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Fédéralisme budgétaire et stabilisation macroéconomique en Europe

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  • Frédérique Bec
  • Jean-Olivier Hairault

Abstract

[fre] Fédéralisme budgétaire et stabilisation macroéconomique en Europe. . Le projet d'Union monétaire ravive les débats sur le degré de coordination des politiques macroéconomiques en Europe. Le fédéralisme budgétaire apparaît ainsi comme un mode de stabilisation. Notre ambition est d'évaluer les mérites respectifs des mécanismes de stabilisation automatique et de transferts directs qu'il peut impliquer. Notre démarche est théorique et s'inscrit dans le cadre d'un modèle stochastique, dynamique à deux pays et deux biens, à facteur travail immobile, avec incomplétude des marchés et une structure fiscale distorsive. Un système de transferts directs basé sur la position extérieure nette des pays apparaît seul susceptible d'assurer une mutualisation des risques. Cependant, ce résultat ne tient que dans la mesure où les ménages ne modifient pas leur comportement individuel d'accumulation de titres internationaux. [eng] Fiscal federalism and european stabilization. . The future European Union shed light on fiscal policies. We study in this article the ability of fiscal federalism to stabilize macroeconomic fluctuations. More particularly, we evaluate the stabilizing effects of automatic stabilizers and direct transfers at the federal budget level. This evaluation takes place in an intertemporal stochastic two-country model with incomplete markets. It appears that there exists a direct transfers rule between national and federal governments which allows households to share the risk implied by relative demand shocks. This result lies on the fact that households do not take into account this rule in their private decisions.

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Bibliographic Info

Article provided by Programme National Persée in its journal Revue économique.

Volume (Year): 48 (1997)
Issue (Month): 3 ()
Pages: 505-517

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Handle: RePEc:prs:reveco:reco_0035-2764_1997_num_48_3_409891

Note: DOI:10.2307/3502837
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Web page: http://www.persee.fr/web/revues/home/prescript/revue/reco

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