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Has France Become a Deficit Running Country?1

In: Fiscal Policy in the European Union

Author

Listed:
  • Jérôme Creel
  • Guy Gilbert
  • Thierry Madiès

Abstract

The main purpose of this chapter is to review the French public finances over a long horizon in order to examine whether the common view, largely shared during the latest presidential election, according to which French governments have always been ‘deficit runners’, is right. In fact, we show that French deficits since 1980 have stemmed from: (i) the large gap between long-term interest rates and economic growth in the early 1980s; (ii) high unemployment and low economic growth, most notably during the recession of the early 1990s whose effects have been felt until recently; and (iii) pro-cyclical policies related to the electoral cycle.

Suggested Citation

  • Jérôme Creel & Guy Gilbert & Thierry Madiès, 2008. "Has France Become a Deficit Running Country?1," Palgrave Macmillan Books, in: Jesús Ferreiro & Giuseppe Fontana & Felipe Serrano (ed.), Fiscal Policy in the European Union, chapter 6, pages 129-156, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-22826-9_7
    DOI: 10.1057/9780230228269_7
    as

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