discussion Papers |x12-067en
dc.subject.jelH63en
dc.subject.jelH74en
dc.subject.jelH77en
dc.subject.ddc330en
dc.subject.keywordfiscal rulesen
dc.subject.keyworddebt brakeen
dc.subject.keywordGermanyen
dc.subject.keywordfiscal federalismen
dc.titleDebt rule federalism: The case of Germany-
dc.typeWorking Paperen
dc.identifier.ppn729459888en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:zewdip:12067en

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