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The State as a Financial Intermediary to Foster Long-Term Investments

Author

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  • Hans-Peter Burghof
  • Carola Müller
Abstract
The economic development of the European Union is hampered by insufficient private and public long-term investments. This weakness is seen as a rationale for state intervention, and numerous projects are discussed and implemented to find new ways to mobilize private capital for long-term investments. For an economic assessment of this policy approach, the following paper evaluates the role of the state as a financial intermediary. -- However, we cannot establish a dependable link between the ongoing depression of longterm investments in some European countries and a market failure in the market for the financing of such investments. Furthermore, the state can only imperfectly perform the tasks of a financial intermediary. And finally, approaches to mobilize retail investors’ money on the states’ behalf would crowd out the common bank deposits and thereby could lead to a significant increase of systemic risk.

Suggested Citation

  • Hans-Peter Burghof & Carola Müller, 2016. "The State as a Financial Intermediary to Foster Long-Term Investments," Applied Economics Quarterly (formerly: Konjunkturpolitik), Duncker & Humblot GmbH, Berlin, vol. 62(3), pages 205-230.
    • Handle: RePEc:dah:aeqaeq:v62_y2016_i3_q3_p205-230
    DOI: 10.3790/aeq.62.3.205
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