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Faut-il des règles de politique budgétaire ?

  • Catherine Mathieu
  • Henri Sterdyniak

The public finances crisis has brought binding fiscal rules proposals back to the forefront. The paper analyses their justifications and specifications, either in a classical or in a Keynesian framework. There is no evidence that public deficits were caused by fiscal indiscipline in recent years and induced excessive interest rates; there is no evidence that economically relevant rules can be designed. The paper provides an analysis of fiscal rules implemented either at country level (like the UK golden rule), or at the EU level (the Stability and Growth Pact). The paper shows that fiscal rules did not work before and during the crisis. The paper discusses the EU “Fiscal Pact”, which risks to paralyse fiscal policies and to prevent economic stabilisation. The priority today is not to strengthen public finance discipline but to question economic developments which make public deficits necessary to support output. JEL classification: E62

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Article provided by Presses de Sciences-Po in its journal Revue de l'OFCE.

Volume (Year): N° 126 (2012)
Issue (Month): 7 ()
Pages: 299-346

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Handle: RePEc:cai:reofsp:reof_126_0299
Contact details of provider: Web page: http://www.cairn.info/revue-de-l-ofce.htm

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  1. Catherine Mathieu & Henri Sterdyniak, 2009. "La globalisation financière en crise," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(3), pages 13-73.
  2. Yeva S. Nersisyan & L. Randall Wray, 2011. "Un excès de dette publique handicape-t-il réellement la croissance ?," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(1), pages 173-190.
  3. repec:dau:papers:123456789/11983 is not listed on IDEAS
  4. Simon Wren-Lewis & Lars Calmfors, 2011. "What should fiscal councils do?," Economics Series Working Papers 537, University of Oxford, Department of Economics.
  5. Doluca, Hasan & Hübner, Malte & Rumpf, Dominik & Weigert, Benjamin, 2012. "The European Redemption Pact: An illustrative guide," Working Papers 02/2012, German Council of Economic Experts / Sachverständigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung.
  6. Leeper, Eric M., 1991. "Equilibria under 'active' and 'passive' monetary and fiscal policies," Journal of Monetary Economics, Elsevier, vol. 27(1), pages 129-147, February.
  7. Catherine Mathieu & Henri Sterdyniak, 2003. "Réformer le Pacte de stabilité : l’état du débat," Sciences Po publications info:hdl:2441/1783, Sciences Po.
  8. Paul De Grauwe, 2012. "A Fragile Eurozone in Search of a Better Governance," The Economic and Social Review, Economic and Social Studies, vol. 43(1), pages 1–30.
  9. AfDB AfDB, . "AfDB Group Annual Report 2008," Annual Report, African Development Bank, number 64 edited by Koua Louis Kouakou, 11.
  10. Henri Sterdyniak, 2011. "Faut-il remettre en cause la politique familiale française ?," Post-Print hal-01024182, HAL.
  11. Charles Wyplosz, 2012. "Fiscal Rules: Theoretical Issues and Historical Experiences," NBER Working Papers 17884, National Bureau of Economic Research, Inc.
  12. Catherine Mathieu & Henri Sterdyniak, 2011. "Finances publiques, sorties de crise..," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(1), pages 17-60.
  13. repec:spo:wpecon:info:hdl:2441/5l6uh8ogmqildh09h61km0lko is not listed on IDEAS
  14. Simon Wren-Lewis, 2011. "Lessons From Failure: Fiscal Policy, Indulgence And Ideology," National Institute Economic Review, National Institute of Economic and Social Research, vol. 217(1), pages R31-R46, July.
  15. Alberto Alesina & Guido Tabellini, 1990. "A Positive Theory of Fiscal Deficits and Government Debt," Review of Economic Studies, Oxford University Press, vol. 57(3), pages 403-414.
  16. Bruno Ducoudré, 2005. "Politique budgétaire et taux d'intérêt," Revue de l'OFCE, Presses de Sciences-Po, vol. 95(4), pages 243-277.
  17. Eisner, Robert, 1989. "Budget Deficits: Rhetoric and Reality," Journal of Economic Perspectives, American Economic Association, vol. 3(2), pages 73-93, Spring.
  18. Thomas J. Sargent & Neil Wallace, 1981. "Some unpleasant monetarist arithmetic," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Fall.
  19. Catherine Mathieu & Henri Sterdyniak, 2011. "Finances publiques, sorties de crise…," Sciences Po publications info:hdl:2441/5l6uh8ogmqi, Sciences Po.
  20. Alberto Alesina & Roberto Perotti, 1995. "The Political Economy of Budget Deficits," IMF Staff Papers, Palgrave Macmillan, vol. 42(1), pages 1-31, March.
  21. repec:dau:papers:123456789/12010 is not listed on IDEAS
  22. Charles Wyplosz, 2011. "Fiscal Discipline: Rules Rather Than Institutions," National Institute Economic Review, National Institute of Economic and Social Research, vol. 217(1), pages R19-R30, July.
  23. Lars Calmfors, 2012. "Can the Eurozone Develop into a Well-functioning Fiscal Union?," CESifo Forum, Ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 13(1), pages 10-16, 04.
  24. Allen Schick, 2010. "Post-Crisis Fiscal Rules: Stabilising Public Finance while Responding to Economic Aftershocks," OECD Journal on Budgeting, OECD Publishing, vol. 10(2), pages 1-18.
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