Shadow debt (hidden debt)

Burdens that are not immediately identifiable but are incurred by an economy at a later date. These include, above all, – expenditures that occur with increasing aging and – the redemption of guarantees, such as in connection with the activities of the European Stabilization Mechanism – see age dependency ratio, demographic hardening, Greek crisis, bailouts, depletion of reserves, shadow state, debt brake, public debt, aging. – Cf. ECB Monthly Report of April 2012, pp. 63 et seq. (detailed presentation of debt sustainability with regard to the euro area as a whole and individual members; many overviews), Financial Stability Report 2012, pp. 21 et seq. (doubts about the debt sustainability of some EMU members lead to crisis of confidence), Deutsche Bundesbank Monthly Report of January 2014, pp. 41 et seq. (overcoming the crisis of confidence; many overviews; references).

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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
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