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Les conséquences fiscales du programme d'achat d'obligations de la BCE

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  • Paul De Grauwe
  • Yuemei Ji

Abstract

The perception that the government bond buying program (OMT) announced by the ECB may lead to future tax burdens on countries, in particular on Germany, is based on an erroneous application of solvency principles that apply to private agents, but not to central banks. We argue that the creditor nations? taxpayers, in particular the German taxpayers, will receive tax revenue from the implementation of the OMT. We also measure the size of the bond-buying program that is compatible with price stability. It turns out that this estimate critically depends on whether the Eurozone stays in a liquidity trap situation or not. Today, as the Eurozone is still in a liquidity trap there is no limit to the amount of government bonds the ECB can buy without triggering inflation. Classification JEL: E58, E63, F36, G01.

Suggested Citation

  • Paul De Grauwe & Yuemei Ji, 2014. "Les conséquences fiscales du programme d'achat d'obligations de la BCE," Revue d'économie financière, Association d'économie financière, vol. 0(1), pages 47-60.
    • Handle: RePEc:cai:refaef:ecofi_113_0047
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    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • G01 - Financial Economics - - General - - - Financial Crises

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