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Institutional and legal conditions for the German stabilization policy during the economic crisis 2008–2009

Author

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  • Katarzyna Kaminska

    (Kujawy and Pomorze University)

Abstract
Motivation: The economic crisis of 2008–2009 and its consequences have raised a debate among economists concerning the effectiveness of methods stabilizing economy arising from the recommendations of economic theories forming the mainstream economy. Results: The necessity to take anti-crisis measures in the countries affected by it resumed the interest in the recommendations proposed within this realm by John Maynard Keynes. Keynesian solutions have been globally adopted as a basis for anti-crisis stabilization policy. In economic policy it has been manifested primarily as the increased government intervention in economy via the increase of costs and enlarged budget deficits. One of the countries that have applied such a solution was the Federal Republic of Germany. Aim: The aim of this article is presenting the institutional and legal means of German stabilization policy as well as attempting to evaluate their effectiveness in restoring macroeconomic balance in Germany. In this regard, Keynesian Act to Promote Economic Stability and Growth, passed in 1967, which enabled using the appropriate remedial measures was addressed in detail.

Suggested Citation

  • Katarzyna Kaminska, 2016. "Institutional and legal conditions for the German stabilization policy during the economic crisis 2008–2009," Ekonomia i Prawo, Uniwersytet Mikolaja Kopernika, vol. 15(4), pages 469-480, December.
    • Handle: RePEc:cpn:umkeip:v:15:y:2016:i:4:p:469-480
    DOI: 10.12775/EiP.2016.031
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    References listed on IDEAS

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    1. Projektgruppe Gemeinschaftsdiagnose, 2009. "Zögerliche Belebung – steigende Staatsschulden: Gemeinschaftsdiagnose Herbst 2009," Wirtschaft im Wandel, Halle Institute for Economic Research (IWH), vol. 15(2. Sonder), pages 1-79.
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    More about this item

    Keywords

    stabilization policy; keynesianism; Act to Promote Economic Stability and Growth;
    All these keywords.

    JEL classification:

    • E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles
    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
    • K00 - Law and Economics - - General - - - General (including Data Sources and Description)
    • P1 - Political Economy and Comparative Economic Systems - - Capitalist Economies
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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