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Les grands équilibres économiques de la zone euro


  • Fabrice Pansard


[eng] Macroeconomic and Financial Balances in the Euro Zone . This paper presents the macroeconomic and financial balances in the euro zone at the end of the years ninety. The stability of the saving rate in the euro zone and the light increase of its investment rate implied during the last years a continuous degradation of the current account. This almost balanced position distinguishes sharply from those of the United States and from Japan. The financial account in the euro zone presents on the other hand some weakened characteristics, more exactly important capital outflows with regard to direct investments and the purchases of shares. The paper ends with some perspectives of long term : the demographic ageing should not modify the volume of saving in the euro zone ; on the other hand, the financial innovation, by allowing a bigger exhibition of the financial assets towards share markets, could exercise a more significant influence (wealth effect). . JEL classifications : E10, E20 [fre] Cet article présente les équilibres macroéconomiques et financiers de la zone euro à la fin des années 1990. La stabilité du taux d’épargne de la zone euro et la légère augmentation de son taux d’investissement se sont traduites par une dégradation continue du compte courant. Cette position quasiment équilibrée se distingue nettement de celles des États-Unis et du Japon. Le compte financier de la zone euro présente en revanche des caractéristiques préoccupantes, en particulier des sorties importantes de capital au titre des investissements directs et des achats d’actions. Le papier s’achève sur des perspectives de long terme : le vieillissement démographique ne devrait pas impacter le volume d’épargne dégagé par les ménages de la zone euro ; en revanche, le rôle de l’innovation financière pourrait exercer une influence significative. . Classification JEL : E10, E20

Suggested Citation

  • Fabrice Pansard, 2001. "Les grands équilibres économiques de la zone euro," Revue d'Économie Financière, Programme National Persée, vol. 64(4), pages 29-43.
  • Handle: RePEc:prs:recofi:ecofi_0987-3368_2001_num_64_4_4947
    Note: DOI:10.3406/ecofi.2001.4947

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    References listed on IDEAS

    1. Bruno Séjourné & Michel Boutillier & Fabrice Pansard, 2001. "Les conséquences du vieillissement démographique sur l'épargne des ménages en France," Revue Française d'Économie, Programme National Persée, vol. 16(1), pages 51-77.
    2. Allen, Franklin & Santomero, Anthony M., 2001. "What do financial intermediaries do?," Journal of Banking & Finance, Elsevier, vol. 25(2), pages 271-294, February.
    3. James M. Poterba, 2000. "Stock Market Wealth and Consumption," Journal of Economic Perspectives, American Economic Association, vol. 14(2), pages 99-118, Spring.
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    JEL classification:

    • E10 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - General
    • E20 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)
    • E10 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - General
    • E20 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)


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