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Faut-il des règles de politique budgétaire ?

Author

Listed:
  • Catherine Mathieu
  • Henri Sterdyniak

Abstract

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

Suggested Citation

  • Catherine Mathieu & Henri Sterdyniak, 2012. "Faut-il des règles de politique budgétaire ?," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(7), pages 299-346.
    • Handle: RePEc:cai:reofsp:reof_126_0299
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    Citations

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    Cited by:

    1. Henri Sterdyniak, 2012. "Ramener à zéro le déficit public doit-il être l'objectif central de la politique économique ?," Sciences Po Economics Publications (main) hal-01024559, HAL.
    2. repec:spo:wpmain:info:hdl:2441/c6t1fl36hv9s7q89j8pa18291 is not listed on IDEAS
    3. Catherine Mathieu & Henri Sterdyniak, 2014. "Peut-on gérer la zone euro ?," Bulletin de l'Observatoire des politiques économiques en Europe, Observatoire des Politiques Économiques en Europe (OPEE), vol. 30(1), pages 3-9, June.
    4. Catherine Mathieu & Henri Sterdyniak, 2021. "Vers une réforme des règles budgétaires dans la zone euro ?," Sciences Po Economics Publications (main) hal-03474871, HAL.
    5. Mohammed Eddaou, 2022. "Economic diplomacy of developed countries and its impact on FDI flows to Morocco [La diplomatie économique des pays développés et son impact sur les flux des IDE au Maroc]," Post-Print hal-03625483, HAL.
    6. repec:spo:wpecon:info:hdl:2441/c6t1fl36hv9s7q89j8pa18291 is not listed on IDEAS
    7. Nomo Beyala, Bernard Clery & Fouda Owoundi, Jean Pierre, 2025. "The effects of fiscal rules on budget deficit: Does democracy matter?," Journal of Comparative Economics, Elsevier, vol. 53(1), pages 290-315.

    More about this item

    Keywords

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    JEL classification:

    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory

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