German public finances through the financial crisis

Blömer, Maximilian ; Dolls, Mathias ; Fuest, Clemens ; Löffler, Max ; Peichl, Andreas

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URL:	https://ub-madoc.bib.uni-mannheim.de/39471
URN:	urn:nbn:de:bsz:180-madoc-394715
Dokumenttyp:	Arbeitspapier
Erscheinungsjahr:	2015
Titel einer Zeitschrift oder einer Reihe:	ZEW Discussion Papers
Band/Volume:	15-041
Ort der Veröffentlichung:	Mannheim
Sprache der Veröffentlichung:	Englisch
Einrichtung:	Sonstige Einrichtungen > ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung
MADOC-Schriftenreihe:	Veröffentlichungen des ZEW (Leibniz-Zentrum für Europäische Wirtschaftsforschung) > ZEW Discussion Papers
Fachgebiet:	330 Wirtschaft
Fachklassifikation:	JEL: H12 , H23 , H32 , H60,
Freie Schlagwörter (Englisch):	Crisis management , financial crisis , redistribution , budget deficit and debt
Abstract:	The German experience of the crisis was very different compared to those of most other countries in Europe. Germany was hit by a very strong shock which was relatively concentrated in the exporting, manufacturing industries. In addition, the German labour market was very resilient during the crisis due to earlier labour market reforms and policy instruments facilitating labour hoarding. As a consequence, public finances were only moderately affected and not many policy reforms had to be enacted. This chapter will present the German experience of the financial crisis. We start by presenting the macroeconomic situation and how the crisis unfolded in Germany, before focusing on the situation of public finances. Finally, we analyse the policy responses to the financial crisis.