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L'assainissement budgétaire au Danemark entre 1983 et 1986 : l'anti-mythe (in French)

Des économistes ont cru déceler dans l'économie danoise le paradigme des " contractions budgétaires expansionnistes ". L'intérêt pour le Danemark était alors dû à la simultanéité de trois phénomènes entre les années 1982 et 1986 : une reprise économique forte, une rigueur budgétaire brutale et la chute vertigineuse du taux d'épargne des ménages. Une telle situation était considérée comme un cas d'école de l'équivalence ricardienne. Nous démontrons pour notre part qu'une vision non ricardienne de la fonction de consommation privée est plus appropriée au cas danois. La libéralisation financière et le desserrement temporaire de la contrainte de liquidité sont en mesure d'expliquer l'évolution du taux d'épargne des ménages sur la période 1975-1995. Quant à l'investissement privé, il subit un fort effet d'accélération. Le Danemark n'est donc pas un bon exemple pour affirmer le caractère non keynésien des politiques budgétaires.

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Paper provided by Observatoire Francais des Conjonctures Economiques (OFCE) in its series Documents de Travail de l'OFCE with number 1998-02.

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Date of creation: 1998
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Publication status: published in Revue française d'économie, volume XIII, 4, automne 1998, pp.83-123.
Handle: RePEc:fce:doctra:9802
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  12. Barry, Frank & Devereux, Michael B, 1995. "The 'Expansionary Fiscal Contraction' Hypothesis: A Neo-Keynesian Analysis," Oxford Economic Papers, Oxford University Press, vol. 47(2), pages 249-64, April.
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