{"id":116004,"date":"2024-01-22T19:50:56","date_gmt":"2024-01-22T18:50:56","guid":{"rendered":"https:\/\/www.wifo.ac.at\/publication\/116004\/"},"modified":"2024-11-14T13:13:24","modified_gmt":"2024-11-14T12:13:24","slug":"die-staatsschuldenkrise-ursachen-und-folgen","status":"publish","type":"publication","link":"https:\/\/www.wifo.ac.at\/en\/publication\/116004\/","title":{"rendered":"Debt Crisis: Causes and Consequences"},"content":{"rendered":"","protected":false},"featured_media":0,"template":"","class_list":["post-116004","publication","type-publication","status-publish","hentry"],"acf":{"subtitle":"","text":"Public discussion and the media have put the global debt crisis right at the centre of attention. The discussion, however, is unduly focussed on public indebtedness as the dominating cause. As a consequence, the appropriate remedy is seen in restricting public expenditure. Yet this ignores important causes of the debt crisis: structural problems \u2013 high and rising current account deficits and unemployment \u2013 in those countries that are most affected, the impact of the global financial crisis, and deficiencies in the design of the monetary union. In most countries public debt ratios had, indeed, risen at a breakneck pace for decades, but not in the decade before the debt crisis, and not in two of the most affected countries. Debt ratios skyrocketed only after 2008, as a consequence of the global financial crisis, as a result of bank rescue packages and recession-caused tax deficits. Financial markets and rating agencies suddenly worried about structural problems and about debt ratios which they had ignored before in other countries.","onlinedate":"2011-12-19 01:00:00","lang":"German","publication_series":"","publication_date":"20111201","publication_date_year":"","publication_date_full":false,"publication_num_pages":"","keywords":"[\"Euro-Krise Ratingagenturen Ratings\"]","jelcodes":"[]","related_publications":"[]","pdf":414910,"zip":null,"link":"","monthly_report":true,"monthly_report_main":false,"monthly_report_volume":"84","monthly_report_pages":"797-810","monthly_report_pages_sort":"797","issue":"12","journal":"WIFO-Monatsberichte","publisher":"","invisible":false,"external":false,"embargo_date":null,"types":[44312],"research_groups":[3500],"collaboration":"","persons":[4877],"persons_data":"[{\"personId\":4877,\"personName\":\"Gunther Tichy\",\"organisationNames\":[]}]","clients":[],"subclients":[],"partners":[],"topics":[],"host_publication_title":"","host_publication_subtitle":"","place_of_publication":"","host_publication_editors":"[]","type_description":"","output_media":"","chapter":"","article_number":"","citations":"{\"apa\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_apa rendering_contributiontoperiodical rendering_apa rendering_contributiontoperiodical_apa\\\"><span>Tichy, G.<\\\/span> (2011). <span>Die Staatsschuldenkrise: Ursachen und Folgen<\\\/span>. <span><em>WIFO-Monatsberichte<\\\/em><\\\/span>, <em>84<\\\/em>(12), 797-810. <a onclick=\\\"window.open(this.href, '_blank','noopener,noreferrer'); return false;\\\" href=\\\"https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/43196\\\" class=\\\"link\\\"><span>https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/43196<\\\/span><\\\/a><\\\/div>\",\"vancouver\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_vancouver rendering_contributiontoperiodical rendering_vancouver rendering_contributiontoperiodical_vancouver\\\"><span>Tichy G<\\\/span>. <span class=\\\"title\\\"><span>Die Staatsschuldenkrise: Ursachen und Folgen<\\\/span><\\\/span>. <span>WIFO-Monatsberichte<\\\/span>. 2011 Dec;84(12):797-810.<\\\/div>\",\"bibtex\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_bibtex rendering_contributiontoperiodical rendering_bibtex rendering_contributiontoperiodical_bibtex\\\"><div>@misc{7e10980a285d41ceb83f2bac7f9025e8,<\\\/div><div>  title    = \\\"Die Staatsschuldenkrise: Ursachen und Folgen\\\",<\\\/div><div>  abstract = \\\"Die nahezu weltweite Staatsschuldenkrise steht derzeit im Zentrum der medialen und politischen Diskussion. Ihre Ursachen wurden von Politik und Medien lange zu eng gesehen, und demgem{\\\\\\\"a}{\\\\ss} wurden oft eindimensionale L{\\\\\\\"o}sungen vorgeschlagen. Auf den Ministerkonferenzen der EU im Oktober und Dezember 2011 setzte sich erstmals ein etwas breiterer Ansatz durch und damit ein wichtiger Schritt zur Bereinigung der unmittelbaren Probleme. Straffere Fiskalpolitik und umfangreichere Mittel zur Intervention sind wichtige Schritte. Eine nachhaltige L{\\\\\\\"o}sung muss jedoch breiter ansetzen und verschiedene Konstruktionsm{\\\\\\\"a}ngel beseitigen, die die Heterogenit{\\\\\\\"a}t der W{\\\\\\\"a}hrungsunion aufwirft.