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Les déficits publics en Europe: Causes, conséquences ou remèdes à la crise ?

Author

Listed:
  • Jérôme Creel
  • Henri Sterdyniak

    (Observatoire français des conjonctures économiques)

Abstract

La thèse selon laquelle la hausse des déficits et des dettes publics serait la cause essentielle du niveau élevé des taux d'intérêt réels n'a pas de sens dans la situation de demande insuffisante qu'a connue l'Europe depuis 1981. Cette hausse est apparue nécessaire pour soutenir l'activité et l'accumulation du capital, dans une situation où, du fait de la libéralisation financière, de la non-coordination des politiques monétaires, de l'indépendance des Banques centrales et des contraintes du SME, les États avaient perdu la maîtrise des taux d'intérêt. Retrou­ver cette maîtrise est l'enjeu crucial pour diminuer les taux d'intérêt réels, relancer la croissance, et donc réduire les dettes publiques.

Suggested Citation

  • Jérôme Creel & Henri Sterdyniak, 1995. "Les déficits publics en Europe: Causes, conséquences ou remèdes à la crise ?," Sciences Po publications info:hdl:2441/3161, Sciences Po.
    • Handle: RePEc:spo:wpmain:info:hdl:2441/3161
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    More about this item

    Keywords

    Déficit public; Dette publique; Politique monétaire; Croissance économique;
    All these keywords.

    JEL classification:

    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
    • H3 - Public Economics - - Fiscal Policies and Behavior of Economic Agents
    • H6 - Public Economics - - National Budget, Deficit, and Debt

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