Faut-il des règles de politique budgétaire ?
AbstractThe 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 InfoArticle provided by Presses de Sciences-Po in its journal Revue de l'OFCE.
Volume (Year): N° 126 (2012)
Issue (Month): 7 ()
Contact details of provider:
Web page: http://www.cairn.info/revue-de-l-ofce.htm
fiscal policy; fiscal rules;
Other versions of this item:
- 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).
- Catherine Mathieu & Henri Sterdyniak, 2012. "Faut-il des règles de politiques budgétaires ?," Sciences Po publications info:hdl:2441/eo6779thqgm, Sciences Po.
- Catherine Mathieu & Henri Sterdyniak, 2012. "Faut-il des règles de politique budgétaire ?," Sciences Po publications 2012-07, Sciences Po.
- E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy
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- repec:spo:wpecon:info:hdl:2441/c6t1fl36hv9s7q89j8pa18291 is not listed on IDEAS
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