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Faut-il des règles de politique budgétaire ?

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  • Catherine Mathieu
  • Henri Sterdyniak

Abstract

The public finances crisis has brought binding fiscal rules proposals back to the forefront. The paper analyses their justifications and specifications, either in a classical or in a Keynesian framework. There is no evidence that public deficits were caused by fiscal indiscipline in recent years and induced excessive interest rates; there is no evidence that economically relevant rules can be designed. The paper provides an analysis of fiscal rules implemented either at country level (like the UK golden rule), or at the EU level (the Stability and Growth Pact). The paper shows that fiscal rules did not work before and during the crisis. The paper discusses the EU ?Fiscal Pact?, which risks to paralyse fiscal policies and to prevent economic stabilisation. The priority today is not to strengthen public finance discipline but to question economic developments which make public deficits necessary to support output. JEL classification: E62

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Bibliographic Info

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

Volume (Year): N° 126 (2012)
Issue (Month): 7 ()
Pages: 299-346

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Handle: RePEc:cai:reofsp:reof_126_0299

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

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Keywords: fiscal policy; fiscal rules;

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References

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  1. Catherine Mathieu & Henri Sterdyniak, 2009. "La globalisation financière en crise," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(3), pages 13-73.
  2. Lars Calmfors, 2012. "Can the Eurozone Develop into a Well-functioning Fiscal Union?," CESifo Forum, Ifo Institute for Economic Research at the University of Munich, vol. 13(1), pages 10-16, 04.
  3. Mathieu, Catherine & Sterdyniak, Henri, 2011. "Finances publiques, sorties de crise..," Economics Papers from University Paris Dauphine 123456789/12010, Paris Dauphine University.
  4. Doluca, Hasan & Hübner, Malte & Rumpf, Dominik & Weigert, Benjamin, 2012. "The European Redemption Pact: An illustrative guide," Working Papers 02/2012, German Council of Economic Experts / Sachverständigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung.
  5. Alberto Alesina & Roberto Perotti, 1995. "The Political Economy of Budget Deficits," IMF Staff Papers, Palgrave Macmillan, vol. 42(1), pages 1-31, March.
  6. Catherine Mathieu & Henri Sterdyniak, 2003. "Réformer le Pacte de stabilité : l’état du débat," Sciences Po publications info:hdl:2441/1783, Sciences Po.
  7. AfDB AfDB, . "AfDB Group Annual Report 2008," Annual Report, African Development Bank, number 64 edited by Koua Louis Kouakou, 6.
  8. Thomas J. Sargent & Neil Wallace, 1981. "Some unpleasant monetarist arithmetic," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Fall.
  9. Lars Calmfors & Simon Wren-Lewis, 2011. "What Should Fiscal Councils Do?," CESifo Working Paper Series 3382, CESifo Group Munich.
  10. Charles Wyplosz, 2012. "Fiscal Rules: Theoretical Issues and Historical Experiences," NBER Chapters, in: Fiscal Policy after the Financial Crisis, pages 495-525 National Bureau of Economic Research, Inc.
  11. Alesina, Alberto & Tabellini, Guido, 1990. "A Positive Theory of Fiscal Deficits and Government Debt," Review of Economic Studies, Wiley Blackwell, vol. 57(3), pages 403-14, July.
  12. Paul De Grauwe, 2012. "A Fragile Eurozone in Search of a Better Governance," The Economic and Social Review, Economic and Social Studies, vol. 43(1), pages 1–30.
  13. Charles Wyplosz, 2011. "Fiscal Discipline: Rules Rather than Institutions," National Institute Economic Review, National Institute of Economic and Social Research, vol. 217(1), pages R19-R30, July.
  14. Eisner, Robert, 1989. "Budget Deficits: Rhetoric and Reality," Journal of Economic Perspectives, American Economic Association, vol. 3(2), pages 73-93, Spring.
  15. Yeva S. Nersisyan & L. Randall Wray, 2011. "Un excès de dette publique handicape-t-il réellement la croissance ?," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(1), pages 173-190.
  16. Allen Schick, 2010. "Post-Crisis Fiscal Rules: Stabilising Public Finance while Responding to Economic Aftershocks," OECD Journal on Budgeting, OECD Publishing, vol. 10(2), pages 1-18.
  17. Catherine Mathieu & Henri Sterdyniak, 2003. "Réformer le Pacte de stabilité : l’état du débat," Sciences Po publications info:hdl:2441/1783, Sciences Po.
  18. Bruno Ducoudré, 2005. "Politique budgétaire et taux d'intérêt," Revue de l'OFCE, Presses de Sciences-Po, vol. 95(4), pages 243-277.
  19. Leeper, Eric M., 1991. "Equilibria under 'active' and 'passive' monetary and fiscal policies," Journal of Monetary Economics, Elsevier, vol. 27(1), pages 129-147, February.
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Cited by:
  1. 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.
  2. repec:spo:wpecon:info:hdl:2441/c6t1fl36hv9s7q89j8pa18291 is not listed on IDEAS

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