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Faut-il des règles de politique budgétaire

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En raison de la crise des dettes publiques, les projets visant à instaurer des règles budgétaires sont revenus au premier plan. Le document analyse leurs justifications et les spécifications proposées, dans un cadre néo-classique, puis dans un cadre keynésien. Il n'y a aucune preuve que, au cours de la dernière période, les déficits publics ont été causés par de l’indiscipline fiscale et induit des taux d'intérêt trop élevés. Aucune des règles proposées n’est économiquement satisfaisante, c’est-à-dire capable d’indiquer la politique optimale face à tous les chocs. Le papier propose une analyse des expériences de règles budgétaires, nationales (comme la règle d'or au Royaume-Uni) ou européenne (comme le Pacte de stabilité et de croissance) ; il montre qu'ils n’ont pas fonctionné avant et pendant la crise. La dernière section discute du projet européen, le «nouveau pacte budgétaire », qui risque de paralyser les politiques budgétaires et d'empêcher la stabilisation économique. L'urgence aujourd'hui n'est pas d'augmenter la discipline des finances publiques, mais de remettre en question les évolutions économiques qui rendent les déficits publics nécessaires.

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Paper provided by Observatoire Francais des Conjonctures Economiques (OFCE) in its series Documents de Travail de l'OFCE with number 2012-07.

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Date of creation: Feb 2012
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Handle: RePEc:fce:doctra:1207

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Keywords: politique budgétaire; régles budgétaires;

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  1. Tabellini, Guido & Alesina, Alberto, 1990. "A Positive Theory of Fiscal Deficits and Government Debt," Scholarly Articles 3612769, Harvard University Department of Economics.
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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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