IDEAS home Printed from https://ideas.repec.org/a/prs/reveco/reco_0035-2764_1996_num_47_3_409786.html
   My bibliography  Save this article

Multiplicité des taux d'endettement d'équilibre et effets d'hystérésis

Author

Listed:
  • Christophe Tavéra
  • Isabelle Cadoret
  • Claude Jessua

Abstract

[fre] Lorsque la dynamique du taux d'endettement est analysée à partir d'une ver­sion linéaire de la contrainte budgétaire de l'état avec taux d'intérêt exogène, le résultat standard est que la dynamique du ratio dette/PIB est stable (resp. insta­ble) lorsque le taux d'intérêt est inférieur (resp. supérieur) au taux de croissance du PIB. Dans cet article, nous proposons de réexaminer la dynamique du taux d'endettement sous l'hypothèse que le taux d'intérêt est une fonction croissante du ratio dette/PIB. Selon la forme de cette fonction, il apparaît alors une multipli­cité d'équilibres du taux d'endettement ainsi que la possibilité d'effets d'hystérésis dans la dynamique du taux d'endettement d'équilibre. [eng] In this article, we analyze the dynamics of the debt-income ratio when the inte­rest rate is an increasing function of this ratio. Within such a framework, we show that the equilibrium debt-income ratios are multiple and that their dynamics can exhbit hysteresis effect. An empirical illustration permits to show how these theo­retical results can be used to show that the 60 % debt-income ratio imposed by the Maastricht Treaty may be inadequate.

Suggested Citation

  • Christophe Tavéra & Isabelle Cadoret & Claude Jessua, 1996. "Multiplicité des taux d'endettement d'équilibre et effets d'hystérésis," Revue Économique, Programme National Persée, vol. 47(3), pages 499-509.
    • Handle: RePEc:prs:reveco:reco_0035-2764_1996_num_47_3_409786
    DOI: 10.3406/reco.1996.409786
    Note: DOI:10.3406/reco.1996.409786
    as

