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La contrainte budgétaire de l'Etat et l' « Optimal Policy Mix » en régime de change fixe et flexible

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  • Bertrand Lemennicier

Abstract

[fre] la contrainte budgétaire de l'Etat sur l'adéquation de ces politiques économiques à ces objectifs. Dans ce deuxième point, il explicite des conséquences de la prise en compte de cette contrainte budgétaire sur le problème de l'affectation des politiques de dépenses publiques et d'émission de monnaie aux objectifs économiques internes (produit national en volume) et externe (balance des paiements), ce quel que soit le régime de change en vigueur.. [eng] The optimal policy mix in a fixed and flexible exchange rate system under the constraint of financing monetary and public expenditure policies. . This article analyses the effects of financing of public expenditure and of the issue of money on certain characteristic variables of economic activity: real national production and the balance of payments; it then goes on to study the influence of State irnposed budget restraints on the adequacy of economic policies for these targets. In this second point the article explains the consequences of taking info account these budget restraints on the ptoblem of assignement of monetary and public expenditure policies to respectively external and internal targets (balance of payments and real national production); this applies whatever exchange rate system is operating.

Suggested Citation

  • Bertrand Lemennicier, 1973. "La contrainte budgétaire de l'Etat et l' « Optimal Policy Mix » en régime de change fixe et flexible," Revue Économique, Programme National Persée, vol. 24(3), pages 473-504.
    • Handle: RePEc:prs:reveco:reco_0035-2764_1973_num_24_3_408094
    DOI: 10.3406/reco.1973.408094
    Note: DOI:10.3406/reco.1973.408094
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    References listed on IDEAS

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    1. Robert A. Mundell, 1962. "The Appropriate Use of Monetary and Fiscal Policy for Internal and External Stability," IMF Staff Papers, Palgrave Macmillan, vol. 9(1), pages 70-79, March.
    2. Akira Takayama, 1969. "The Effects of Fiscal and Monetary Policies under Flexible and Fixed Exchange Rates," Canadian Journal of Economics, Canadian Economics Association, vol. 2(2), pages 190-209, May.
    3. Silber, William L, 1970. "Fiscal Policy in IS-LM Analysis: A Correction," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 2(4), pages 461-472, November.
    4. L. F. G. De Cazaux, 1965. "On The Budget," Journal of Accounting Research, Wiley Blackwell, vol. 3(2), pages 264-265.
    5. Anne O. Krueger, 1968. "The Impact of Alternative Government Policies under Varying Exchange Systems: Reply," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 82(3), pages 511-513.
    6. David J. Ott & Attiat F. Ott, 1965. "Budget Balance And Equilibrium Income," Journal of Finance, American Finance Association, vol. 20(1), pages 71-77, March.
    7. Helliwell, John F, 1969. "Monetary and Fiscal Policies for an Open Economy," Oxford Economic Papers, Oxford University Press, vol. 21(1), pages 35-55, March.
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    2. Pierre Gravot, 1980. "Les incertitudes de la politique économique en économie ouverte," Revue Économique, Programme National Persée, vol. 31(2), pages 258-286.

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