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dc.contributor.authorSlembeck, Tilman-
dc.contributor.authorJans, Armin-
dc.contributor.authorLeu, Thomas-
dc.date.accessioned2018-08-24T13:26:16Z-
dc.date.available2018-08-24T13:26:16Z-
dc.date.issued2014-
dc.identifier.issn1096-3367de_CH
dc.identifier.issn1945-1814de_CH
dc.identifier.urihttps://digitalcollection.zhaw.ch/handle/11475/9634-
dc.description.abstractFinancial sustainability requires governments to run sufficiently large primary surpluses going forward to cover the cost of servicing its debt budgets to balance in the long run. In democracies, politicians who strive for reelection often tend to systematically violate this tenet. This paper discusses two types of “anchors” that may be used to cope with this problem by limiting the room for new and excessive public debt. First, we analyze national constitutional safeguards on the basis of the “debt brake” in Switzerland and Germany. Second, we discuss international institutions to maintain financial discipline, referring to the Maastricht-criteria. These anchors are designed to allow policymakers to commit to policies that provide long term financial stability and sustainability of public finances. However, as the recent crises have shown, the problem of time inconsistency in policy making remains, especially when anchors are weak. Therefore, the paper discusses the circumstances under which institutional anchors may help to restrict politician behavior to promote sustainability of public finances. We conclude by indentifying three conditions required for the proper functioning of collective anchors in the context of public finances.de_CH
dc.language.isoende_CH
dc.publisherEmeraldde_CH
dc.relation.ispartofJournal of Public Budgeting, Accounting & Financial Managementde_CH
dc.rightsLicence according to publishing contractde_CH
dc.subjectSustainabilityde_CH
dc.subjectBudgetingde_CH
dc.subjectDeptde_CH
dc.subjectFinancede_CH
dc.subject.ddc320: Politikde_CH
dc.subject.ddc332: Finanzwirtschaftde_CH
dc.titleA politico-economic perspective on financial sustainabilityde_CH
dc.typeBeitrag in wissenschaftlicher Zeitschriftde_CH
dcterms.typeTextde_CH
zhaw.departementSchool of Management and Lawde_CH
zhaw.organisationalunitFachstelle für Wirtschaftspolitik (FWP)de_CH
dc.identifier.doi10.1108/JPBAFM-26-01-2014-B006de_CH
zhaw.funding.euNode_CH
zhaw.issue1de_CH
zhaw.originated.zhawYesde_CH
zhaw.pages.end164de_CH
zhaw.pages.start140de_CH
zhaw.publication.statuspublishedVersionde_CH
zhaw.volume26de_CH
zhaw.publication.reviewPeer review (Publikation)de_CH
Appears in collections:Publikationen School of Management and Law

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