    Download full text from publisher

    File URL: https://doi.org/10.3406/reco.1996.409786
    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: https://www.persee.fr/doc/reco_0035-2764_1996_num_47_3_409786
    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: https://libkey.io/10.3406/reco.1996.409786?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Persson, Torsten, 1985. "Deficits and intergenerational welfare in open economies," Journal of International Economics, Elsevier, vol. 19(1-2), pages 67-84, August.
    2. Olivier J. Blanchard, 1991. "Current and Anticipated Deficits, Interest Rates and Economic Activity," NBER Chapters, in: International Volatility and Economic Growth: The First Ten Years of The International Seminar on Macroeconomics, pages 361-390, National Bureau of Economic Research, Inc.
    3. Trehan, Bharat & Walsh, Carl E, 1991. "Testing Intertemporal Budget Constraints: Theory and Applications to U.S. Federal Budget and Current Account Deficits," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 23(2), pages 206-223, May.
    4. Svend Erik Hougaard Jensen, "undated". "Debt Reduction, Wage Formation and Intergenerational Welfare," EPRU Working Paper Series 95-12, Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics.
    5. 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.
    6. Hamilton, James D & Flavin, Marjorie A, 1986. "On the Limitations of Government Borrowing: A Framework for EmpiricalTesting," American Economic Review, American Economic Association, vol. 76(4), pages 808-819, September.
    7. Olivier Jean Blanchard & Stanley Fischer, 1989. "Lectures on Macroeconomics," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262022834, December.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Jakob Korbinian Eberl, 2016. "The Collateral Framework of the Eurosystem and Its Fiscal Implications," ifo Beiträge zur Wirtschaftsforschung, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, number 69.
    2. Francesco Mongelli, 1999. "The Effects of the European Economic and Monetary Union (EMU) on National Fiscal Sustainability," Open Economies Review, Springer, vol. 10(1), pages 31-61, February.
    3. Stefan Collignon, 2010. "Fiscal Policy Rules and the Sustainability of Public Debt in Europe," RECON Online Working Papers Series 28, RECON.
    4. repec:hal:spmain:info:hdl:2441/3161 is not listed on IDEAS
    5. Markus Reischmann, 2016. "Empirical Studies on Public Debt and Fiscal Transfers," ifo Beiträge zur Wirtschaftsforschung, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, number 63.
    6. Niklas Potrafke & Markus Reischmann, 2015. "Fiscal Transfers and Fiscal Sustainability," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 47(5), pages 975-1005, August.
    7. Jérôme Creel & Henri Sterdyniak, 1995. "Les déficits publics en Europe," SciencePo Working papers Main hal-03458224, HAL.
    8. repec:hal:spmain:info:hdl:2441/2965 is not listed on IDEAS
    9. Jérôme Creel & Henri Sterdyniak, 1995. "Les déficits publics en Europe : causes, conséquences ou remèdes à la crise ?," Revue de l'OFCE, Programme National Persée, vol. 54(1), pages 57-100.
    10. Pastén, Roberto & Cover, James P., 2015. "Tax tilting and politics: Some theory and evidence for Latin America," Journal of Macroeconomics, Elsevier, vol. 44(C), pages 208-218.
    11. Francisco de Castro & José M. González-Páramo & Pablo Hernández de Cos, 2001. "Evaluating the dynamics of fiscal policy in Spain: patterns of interdependence and consistency of public expenditure and revenues," Working Papers 0103, Banco de España.
    12. Alberto Bagnai, 2004. "Keynesian And Neoclassical Fiscal Sustainability Indicators, With Applications To Emu Member Countries," Public Economics 0411005, University Library of Munich, Germany.
    13. Alfred Greiner & Uwe Koeller & Willi Semmler, 2005. "Testing Sustainability of German Fiscal Policy. Evidence for the Period 1960 – 2003," CESifo Working Paper Series 1386, CESifo.
    14. Green, Christopher J. & Holmes, Mark J. & Kowalski, Tadeusz, 2001. "Poland: a successful transition to budget sustainability?," Emerging Markets Review, Elsevier, vol. 2(2), pages 161-183, June.
    15. Stefan Collignon, 2012. "Fiscal Policy Rules And The Sustainability Of Public Debt In Europe," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 53(2), pages 539-567, May.
    16. Mariusz Jarmuzek, 2005. "Are the EU new member states fiscally sustainable? An empirical analysis," UCL SSEES Economics and Business working paper series 51, UCL School of Slavonic and East European Studies (SSEES).
    17. Campos, Eduardo Lima & Cysne, Rubens Penha, 2017. "A time-varying fiscal reaction function for Brazil," FGV EPGE Economics Working Papers (Ensaios Economicos da EPGE) 795, EPGE Brazilian School of Economics and Finance - FGV EPGE (Brazil).
    18. Bajo-Rubio, Oscar & Díaz-Roldán, Carmen & Esteve, Vicente, 2014. "Deficit sustainability, and monetary versus fiscal dominance: The case of Spain, 1850–2000," Journal of Policy Modeling, Elsevier, vol. 36(5), pages 924-937.
    19. Onel, Gulcan & Utkulu, Utku, 2006. "Modeling the long-run sustainability of Turkish external debt with structural changes," Economic Modelling, Elsevier, vol. 23(4), pages 669-682, July.
    20. Anton Velinov, 2014. "Assessing the Sustainability of Government Debt: On the Different States of the Debt/GDP Process," Discussion Papers of DIW Berlin 1359, DIW Berlin, German Institute for Economic Research.
    21. Munawar-Shah, Syed & Abdul-Majid, Mariani & Hussain-Shah, Syed, 2014. "Assessing Fiscal Sustainability for SAARC and IMT-GT Countries," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 5(2), pages 26-40.
    22. Borgersen, Trond-Arne & King, Roswitha M., 2014. "Structural origins of debt-sustainability in mature and transition economies: Domar, Balassa–Samuelson and Maastricht," Structural Change and Economic Dynamics, Elsevier, vol. 30(C), pages 101-119.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:prs:reveco:reco_0035-2764_1996_num_47_3_409786. See general information about how to correct material in RePEc.

    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 CitEc recognized a bibliographic reference but did not link an item in RePEc 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 RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Equipe PERSEE (email available below). General contact details of provider: https://www.persee.fr/collection/reco .

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

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.