Arbeitspapier
Growing like Germany: Local public debt, local banks, low private investment
Over 2010-2016, municipal debt in Germany crowded out private investment worth 1 percent of GDP. Forced to lend to municipalities by their statutes, local public banks compensated for declining municipal-debt yields by charging higher rates to firms in Germany's locally segmented credit markets. The ensuing crowding out was made worse by increased municipal borrowing when expensive fiscal commitments were shifted from federal and state to the municipal levels following the introduction of the debt brake. Our results identify new channels through which low interest rates adversely affect real outcomes and locally segmented credit markets can amplify contractionary effects from fiscal austerity.
- Sprache
-
Englisch
- Erschienen in
-
Series: Working Paper ; No. 380
- Klassifikation
-
Wirtschaft
Investment; Capital; Intangible Capital; Capacity
Money and Interest Rates: General
Fiscal Policy
Banks; Depository Institutions; Micro Finance Institutions; Mortgages
Financial Institutions and Services: Government Policy and Regulation
Current Account Adjustment; Short-term Capital Movements
Fiscal Policies and Behavior of Economic Agents: Firm
- Thema
-
local public finance
firm-level investment
crowding out
fiscal austerity
fiscal rules
global and intra-European imbalances
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Hoffmann, Mathias
Stewen, Iryna
Stiefel, Michael
- Ereignis
-
Veröffentlichung
- (wer)
-
University of Zurich, Department of Economics
- (wo)
-
Zurich
- (wann)
-
2023
- DOI
-
doi:10.5167/uzh-201446
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
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Objekttyp
- Arbeitspapier
Beteiligte
- Hoffmann, Mathias
- Stewen, Iryna
- Stiefel, Michael
- University of Zurich, Department of Economics
Entstanden
- 2023
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