Macroeconomic Aspects of German Unification

Hans-Werner Sinn

CESifo (Center for Economic Studies and Ifo Institute); National Bureau of Economic Research (NBER); Ludwig-Maximilians-Universität München

January 1991

NBER Working Paper No. w3596

The paper comments on the economic effects of the German unification. Apart from discussing the unification in an international perspective, analyzing the distributional consequences, and pointing to structural adjustment problems, it emphasizes the distinction between the frequently cited money overhang and the real asset overhang which characterizes communist countries. The paper argues that the unification paid too little attention to the latter, endowing East Germans with insufficient claims on state owned enterprises. The centralized privatization of state owned enterprises, which bypasses the East German population, is seen as a major obstacle to quick recovery, and an alternative privatization procedure is discussed.

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Date posted: October 17, 2007  

Suggested Citation

Sinn, Hans-Werner, Macroeconomic Aspects of German Unification (January 1991). NBER Working Paper No. w3596. Available at SSRN: http://ssrn.com/abstract=471548

Contact Information

Hans-Werner Sinn (Contact Author)
CESifo (Center for Economic Studies and Ifo Institute) ( email )
Poschinger Str. 5
Munich, DE-81679
+49 89 9224 1276 (Phone)
+49 89 9224 1409 (Fax)
HOME PAGE: http://www.cesifo.de
National Bureau of Economic Research (NBER)
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Cambridge, MA 02138
United States
Ludwig-Maximilians-Universität München
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Munich, 80539
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