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Finances publiques, sorties de crise..

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  • Catherine Mathieu
  • Henri Sterdyniak

Abstract

The 2007-2009 financial crisis was caused by financial markets? greed and instability and led to a strong rise public debts and deficits in advanced economies. Financial markets and international institutions advocate a ?fiscal exit strategy? through rapid cuts in public deficits and debts under large public spending cuts. However the state of public finances was generally satisfactory before the crisis; the rise in deficits was needed for macroeconomic stabilisation purposes. Exit strategies should maintain interest rates at low levels and government deficits as long as they are needed to support activity. Strengthening the SGP would be dangerous if it deprived EU Member States of policy tools that were helpful in the crisis. In the euro area public debts should be collectively guaranteed by the ECB and the Member States to avoid speculation. World economic stability is not threatened by public finance imbalances, but by growing financial speculation. JEL Classification codes: E63, H63, N14.

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Bibliographic Info

Article provided by Presses de Sciences-Po in its journal Revue de l'OFCE.

Volume (Year): n° 116 (2011)
Issue (Month): 1 ()
Pages: 17-60

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Handle: RePEc:cai:reofsp:reof_116_0017

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Web page: http://www.cairn.info/revue-de-l-ofce.htm

Related research

Keywords: fiscal exit strategies; EU debt crisis; public deficits;

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References

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  1. Jürgen von Hagen & Jean Pisani-Ferry & André Sapir & Francois Gianviti & Anne O. Krueger, . "A European mechanism for sovereign debt crisis resolution: a proposal," Blueprints, Bruegel, number 446, October.
  2. Servaas Deroose & Sven Langedijk & Werner Roeger, 2004. "Reviewing adjustment dynamics in EMU: from overheating to overcooling," European Economy - Economic Papers 198, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission.
  3. Giovanni Dell'Ariccia & Olivier J. Blanchard & Paolo Mauro, 2010. "Rethinking Macroeconomic Policy," IMF Staff Position Notes 2010/03, International Monetary Fund.
  4. Jérôme Creel & Bruno Ducoudré & Catherine Mathieu & Henri Sterdyniak, 2005. "Doit-on oublier la politique budgétaire ?. Une analyse critique de la nouvelle théorie anti-keynésienne des finances publiques," Revue de l'OFCE, Presses de Sciences-Po, vol. 92(1), pages 43-97.
  5. Catherine Mathieu & Henri Sterdyniak, 2003. "Réformer le pacte de stabilité : l'état du débat," Revue de l'OFCE, Presses de Sciences-Po, vol. 84(1), pages 145-179.
  6. Catherine Mathieu & Henri Sterdyniak, 2007. "Comment expliquer les disparités économiques dans l'UEM ?," Sciences Po publications info:hdl:2441/5284, Sciences Po.
  7. Jakob von Weizsäcker & Jacques Delpla, 2010. "The Blue Bond Proposal," Policy Briefs 403, Bruegel.
  8. Carlo Cottarelli & José Vinãls, 2009. "A Strategy for Renormalizing Fiscal and Monetary Policies in Advanced Economies," IMF Staff Position Notes 2009/22, International Monetary Fund.
  9. Mathieu, Catherine & Sterdyniak, Henri, 2009. "La globalisation financière en crise," Economics Papers from University Paris Dauphine 123456789/4777, Paris Dauphine University.
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Citations

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Cited by:
  1. Catherine Mathieu & Henri Sterdyniak, 2012. "Faut-il des règles de politique budgétaire," Documents de Travail de l'OFCE 2012-07, Observatoire Francais des Conjonctures Economiques (OFCE).
  2. Facchini, François, 2014. "Retour sur la crise et les politiques mises en œuvre : une perspective autrichienne
    [Past and Future of the crisis]
    ," MPRA Paper 52984, University Library of Munich, Germany.
  3. repec:spo:wpecon:info:hdl:2441/eo6779thqgm5r489m6u1i2a0o is not listed on IDEAS
  4. repec:spo:wpecon:info:hdl:2441/c6t1fl36hv9s7q89j8pa18291 is not listed on IDEAS
  5. Priscilla Bony, 2012. "Efficacité des politiques de sortie de crise dans la zone euro : l'exemple français," Post-Print dumas-00834841, HAL.
  6. Catherine Mathieu & Henri Sterdyniak, 2012. "Do we need fiscal rules?," Sciences Po publications 2012-08, Sciences Po.
  7. Gerard Cornilleau, 2012. "Crise et dépenses de santé : financement et politiques à court-moyen terme," Sciences Po publications info:hdl:2441/eu4vqp9ompq, Sciences Po.
  8. Mireille Elbaum, 2011. "Le financement de la protection sociale : quelles perspectives au-delà des solutions miracles," Documents de Travail de l'OFCE 2011-27, Observatoire Francais des Conjonctures Economiques (OFCE).
  9. Henri Sterdyniak, 2012. "Ramener à zéro le déficit public doit-il être l’objectif central de la politique économique ?," Sciences Po publications info:hdl:2441/c6t1fl36hv9, Sciences Po.
  10. repec:spo:wpecon:info:hdl:2441/eu4vqp9ompqllr09j0h1j80c0 is not listed on IDEAS
  11. André Grjebine, 2013. "L’Eurosystème: un mécanisme de transferts en faveur des pays déficitaires ? Le débat," Sciences Po publications info:hdl:2441/eo6779thqgm, Sciences Po.
  12. repec:spo:wpecon:info:hdl:2441/eo6779thqgm5r489maqa474kg is not listed on IDEAS

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