IDEAS home Printed from https://ideas.repec.org/
MyIDEAS: Login to save this article or follow this journal

Les déficits publics en Europe. Causes, conséquences ou remèdes à la crise ?

  • Henri Sterdyniak
  • Jérôme Creel

[eng] Public deficits in europe : causes, consequences, or remedies to the crisis ?. The view according to which the growth of public deficits and debts in Europe would be the primary cause for high real interest rates is of little sense in the low-demand context Europe has experienced since 1981. The growth of public deficits appeared necessary to support the level of activity and capital accumulation in situation in which govern ments had lost control over interest rates because of financial liberalization non coope rative monetary policies Central Banks independence and constraints due to the EMS Recovering this control is at stake to lower real interest rates boost growth and thus reduce public debts [fre] La thèse selon laquelle la hausse des déficits et des dettes publics serait la cause essentielle du niveau élevé des taux d'intérêt réels n'a pas de sens dans la situation de demande insuffisante qu'a connue l'Europe depuis 1981. Cette hausse est apparue nécessaire pour soutenir l'activité et l'accumulation du capital, dans une situation où, du fait de la libéralisation financière, de la non-coordination des politiques monétaires, de l'indépendance des Banques centrales et des contraintes du SME, les États avaient perdu la maîtrise des taux d'intérêt. Retrou­ver cette maîtrise est l'enjeu crucial pour diminuer les taux d'intérêt réels, relancer la croissance, et donc réduire les dettes publiques.

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL: http://www.persee.fr/web/revues/home/prescript/article/reco_0035-2764_1995_num_46_3_409674
Download Restriction: Data and metadata provided by Persée are licensed under a Creative Commons "Attribution-Noncommercial-Share Alike 3.0" License http://creativecommons.org/licenses/by-nc-sa/3.0/

File URL: http://www.persee.fr/articleAsPDF/reco_0035-2764_1995_num_46_3_409674/reco_0035-2764_1995_num_46_3_409674.pdf?mode=light
Download Restriction: Data and metadata provided by Persée are licensed under a Creative Commons "Attribution-Noncommercial-Share Alike 3.0" License http://creativecommons.org/licenses/by-nc-sa/3.0/

As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.

Article provided by Programme National Persée in its journal Revue économique.

Volume (Year): 46 (1995)
Issue (Month): 3 ()
Pages: 645-656

as
in new window

Handle: RePEc:prs:reveco:reco_0035-2764_1995_num_46_3_409674
Note: DOI:10.2307/3502412
Contact details of provider: Web page: http://www.persee.fr/web/revues/home/prescript/revue/reco

