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Quelles leçons de l’histoire ? ou comment faire face aux fortes augmentations de dette publique ?

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  • Vincent Bignon

    (CEPR - Center for Economic Policy Research - CEPR, AMSE - Aix-Marseille Sciences Economiques - EHESS - École des hautes études en sciences sociales - AMU - Aix Marseille Université - ECM - École Centrale de Marseille - CNRS - Centre National de la Recherche Scientifique, Centre de recherche de la Banque de France - Banque de France)

  • Pierre Sicsic

    (Centre de recherche de la Banque de France - Banque de France)

Abstract

How have societies coped with large increases in public debt? in the European history of the last three centuries, these moments have occurred mainly during and after wars, with the notable exception of the end of the 19th century and the end of the 20th century. these increases have had contrasting consequences both in terms of macroeconomic consequences and in terms of the solutions implemented to reduce these debt bumps. a distinctive element between these 20th century episodes and those of the 18th and 19th centuries was the use of financial engineering to smooth out the debt jumps, making it possible to "buy the time" necessary, in any post-war period, to restore macroeconomic equilibrium.

Suggested Citation

  • Vincent Bignon & Pierre Sicsic, 2022. "Quelles leçons de l’histoire ? ou comment faire face aux fortes augmentations de dette publique ?," Post-Print hal-03995219, HAL.
    • Handle: RePEc:hal:journl:hal-03995219
    DOI: 10.3917/ecofi.146.0041
    Note: View the original document on HAL open archive server: https://amu.hal.science/hal-03995219
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    References listed on IDEAS

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    More about this item

    JEL classification:

    • N13 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: Pre-1913
    • N14 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: 1913-
    • N40 - Economic History - - Government, War, Law, International Relations, and Regulation - - - General, International, or Comparative

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