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Soutenabilité des finances publiques et gestion actif/passif de l'Etat

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  • Benoît Cœuré
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    [eng] This article advocates a more effective mechanism for assessing fiscal sustainability in medium-term budgetary policymaking. While national accounting systems have introduced the concept of « net value » of governments, we shall present a concept of « net wealth » reflecting balance sheet and off-balance-sheet items. We shall then examine the possible objectives of long-term fiscal management: fiscal sustainability, off-balance-sheet risk provisioning, and asset/liability management in a given revenue and expenditure scenario. Last, we shall consider the specific imperatives related to membership in the European economic and monetary union. [fre] Cet article propose de mieux intégrer les enjeux de soutenabilité intertemporelle dans la définition des politiques publiques, en particulier dans la programmation budgétaire pluriannuelle. Les progrès de la comptabilité nationale ont permis de définir la notion de valeur nette du patrimoine de l'Etat ; on propose ici la notion plus large de richesse nette qui prend en compte les avoirs et les engagements hors-bilan. On discute alors la perspective d'une gestion actif/passif du bilan de l'Etat qui intégrerait ces enjeux et on présente l'état de la réflexion européenne sur ces questions.

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    Article provided by Programme National Persée in its journal Revue française d'économie.

    Volume (Year): 16 (2002)
    Issue (Month): 3 ()
    Pages: 63-90

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    Handle: RePEc:prs:rfreco:rfeco_0769-0479_2002_num_16_3_1514
    Note: DOI:10.3406/rfeco.2002.1514
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    1. Barro, Robert J, 1974. "Are Government Bonds Net Wealth?," Journal of Political Economy, University of Chicago Press, vol. 82(6), pages 1095-1117, Nov.-Dec..
    2. Kenneth A. Froot, 1999. "Introduction to "The Financing of Catastrophe Risk"," NBER Chapters,in: The Financing of Catastrophe Risk, pages 1-22 National Bureau of Economic Research, Inc.
    3. Kenneth A. Froot, 1999. "The Financing of Catastrophe Risk," NBER Books, National Bureau of Economic Research, Inc, number froo99-1, November.
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