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Les comportements d'emprunt des régions françaises. Quel degré d'hétérogénéité ?

Author

Listed:
  • Gilles Dufrénot
  • Philippe Frouté
  • Christophe Schalck

Abstract

This paper provides empirical evidence of the heterogeneous borrowing behaviours of French regions, despite a common accountability constraint that forces them to balance their budget and to borrow only to finance investment expenditure (golden rule). To this end, we conduct a quantile regression analysis. The heterogeneity is very pronounced when the regions face a negative shock on debt, for instance a tightening of financial conditions. Our findings may be due to the fact that the Golden rule can be thought of as a « soft » rule if some local administrations believe that a financial rescue from the central government is automatic. Hence, in the French case the bailing-out hypothesis cannot be rejected. Classification JEL : H74, E62, K34, R5

Suggested Citation

  • Gilles Dufrénot & Philippe Frouté & Christophe Schalck, 2011. "Les comportements d'emprunt des régions françaises. Quel degré d'hétérogénéité ?," Revue économique, Presses de Sciences-Po, vol. 62(5), pages 919-940.
    • Handle: RePEc:cai:recosp:reco_625_0919
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    More about this item

    JEL classification:

    • H74 - Public Economics - - State and Local Government; Intergovernmental Relations - - - State and Local Borrowing
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • K34 - Law and Economics - - Other Substantive Areas of Law - - - Tax Law
    • R5 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Regional Government Analysis

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