IDEAS home Printed from https://ideas.repec.org/a/voj/journl/v61y2014i1p1-19id361.html
   My bibliography  Save this article

French Public Finances at Risk?

Author

Listed:
  • Jérôme Creel
  • Paul Hubert
  • Francesco Saraceno

Abstract

Using descriptive evidence, this paper contributes to the debate on French public finances’ consolidation by examining the long-term sustainability of France’s fiscal position. We trace the historical trends of government’s tax receipts and expenditures. We illustrate that while the level of public expendi- ture in France is larger than in the Euro Area, its trend is comparable to its neighbours. French net debt is comparable to Eurozone’s while French net wealth remains positive. However, the French tax system is not progressive with only 6% of compulsory levies raised that way, and too complex. The paper then acknowledges the efficient debt management of French authorities. As a conclusion, we see no risk of future unsustainability linked to the nature or the level of current French public finances. Key words: Deficits, Debts, Debt management, Taxation.JEL: E62, E63, H61, H68.

Suggested Citation

  • Jérôme Creel & Paul Hubert & Francesco Saraceno, 2014. "French Public Finances at Risk?," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 61(1), pages 1-19.
    • Handle: RePEc:voj:journl:v:61:y:2014:i:1:p:1-19:id:361
    as

    Download full text from publisher

    File URL: https://panoeconomicus.org/index.php/jorunal/article/view/361/345
    Download Restriction: no
    ---><---

    Other versions of this item:

    References listed on IDEAS

    as
    1. Alan J. Auerbach & Yuriy Gorodnichenko, 2012. "Measuring the Output Responses to Fiscal Policy," American Economic Journal: Economic Policy, American Economic Association, vol. 4(2), pages 1-27, May.
    2. Creel, Jérôme & Hubert, Paul & Saraceno, Francesco, 2013. "An assessment of the Stability and Growth Pact reform in a small-scale macro-framework," Journal of Economic Dynamics and Control, Elsevier, vol. 37(8), pages 1567-1580.
    3. Jean‐Paul Fitoussi & Francesco Saraceno, 2008. "Fiscal Discipline as a Social Norm: The European Stability Pact," Journal of Public Economic Theory, Association for Public Economic Theory, vol. 10(6), pages 1143-1168, December.
    4. repec:hal:wpspec:info:hdl:2441/9909 is not listed on IDEAS
    5. repec:hal:spmain:info:hdl:2441/9909 is not listed on IDEAS
    6. repec:hal:spmain:info:hdl:2441/5l6uh8ogmqildh09h61k5ih10 is not listed on IDEAS
    7. Camille Landais & Thomas Piketty & Emmanuel Saez, 2011. "Pour une révolution fiscale : un impôt sur le revenu pour le XXIe siècle," Post-Print halshs-00754907, HAL.
    8. Jérôme Creel & Éric Heyer & Mathieu Plane, 2011. "Petit précis de politique budgétaire par tous les temps. Les multiplicateurs budgétaires au cours du cycle," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(1), pages 61-88.
    9. Angelos A. Antzoulatos, 2012. "Policy Responses to the European Debt Crisis Treating the “Symptoms†or the “Disease†?," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 59(5), pages 529-552, December.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Taner Turan & Mesut Karakas & Halit Yanikkaya, 2014. "Tax Smoothing Hypothesis: A Turkish Case," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 61(4), pages 487-501, September.

