Investissement public et effets non linéaires des déficits budgétaires

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Investissement public et effets non linéaires des déficits budgétaires

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Alexandru Minea
Patrick Villieu

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Abstract

We propose a simple growth model in which the influence of fiscal deficits on public investment depends upon the ratio between public debt and GDP. When the public debt ratio is small, raising fiscal deficits yields positive effects, since public consumption may negatively adjust to the extra debt burden. However, when the public debt ratio is important, public consumption may no longer exert this role, and raising fiscal deficits reduces public investment. Our analysis using a panel data for OECD countries confirms the existence of non linear effects of fiscal deficits on public investment. JEL Classification ? H62, H63, E62.

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Article provided by De Boeck Université in its journal Recherches économiques de Louvain.

Volume (Year): 75 (2009)
Issue (Month): 3 ()
Pages: 281-311
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Handle: RePEc:cai:reldbu:rel_753_0281

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Find related papers by JEL classification:
H62 - Public Economics - - National Budget, Deficit, and Debt - - - Deficit; Surplus
H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management
E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy

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