Que penser des propositions d'équilibre budgétaire ?
The balanced budget proposal which has been done in the United States, and which also appears in the Stability Pact devised for the Monetary Union in Europe, leads, in the long run, to a disappearance of the stock of public debt. We show that the absence of public debt is perhaps not an optimal situation, for a variety of reasons: over accumulation of capital, inefficient fiscal transfers, between generations, insufficient diversification of savings where the return on productive capital is uncertain. We also examine the role of the nature of the tax system in the determination of these results. Classification JEL : H62-H63
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