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Que penser des propositions d'équilibre budgétaire ?


  • Patrick Artus


[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.

Suggested Citation

  • Patrick Artus, 2001. "Que penser des propositions d'équilibre budgétaire ?," Revue Économique, Programme National Persée, vol. 52(6), pages 1251-1278.
  • Handle: RePEc:prs:reveco:reco_0035-2764_2001_num_52_6_410383
    Note: DOI:10.3406/reco.2001.410383

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    References listed on IDEAS

    1. Pascal Belan & Philippe Michel & Pierre Pestieau, 1998. "Pareto-Improving Social Security Reform," The Geneva Risk and Insurance Review, Palgrave Macmillan;International Association for the Study of Insurance Economics (The Geneva Association), vol. 23(2), pages 119-125, December.
    2. Brunner, Johann K., 1996. "Transition from a pay-as-you-go to a fully funded pension system: The case of differing individuals and intragenerational fairness," Journal of Public Economics, Elsevier, vol. 60(1), pages 131-146, April.
    3. Gilles Saint-Paul, 1992. "Fiscal Policy in an Endogenous Growth Model," The Quarterly Journal of Economics, Oxford University Press, vol. 107(4), pages 1243-1259.
    4. Boadway, Robin & Marchand, Maurice & Pestieau, Pierre, 1991. "Pay-as-You-Go Social Security in a Changing Environment," Journal of Population Economics, Springer;European Society for Population Economics, vol. 4(4), pages 257-280, November.
    5. Homburg, Stefan, 1990. "The Efficiency of Unfunded Pension Schemes," EconStor Open Access Articles, ZBW - German National Library of Economics, pages 640-647.
    6. Breyer, Friedrich & Straub, Martin, 1993. "Welfare effects of unfunded pension systems when labor supply is endogenous," Journal of Public Economics, Elsevier, vol. 50(1), pages 77-91, January.
    7. Marchand, Maurice & Michel, Philippe & Pestieau, Pierre, 1996. "Intergenerational transfers in an endogenous growth model with fertility changes," European Journal of Political Economy, Elsevier, vol. 12(1), pages 33-48, April.
    8. Peters, Wolfgang, 1991. "Public Pensions in Transition: An Optimal Policy Path," Journal of Population Economics, Springer;European Society for Population Economics, vol. 4(2), pages 155-175, May.
    9. Martin Feldstein, 1998. "Privatizing Social Security," NBER Books, National Bureau of Economic Research, Inc, number feld98-1, January.
    10. Martin Feldstein, 1998. "Introduction to "Privatizing Social Security"," NBER Chapters,in: Privatizing Social Security, pages 1-29 National Bureau of Economic Research, Inc.
    11. Brunner, Johann K., 1993. "Redistribution and the efficiency of the pay-as-you-go pension system," Discussion Papers, Series I 265, University of Konstanz, Department of Economics.
    12. Martin Feldstein & Andrew Samwick, 1998. "The Transition Path in Privatizing Social Security," NBER Chapters,in: Privatizing Social Security, pages 215-264 National Bureau of Economic Research, Inc.
    13. BELAN, Pascal & MICHEL, Philippe & PESTIEAU, Pierre, 1996. "Pareto improving social security reform with endogenous growth," CORE Discussion Papers 1996057, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
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