Understanding Public Debt Preferences

Heinemann, Friedrich ; Hennighausen, Tanja

DOI: https://doi.org/10.1628/001522112X659556
URL: http://www.ingentaconnect.com/contentone/mohr/fa/2...
Additional URL: http://EconPapers.repec.org/RePEc:mhr:finarc:urn:s...
Document Type: Article
Year of publication: 2012
The title of a journal, publication series: FinanzArchiv
Volume: 68
Issue number: 4
Page range: 406-430
Place of publication: Tübingen
Publishing house: Mohr Siebeck
ISSN: 0015-2218 , 1614-0974
Publication language: English
Institution: Außerfakultäre Einrichtungen > SFB 884
Sonstige Einrichtungen > ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung
Subject: 330 Economics
Abstract: Surprisingly little is known about voters' public debt preferences on a micro level. This is deplorable, given the importance of the fiscal stability culture in the context of the European public debt crisis. This contribution tests, for a self-designed representative German survey, debt preferences and their determinants. Our results indicate that a Ricardian approach has some importance for explaining individual heterogeneity of consolidation preferences – emphasizing, for example, the importance of individual credit constraints. However, Ricardian reasoning is not able to give a complete picture. Theories of debt determination that point to societal coordination failures or ideology offer additional explanations with empirical backing. The magnitude of these additional effects is substantial; the size of the trust variable is not smaller than the intergenerational dummy for the presence of children.

Dieser Eintrag ist Teil der Universitätsbibliographie.

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