    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. repec:hal:spmain:info:hdl:2441/43qlvlnn229e3958k9p2vt35kq is not listed on IDEAS
    2. Jérôme Creel & Paul Hubert & Francesco Saraceno, 2014. "French Public Finances at Risk?," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 61(1), pages 1-19, Februar.
    3. repec:hal:wpspec:info:hdl:2441/f6h8764enu2lskk9p5488g8pn is not listed on IDEAS
    4. Jérôme Creel & Paul Hubert & Francesco Saraceno, 2013. "Assessing future sustainability of french public finances," Sciences Po publications 2013-11, Sciences Po.
    5. repec:hal:spmain:info:hdl:2441/f6h8764enu2lskk9p5488g8pn is not listed on IDEAS
    6. repec:spo:wpecon:info:hdl:2441/f6h8764enu2lskk9p5488g8pn is not listed on IDEAS
    7. Christophe Blot & Marion Cochard & Jérôme Creel & Bruno Ducoudré & Danielle Schweisguth & Xavier Timbeau, 2014. "Is There an Alternative Strategy for Reducing Public Debt by 2032?," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 61(1), pages 39-57.
    8. repec:hal:spmain:info:hdl:2441/eul7jlnf19iq8tdp0vlfv63n5 is not listed on IDEAS
    9. Francesco Saraceno, 2017. "Rethinking fiscal policy : lessons from the european monetary union," Sciences Po publications 219, Sciences Po.
    10. Christophe Blot & Marion Cochard & Jérôme Creel & Bruno Ducoudré & Danielle Schweisguth & Xavier Timbeau, 2014. "Is There an Alternative Strategy for Reducing Public Debt by 2032?," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 61(1), pages 39-57, Februar.
    11. repec:hal:spmain:info:hdl:2441/6fiderh62j8n1au8s8acc66css is not listed on IDEAS
    12. Francesco Saraceno, 2017. "Rethinking fiscal policy : lessons from the european monetary union," Working Papers hal-03457591, HAL.
    13. repec:hal:spmain:info:hdl:2441/f4rshpf3v1umfa09la925h1i9 is not listed on IDEAS
    14. repec:hal:wpspec:info:hdl:2441/f4rshpf3v1umfa09l92ah01s1 is not listed on IDEAS
    15. Christophe Blot & Marion Cochard & Jérôme Creel & Bruno Ducoudré & Danielle Schweisguth & Xavier Timbeau, 2014. "Fiscal Consolidation, Public Debt and Output Dynamics in the Euro Area: lessons from a simple model with time-varying fiscal multipliers," Revue d'économie politique, Dalloz, vol. 124(6), pages 953-989.
    16. repec:hal:spmain:info:hdl:2441/5rnlf639ie8pcbhohrk7dr9haa is not listed on IDEAS
    17. Xavier Timbeau, 2012. "La débâcle de l'austérité. Perspectives 2012-2013 pour l'économie mondiale," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(6), pages 9-42.
    18. repec:hal:spmain:info:hdl:2441/f4rshpf3v1umfa09l92ah01s1 is not listed on IDEAS
    19. Christophe Blot & Marion Cochard & Jérôme Creel & Bruno Ducoudré & Danielle Schweisguth & Xavier Timbeau, 2014. "Fiscal consolidation in times of crisis: is the sooner really the better?," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(1), pages 159-192.
    20. repec:hal:spmain:info:hdl:2441/5lup9cglk297n859jlfvqeji2r is not listed on IDEAS
    21. Xavier Timbeau, 2012. "La débâcle de l'austérité. Perspectives 2012-2013," SciencePo Working papers Main hal-03473953, HAL.
    22. Jérôme Creel, 2021. "Establishing a Fiscal Dialogue in Europe," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 63(3), pages 339-355, September.
    23. Francesco Saraceno, 2017. "Rethinking fiscal policy : lessons from the european monetary union," SciencePo Working papers Main hal-03457591, HAL.
    24. G. Cléaud & M. Lemoine & P.-A. Pionnier, 2013. "Which size and evolution of the government expenditure multiplier in France (1980-2010)?," Documents de Travail de l'Insee - INSEE Working Papers g2013-15, Institut National de la Statistique et des Etudes Economiques.
    25. Xavier Timbeau, 2012. "La débâcle de l'austérité: Perspectives 2012-2013," Sciences Po publications info:hdl:2441/f4rshpf3v1u, Sciences Po.
    26. repec:spo:wpecon:info:hdl:2441/f4rshpf3v1umfa09la925h1i9 is not listed on IDEAS
    27. Xavier Timbeau & Christophe Blot & Marion Cochard & Bruno Ducoudre & Eric Heyer & Catherine Mathieu & Hervé Péléraux & Mathieu Plane & Christine Rifflart & Danielle Schweisguth & Amel Falah & Céline A, 2012. "La débacle de l'austérité : perspectives économiques 2012 2013 pour l'économie mondiale," SciencePo Working papers Main hal-01024599, HAL.
    28. Gilles Le Garrec & Vincent Touzé, 2020. "Le multiplicateur d'investissement public," SciencePo Working papers Main hal-03370444, HAL.
    29. Sébastien Charles & Thomas Dallery & Jonathan Marie, 2015. "Why the Keynesian Multiplier Increases During Hard Times: A Theoretical Explanation Based on Rentiers' Saving Behaviour," Metroeconomica, Wiley Blackwell, vol. 66(3), pages 451-473, July.
    30. Gilles Le Garrec & Vincent Touzé, 2020. "Le multiplicateur d'investissement public," Working Papers hal-03370444, HAL.
    31. repec:hal:wpspec:info:hdl:2441/f4rshpf3v1umfa09la925h1i9 is not listed on IDEAS
    32. Charles, Sébastien, 2019. "Le multiplicateur budgétaire endogène au cycle dans un modèle macroéconomique post-keynésien [The state-dependent fiscal Multiplier in a Post-Keynesian Macroeconomic Model]," Revue de la Régulation - Capitalisme, institutions, pouvoirs, Association Recherche et Régulation, vol. 26.
    33. repec:spo:wpecon:info:hdl:2441/f4rshpf3v1umfa09l92ah01s1 is not listed on IDEAS
    34. Creel, Jérôme & Hubert, Paul & Saraceno, Francesco, 2012. "The European Fiscal Compact: A Counterfactual Assessment," Journal of Economic Integration, Center for Economic Integration, Sejong University, vol. 27, pages 537-563.

    More about this item

    Keywords

    Deficits; Debts; Debt management; Taxation;
    All these keywords.

    JEL classification:

    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
    • H61 - Public Economics - - National Budget, Deficit, and Debt - - - Budget; Budget Systems
    • H68 - Public Economics - - National Budget, Deficit, and Debt - - - Forecasts of Budgets, Deficits, and Debt

    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:voj:journl:v:61:y:2014:i:1:p:1-19:id:361. 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: Ivana Horvat (email available below). General contact details of provider: https://panoeconomicus.org/index.php/jorunal/ .

    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.