\\\",<\\\/div><div>  keywords = \\\"Euro-Krise Ratingagenturen Ratings, Euro-Krise Ratingagenturen Ratings\\\",<\\\/div><div>  author   = \\\"Gunther Tichy\\\",<\\\/div><div>  note     = \\\"Staatsschuldenkrise: Ursachen und Folgen\\\",<\\\/div><div>  year     = \\\"2011\\\",<\\\/div><div>  month    = dec,<\\\/div><div>  language = \\\"Deutsch\\\",<\\\/div><div>  volume   = \\\"84\\\",<\\\/div><div>  pages    = \\\"797--810\\\",<\\\/div><div>  journal  = \\\"WIFO-Monatsberichte\\\",<\\\/div><p>}<\\\/p><\\\/div>\",\"ris\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_ris rendering_contributiontoperiodical rendering_ris rendering_contributiontoperiodical_ris\\\"><p>TY  - GEN<\\\/p><p>T1  - Die Staatsschuldenkrise: Ursachen und Folgen<\\\/p><p>AU  - Tichy, Gunther<\\\/p><p>N1  - Staatsschuldenkrise: Ursachen und Folgen<\\\/p><p>PY  - 2011\\\/12<\\\/p><p>Y1  - 2011\\\/12<\\\/p><p>N2  - Die nahezu weltweite Staatsschuldenkrise steht derzeit im Zentrum der medialen und politischen Diskussion. Ihre Ursachen wurden von Politik und Medien lange zu eng gesehen, und demgem\u00e4\u00df wurden oft eindimensionale L\u00f6sungen vorgeschlagen. Auf den Ministerkonferenzen der EU im Oktober und Dezember 2011 setzte sich erstmals ein etwas breiterer Ansatz durch und damit ein wichtiger Schritt zur Bereinigung der unmittelbaren Probleme. Straffere Fiskalpolitik und umfangreichere Mittel zur Intervention sind wichtige Schritte. Eine nachhaltige L\u00f6sung muss jedoch breiter ansetzen und verschiedene Konstruktionsm\u00e4ngel beseitigen, die die Heterogenit\u00e4t der W\u00e4hrungsunion aufwirft.<\\\/p><p>AB  - Die nahezu weltweite Staatsschuldenkrise steht derzeit im Zentrum der medialen und politischen Diskussion. Ihre Ursachen wurden von Politik und Medien lange zu eng gesehen, und demgem\u00e4\u00df wurden oft eindimensionale L\u00f6sungen vorgeschlagen. Auf den Ministerkonferenzen der EU im Oktober und Dezember 2011 setzte sich erstmals ein etwas breiterer Ansatz durch und damit ein wichtiger Schritt zur Bereinigung der unmittelbaren Probleme. Straffere Fiskalpolitik und umfangreichere Mittel zur Intervention sind wichtige Schritte. Eine nachhaltige L\u00f6sung muss jedoch breiter ansetzen und verschiedene Konstruktionsm\u00e4ngel beseitigen, die die Heterogenit\u00e4t der W\u00e4hrungsunion aufwirft.<\\\/p><p>KW  - Euro-Krise Ratingagenturen Ratings<\\\/p><p>KW  - Euro-Krise Ratingagenturen Ratings<\\\/p><p>M3  - WIFO-Schriftenreihen<\\\/p><p>VL  - 84<\\\/p><p>SP  - 797<\\\/p><p>EP  - 810<\\\/p><p>JO  - WIFO-Monatsberichte<\\\/p><p>JF  - WIFO-Monatsberichte<\\\/p><p>ER  - <\\\/p><\\\/div>\"}","scientific_assistance":"[]","scientific_review":"[]","version":"","release_date":null,"expiration_date":null,"surveyor":"","research_assistance":"","edv":"","additional_info_de":"","additional_info_en":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.3 (Yoast SEO v28.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Debt Crisis: Causes and Consequences - WIFO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.wifo.ac.at\/en\/publication\/116004\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Debt Crisis: Causes and Consequences\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.wifo.ac.at\/en\/publication\/116004\/\" \/>\n<meta property=\"og:site_name\" content=\"WIFO\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/WIFOat\/\" \/>\n<meta property=\"article:modified_time\" content=\"2024-11-14T12:13:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.wifo.ac.at\/wp-content\/uploads\/2024\/05\/WIFO-Gebaeude-FotoAlexanderMueller-www.alexandermueller.at-IMG_6326-Bearbeitet-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1280\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:site\" content=\"@WIFOat\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/publication\\\/116004\\\/\",\"url\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/publication\\\/116004\\\/\",\"name\":\"Debt Crisis: Causes and Consequences - 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