Arbeitspapier
Has Public Insurance Gone Too Far?
This study argues that insurance is a much more pervasive motive of government activity than is commonly thought; one associated with great benefits but also great risks. From the start of public social insurance in the late 19th century, social insurance has come a long way to all-inclusive modern welfare states that absorb, on average, 25% of GDP in industrialised countries. Moreover, governments today are expected to insure aggregate demand via public spending and jobs, and economic sectors - most notably the financial industry - via subsidies and bailouts. Public insurance has also spread across borders via international support programmes. All this has not only boosted government debt to historic peace-time highs, but also led to significant potential future government liabilities via social security systems and possible further national and international financial support programmes. While the distributional implications are ambivalent, the compound effects have put the sustainability of public finances and macroeconomic stability at risk in many countries. Correcting over-commitments requires ambitious and timely policy action.
- Language
-
Englisch
- Bibliographic citation
-
Series: CESifo Working Paper ; No. 4217
- Classification
-
Wirtschaft
- Event
-
Geistige Schöpfung
- (who)
-
Schuknecht, Ludger
- Event
-
Veröffentlichung
- (who)
-
Center for Economic Studies and ifo Institute (CESifo)
- (where)
-
Munich
- (when)
-
2013
- Handle
- Last update
-
10.03.2025, 11:41 AM CET
Data provider
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Schuknecht, Ludger
- Center for Economic Studies and ifo Institute (CESifo)
Time of origin
- 2013
Other Objects (12)
Bank lending and government intervention in capital markets: Has recycling gone too far?
Bank lending and government intervention in capital markets : Has recycling gone too far?
Restoring Competitiveness: What Has Gone Right, What Has Gone Wrong?
Too far gone : die New York World flößt einem erschöpften Sportler eine Erfrischung ein
Has the GNOME community gone crazy?
To my departed brother, Abbas Bahri, gone too soon
Macroprudential regulation in the post-crisis era: Has the pendulum swung too far?
Has China's Growth Gone from Miracle to Malady?
Biotechnology entrepreneurship - where no research has gone before
Internet of Fails: Where IoT has gone wrong
Where has the new information gone? : the chinese case
Contrast injected, scan triggered, but where has contrast gone?
Bank lending and government intervention in capital markets: Has recycling gone too far?
Bank lending and government intervention in capital markets : Has recycling gone too far?
Restoring Competitiveness: What Has Gone Right, What Has Gone Wrong?
Too far gone : die New York World flößt einem erschöpften Sportler eine Erfrischung ein
Has the GNOME community gone crazy?
To my departed brother, Abbas Bahri, gone too soon
Macroprudential regulation in the post-crisis era: Has the pendulum swung too far?
Has China's Growth Gone from Miracle to Malady?
Biotechnology entrepreneurship - where no research has gone before
Internet of Fails: Where IoT has gone wrong
Where has the new information gone? : the chinese case
Contrast injected, scan triggered, but where has contrast gone?
Bank lending and government intervention in capital markets: Has recycling gone too far?
Bank lending and government intervention in capital markets : Has recycling gone too far?
Restoring Competitiveness: What Has Gone Right, What Has Gone Wrong?
Too far gone : die New York World flößt einem erschöpften Sportler eine Erfrischung ein
Has the GNOME community gone crazy?
To my departed brother, Abbas Bahri, gone too soon
Macroprudential regulation in the post-crisis era: Has the pendulum swung too far?
Has China's Growth Gone from Miracle to Malady?
Biotechnology entrepreneurship - where no research has gone before
Internet of Fails: Where IoT has gone wrong
Where has the new information gone? : the chinese case