Crowding-out-Effekte kommunaler Schuldenpolitik in der Bundesrepublik Deutschland
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Crowding-out-Effekte kommunaler Schuldenpolitik in der Bundesrepublik Deutschland
Alexander, Volbert | Brückmann, Friedel
Journal of Contextual Economics – Schmollers Jahrbuch, Vol. 98 (1978), Iss. 2 : pp. 211–232
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Alexander, Volbert
Brückmann, Friedel
References
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Abstract
Though a short analysis of statistical data reveales a procyclical behavior in expenditure- and deficit-policy of German localities, business cycles will not be intensified necessarily, because public expenditures may cause a crowding-out of private demand. The crowding-out-debate shows, that there exists a number of plausible theoretical crowding-out-mechanisms. The empirical findings, however, are very heterogenious. The tests are also full of conceptual fallacies. As German localities finance deficits through book credit from banks it follows, that stronger crowding-out effects will occur than through financing the deficit via bonds. The reason for this is a greater tightness of bank-liquidity.