Que penser des propositions d'équilibre budgétaire ?
[fre] Que penser des propositions d'équilibre budgétaire ? La proposition d'équilibre budgétaire qui a été faite aux États-Unis et qui est contenue dans le Pacte de Stabilité de l'Union monétaire en Europe conduit, à long terme, à faire disparaître la dette publique. Nous montrons qu'un niveau nul de dette publique n'est peut être pas optimal, pour diverses raisons : suraccumulation de capital, transferts fiscaux inefficaces entre générations, mauvaise diversification de l'épargne lorsque le rendement du capital productif est incertain. Nous examinons aussi le rôle de la nature du système fiscal dans l'obtention de ces résultats. [eng] Are the balanced budget proposals sensible? The balanced budget proposal which has been done in the United States, and which also appears in the Stability Pact devised for the Monetary Union in Europe, leads, in the long run, to a disappearance of the stock of public debt. We show that the absence of public debt is perhaps not an optimal situation, for a variety of reasons: over accumulation of capital, inefficient fiscal transfers, between generations, insufficient diversification of savings where the return on productive capital is uncertain. We also examine the role of the nature of the tax system in the determination of these results.
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Volume (Year): 52 (2001)
Issue (Month): 6 ()
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