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Searched for State-Owned Assets and Public Debt.
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Displaying results 1 to 10 of 27.

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  Press Releases // 10.09.2024

  ZEW Economist Friedrich Heinemann on Draghi’s Report on European Competitiveness

  that countries with sound public finances have an unfair advantage in the single market, distorting it. However, he barely addresses the risks posed by unsustainable public debt in highly indebted countries [...] Generation EU. Originally intended to finance European public goods, it was repurposed into a transfer instrument for financially distressed Member States, with its success now questioned by evaluations, such [...] Commission, Ursula von der Leyen. Friedrich Heinemann, head of the Research Unit “Corporate Taxation and Public Finance” at ZEW Mannheim and professor at Heidelberg University, has commented on this matter: -
• Publications // 07.12.2023

  ZEW Discussion Paper - State-Owned Enterprises, Fiscal Transparency, and the Circumvention of Fiscal Rules: The Case of Germany

  State-owned enterprises (SOEs) provide opportunities for a more flexible and marketbased provision of public services. At the same time, they may impair fiscal transparency and offer politicians discretion [...] pressures over the lagged implementation of the debt brake from 2010 to 2020 differs across the 16 states. The results show that SOEs in fiscally more constrained states exhibit a stronger decrease in equity and [...] and a higher increase in debt compared to SOEs in less constrained states and the shorter the distance to the 2020 deadline. This result is based on a combined sample of state and municipal SOEs, a finding
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  Press Releases // 04.04.2023

  Are Fiscal Interests Slowing the Reduction of ECB Assets?

  If the European Central Bank (ECB) maintains the current slow pace of asset reduction from the bond-buying programme PSPP (Public Sector Purchase Programme), it would take until 2042 for the stock to be [...] same time, the Eurosystem holds a share of more than 30 per cent of the total government debt of EU Member States. These indications point to fiscal policy motives, concludes the update of an ongoing study [...] deviations from the capital key of the ECB’s assest purchase programmes. - By June 2022, the net asset purchases in the PSPP and the PEPP had reached a total volume of 4.41 trillion euros. Since then,
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  Press Releases // 01.12.2022

  Growth of Public Enterprises Limits Transparency

  the federal states’ common debt figures now only provide limited information,” says ZEW economist and co-author of the study Justus Nover . The study shows that the federal states’ debt per capita differs [...] are predominantly state-owned have gained in importance, as calculations by ZEW show. Nearly 40 per cent of all public sector employees in Germany work in SOEs rather than in public authorities funded [...] number of employees financed through the core budgets. The total debt volume of enterprises owned by municipalities even exceeds the debt reported for the core budgets. The authors of the study point out
• Publications // 14.12.2021

  ZEW expert brief - Magnitudes and Capital Key Divergence of the Eurosystem’s PSPP/PEPP Purchases – Update December 2021

  allocations and their proportionality to the ECB capital key, and their magnitude relative to GDP and public debt. [...] The ECB Council has to take a decision on the future of its asset purchase programmes as the monetary crisis support that was appropriate in the early phase of the pandemic needs to be adjusted to new
• Projects // 01.10.2021

  The Impact of Fiscal Rules on State-Owned Enterprises

  German debt brake, for example, restricts the accumulation of debt for the central government and the 16 states but has little impact on the social security funds, municipalities, or state-owned enterprises [...] enterprises (SOEs).This incomplete coverage of the (extended) public sector creates overt incentives to outsource public debt from the core budget to what one might call shadow budgets. Yet, empirical evidence [...] the extent to which SOEs in Germany are used to circumvent the rules of the German debt brake by shifting public debt and investment activities to SOEs.
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  News // 20.05.2020

  Overcoming the Coronavirus Crisis Jointly with European Solidarity

  launched an asset purchase programme to combat the crisis. A third, long-term phase will ultimately focus on strengthening the resilience of the EU and tackling problems such as the excessive debt of some [...] asymmetrically. On the one hand, the Member States have very different room for fiscal manoeuvre: “In Northern and Eastern Europe, debt levels are within limits, but other European countries have already been [...] at the onset of the crisis. In Italy, for every euro of corona debt, there are ten euros stemming from an existing stock of national debt.” At the same time, it is not yet foreseeable which countries will
• Events // 19.05.2020

  #ZEWlive: The Coronavirus Crisis and Europe’s Response

  How should this fund be financed, and is the EU allowed to put itself into debt for it? How does Europe deal with Member States heading for over-indebtedness during the crisis? What does solidarity-based [...] Bundestag, and Professor Friedrich Heinemann, head of ZEW's Research Department “Corporate Taxation and Public Finance”. Does the coronavirus crisis threaten the existence of the euro and the EU? Within [...] Pandemic Emergency Purchase Programme (PEPP) the European Central Bank has launched a new comprehensive asset purchase programme. But are these measures sufficient to prove European solidarity, and are the i
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  Press Releases // 19.03.2020

  ZEW Economist Friedrich Heinemann on the ECB Coronavirus Package

  Department “Corporate Taxation and Public Finance” at ZEW Mannheim, comments on this matter. - “The coronavirus crisis threatens to set off a major financial and debt crisis. The ECB is trying by all means [...] the euro debt crisis of 2012, Europe’s central bank is again proving to be capable of acting responsibly in view of a looming major systemic crisis and European politics still being in a state of shock [...] The Governing Council of the European Central Bank (ECB) has launched a new comprehensive asset purchase programme to stabilize the eurozone in the coronavirus crisis. An initial sum of 750 billion euros
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  Press Releases // 26.07.2018

  The ECB Must Prove its Neutrality in Monetary Policy as it Phases Out the Asset Purchase Programme

  that its asset purchase programme is neutral in terms of monetary policy and that it is not merely running a financing programme solely for the benefit of Eurozone countries in high levels of debt.” For more [...] decision. Professor Friedrich Heinemann, head of the ZEW Research Department “Corporate Taxation and Public Finance” at the Centre for European Economic Research (ZEW) in Mannheim, explains the ECB's decision [...] decision. - “After the bank’s significant announcement last month that it would be phasing out its asset purchase programme, it is only right that the ECB Governing Council has chosen not to make any further