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

as in new window
  1. Henri Delessy & Frédéric Lerais & Sébastien Paris-Horvitz & Henri Sterdyniak, 1993. "Après Maastricht : quelles politiques économiques en Europe ?," Sciences Po publications info:hdl:2441/5289, Sciences Po.
  2. James D. Hamilton & Marjorie A. Flavin, 1985. "On the Limitations of Government Borrowing: A Framework for Empirical Testing," NBER Working Papers 1632, National Bureau of Economic Research, Inc.
  3. Christ, Carl F, 1979. "On Fiscal and Monetary Policies and the Government Budget Restraint," American Economic Review, American Economic Association, vol. 69(4), pages 526-38, September.
  4. A. Lans Bovenberg & Jeroen J. M. Kremers & Paul R. Masson, 1991. "Economic and Monetary Union in Europe and Constraints on National Budgetary Policies," IMF Staff Papers, Palgrave Macmillan, vol. 38(2), pages 374-398, June.
  5. Bharat Trehan & Carl E. Walsh, 1988. "Testing intertemporal budget constraints: theory and applications to U. S. federal budget and current account deficits," Working Papers in Applied Economic Theory 88-03, Federal Reserve Bank of San Francisco.
  6. Bharat Trehan & Carl E. Walsh, 1987. "Common trends, the government's budget constraint, and revenue smoothing," Working Papers in Applied Economic Theory 87-11, Federal Reserve Bank of San Francisco.
  7. G. A. Mackenzie, 1989. "Are All Summary Indicators of the Stance of Fiscal Policy Misleading?," IMF Staff Papers, Palgrave Macmillan, vol. 36(4), pages 743-770, December.
  8. Luigi Spaventa, 1987. "The Growth of Public Debt: Sustainability, Fiscal Rules, and Monetary Rules," IMF Staff Papers, Palgrave Macmillan, vol. 34(2), pages 374-399, June.
  9. Blejer, Mario I & Cheasty, Adrienne, 1991. "The Measurement of Fiscal Deficits: Analytical and Methodological Issues," Journal of Economic Literature, American Economic Association, vol. 29(4), pages 1644-78, December.
  10. Claude Giorno & Pete Richardson & Deborah Roseveare & Paul van den Noord, 1995. "Estimating Potential Output, Output Gaps and Structural Budget Balances," OECD Economics Department Working Papers 152, OECD Publishing.
  11. Henri Sterdyniak & Michèle Debonneuil, 1984. "La boucle prix-salaires dans l'inflation," Revue Économique, Programme National Persée, vol. 35(2), pages 267-312.
  12. Peter S. Spiro, 1987. "The Elusive Effect of Fiscal Deficits on Interest Rates: Comment on Tanzi," IMF Staff Papers, Palgrave Macmillan, vol. 34(2), pages 400-403, June.
  13. David W. Wilcox, 1987. "The substainability of government deficits: implications of the present- value borrowing constraint," Working Paper Series / Economic Activity Section 77, Board of Governors of the Federal Reserve System (U.S.).
  14. repec:cai:reofsp:reof_p1990_33n1_0155 is not listed on IDEAS
  15. de Haan, Jakob & Siermann, Clemens L J, 1993. "The Intertemporal Government Budget Constraint: An Application for the Netherlands," Public Finance = Finances publiques, , vol. 48(2), pages 243-49.
  16. Giovannini, Alberto & Spaventa, Luigi, 1991. "Fiscal Rules in the European Monetary Union: A No-Entry Clause," CEPR Discussion Papers 516, C.E.P.R. Discussion Papers.
  17. Infante, Ettore F. & Stein, Jerome L., 1976. "Does fiscal policy matter?," Journal of Monetary Economics, Elsevier, vol. 2(4), pages 473-500, November.
  18. Phelps, Edmund S., 1990. "Seven Schools of Macroeconomic Thought," OUP Catalogue, Oxford University Press, number 9780198283331, March.
  19. Buiter, W.H., 1992. "Should we Worry About the Fiscal Numerology of Maastricht?," Papers 654, Yale - Economic Growth Center.
  20. Olivier Jean Blanchard, 1990. "Suggestions for a New Set of Fiscal Indicators," OECD Economics Department Working Papers 79, OECD Publishing.
  21. Eric Jondeau, 1992. "La soutenabilité de la politique budgétaire," Économie et Prévision, Programme National Persée, vol. 104(3), pages 1-17.
  22. Charles Wyplosz, 1990. "Les implications budgétaires de l'union monétaire," Revue de l'OFCE, Programme National Persée, vol. 33(1), pages 155-173.
  23. Thomas J. Sargent & Neil Wallace, 1981. "Some unpleasant monetarist arithmetic," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Fall.
  24. Eisner, Robert, 1984. "Which Budget Deficit? Some Issues of Measurement and Their Implications," American Economic Review, American Economic Association, vol. 74(2), pages 138-43, May.
  25. Blinder, Alan S. & Solow, Robert M., 1976. "Does fiscal policy still matter? : A reply," Journal of Monetary Economics, Elsevier, vol. 2(4), pages 501-510, November.
  26. Evans, Paul, 1985. "Do Large Deficits Produce High Interest Rates?," American Economic Review, American Economic Association, vol. 75(1), pages 68-87, March.
  27. de Haan, J. & Sierman, C.L.J., 1993. "The Intertemporal Government Budget Constraint: A Review and Application for the Netherlands," Papers 556, Groningen State, Institute of Economic Research-.
  28. Eisner, Robert & Pieper, Paul J, 1986. "A New View of the Federal Debt and Budget Deficits: Reply," American Economic Review, American Economic Association, vol. 76(5), pages 1156-57, December.
  29. de Leeuw, Frank & Holloway, Thomas M, 1985. "The Measurement and Significance of the Cyclically Adjusted Federal Budget and Debt," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 17(2), pages 232-42, May.
Full references (including those not matched with items on IDEAS)

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

When requesting a correction, please mention this item's handle: RePEc:prs:reveco:reco_0035-2764_1995_num_46_3_409674. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Equipe PERSEE)

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.

This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.