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Finanzielle Repression — ein Instrument zur Bewältigung der Krisenfolgen?

机译：金融压制-处理危机后果的工具？

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Financial repression committed by central banks has been put forward as a means to secretly reduce the real burden of high public debts. Financial repression has allegedly played an important role in the impressive reduction of the US debt ratio after World War II. A mix of conventional budget consolidation and rapid growth was the main driver in this relative debt reduction with a minor role for financial repression. But does financial repression really exist? The authors express different opinions on evidence for this concept. Those authors who find that there are indicators of financial repression fear redistributive tendencies between debtors and creditors and high opportunity costs in the form of savings and investment distortions. Therefore, financial repression is not a “cure” for the high public debts amassed in the euro area during the recent sovereign debt and banking crisis. Furthermore, the high sovereign debts in the euro area may threaten economic development and impose high costs on society. Therefore, reducing these debts is politically highly relevant, and fiscal policy should be characterised by a modest reduction in government spending and/or tax increases, combined with a policy promoting economic growth. Macroprudential regulations should supplement this financial policy.
机译：有人提出中央银行实施金融抑制措施，以暗中减轻高额公共债务的实际负担。据称，金融压制在第二次世界大战后美国债务率显着下降中发挥了重要作用。常规预算合并和快速增长的混合是这种相对债务减少的主要推动力，而对财务压制的作用很小。但是，金融镇压真的存在吗？作者对这一概念的证据表达了不同的看法。那些发现有金融抑制指标的作者担心债务人和债权人之间的再分配趋势以及储蓄和投资扭曲形式的高机会成本。因此，对于近期主权债务和银行危机期间欧元区积累的大量公共债务，财务压制并不是“治愈”的方法。此外，欧元区高额的主权债务可能威胁经济发展并给社会带来高昂的成本。因此，减少这些债务在政治上具有高度相关性，财政政策的特点应是适度减少政府支出和/或增加税收，并结合促进经济增长的政策。宏观审慎法规应补充这一财务政策。

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