By Anja Hochberg, Jens Hölscher
The first booklet within the experiences in monetary Transition sequence applies the idea of monetary improvement to the financial system of East Germany. 8 years after the unification of Germany, the publication offers a finished and masses wanted evaluation of the transition strategy within the East, its influence at the German economic climate as an entire and the real broader classes for eu integration and expansion. the original fiscal scan of the unification of the German economies supplied an exceptional chance for various faculties of monetary conception to be demonstrated and tested. The individuals to this publication take complete good thing about this challenge.
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Additional resources for East Germany’s Economic Development since Unification: Domestic and Global Aspects
Example text
Michael Hiither 39 Two conflicting strategies are possible: • The first strategy is growth-oriented. Through its fiscal policy the state ensures favourable tax conditions for investment as well as for the rapid development of the infrastructure in the new Lander. Financial resources are raised in such a way that, given a strict monetary policy aimed at price stability, investment is not crowded out elsewhere. Within this strategy the primary task of labour-market policy is to foster retraining and training activities.
Economic growth (measured by the expansion of the production potential or potential output) was insufficient to make a dent in the unemployment figure, which had not fallen below one million people since the end of the recession in 1975. At that time in public debate the opinion had gained ground that economic policy immediately following the recession should have been directed towards a more expansionary demand policy. The Council argued that any evaluation of the fiscal policy of that period could not be restricted to the foregoing two years, because in 1975 fiscal deficit was of an unprecedented magnitude but without stimulating a self-acceleration within the cycle.
Through its fiscal policy the state ensures favourable tax conditions for investment as well as for the rapid development of the infrastructure in the new Lander. Financial resources are raised in such a way that, given a strict monetary policy aimed at price stability, investment is not crowded out elsewhere. Within this strategy the primary task of labour-market policy is to foster retraining and training activities. Wage policy takes care that it does not further exacerbate the employment problems that already exist and that it does not make the social policy measures accompanying the process of adjustment even more expensive.