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Les déficits publics en Europe : causes, conséquences ou remèdes à la crise?

Author

Listed:
  • Jérôme Creel

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)

  • Henri Sterdyniak

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)

Abstract

Public deficits in europe : causes, consequences, or remedies to the crisis ? The view according to which the growth of public deficits and debts in Europe would be the primary cause for high real interest rates is of little sense in the low-demand context Europe has experienced since 1981. The growth of public deficits appeared necessary to support the level of activity and capital accumulation in situation in which govern ments had lost control over interest rates because of financial liberalization non coope rative monetary policies Central Banks independence and constraints due to the EMS Recovering this control is at stake to lower real interest rates boost growth and thus reduce public debts

Suggested Citation

  • Jérôme Creel & Henri Sterdyniak, 1995. "Les déficits publics en Europe : causes, conséquences ou remèdes à la crise?," Post-Print hal-01304347, HAL.
    • Handle: RePEc:hal:journl:hal-01304347
    DOI: 10.3406/reco.1995.409674
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    Cited by:

    1. repec:spo:wpmain:info:hdl:2441/2544 is not listed on IDEAS
    2. Adama Diaw & Mamadou Diop, 2015. "Bilan de la dévaluation du Franc CFA et du Pacte de convergence dans l’UEMOA," Economics Working Paper Archive (University of Rennes & University of Caen) 201505, Center for Research in Economics and Management (CREM), University of Rennes, University of Caen and CNRS.
    3. Jérôme Creel & Paola Veroni & Francesco Saraceno, 2005. "Discretionary Policy Interactions and the Fiscal Theory of the Price Level: A SVAR Analysis on French Data," Sciences Po Economics Publications (main) hal-03597711, HAL.
    4. Catherine Mathieu & Henri Sterdyniak, 2003. "Reforming the Stability and Growth Pact: Breaking the Ice," Working Papers hal-00972861, HAL.
    5. Jerome Creel, 1998. "L'assainissement budgétaire au Danemark entre 1983 et 1986 : l'anti-mythe (in French)," Documents de Travail de l'OFCE 1998-02, Observatoire Francais des Conjonctures Economiques (OFCE).
    6. repec:spo:wpmain:info:hdl:2441/1933 is not listed on IDEAS
    7. repec:spo:wpmain:info:hdl:2441/1423 is not listed on IDEAS
    8. Pierre Villa, 1997. "Incertitude sur le choix du modèle et rationalité," Working Papers 1997-09, CEPII research center.
    9. repec:spo:wpmain:info:hdl:2441/1769 is not listed on IDEAS
    10. repec:spo:wpmain:info:hdl:2441/5221 is not listed on IDEAS
    11. repec:spo:wpmain:info:hdl:2441/5268 is not listed on IDEAS
    12. repec:spo:wpmain:info:hdl:2441/1783 is not listed on IDEAS
    13. Bruno Ducoudré, 2005. "Fiscal policy and interest rates," Documents de Travail de l'OFCE 2005-08, Observatoire Francais des Conjonctures Economiques (OFCE).
    14. Jerome Creel, 2020. "Fiscal space in the euro area before Covid-19," Economics Bulletin, AccessEcon, vol. 40(2), pages 1698-1706.
    15. repec:spo:wpecon:info:hdl:2441/1423 is not listed on IDEAS
    16. repec:spo:wpmain:info:hdl:2441/2476 is not listed on IDEAS
    17. Catherine Bruno, 2000. "Les déficits publics en Europe : suggestions pour un nouvel indicateur de l'orientation de la politique budgétaire," Économie et Prévision, Programme National Persée, vol. 146(5), pages 31-41.
    18. Bruno, C., 1999. "Les déficits publics en Europe: Suggestions pour un nouvel indicateur de l'orientation de la politique budgétaire," Documents de Travail de l'OFCE 1999-05, Observatoire Francais des Conjonctures Economiques (OFCE).
    19. Catherine Mathieu & Henri Sterdyniak, 2007. "The Stability and Growth Pact: Stability without growth?," Working Papers hal-00972878, HAL.
    20. repec:spo:wpmain:info:hdl:2441/2525 is not listed on IDEAS
    21. Christophe Blot, 2002. "Les politiques budgétaires au sein de l’UEM : entre convergence et asymétrie," Revue d'Économie Financière, Programme National Persée, vol. 69(5), pages 247-268.
    22. repec:spo:wpmain:info:hdl:2441/2086 is not listed on IDEAS
    23. Michel Aglietta & Merih Uctum, 1995. "Fiscal consolidation in Europe," Research Paper 9519, Federal Reserve Bank of New York.
    24. Schalck, Christophe, 2006. "Règles Budgétaires et Gestion du Policy-Mix dans l'UEM Budgetary Rules and Management of the Policy-Mix in the UME," MPRA Paper 1434, University Library of Munich, Germany, revised Oct 2006.
    25. Jerome Creel, 1999. "The Stability Pact and Feedback Policy Effects," Documents de Travail de l'OFCE 1999-02, Observatoire Francais des Conjonctures Economiques (OFCE).

    More about this item

    JEL classification:

    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
    • H3 - Public Economics - - Fiscal Policies and Behavior of Economic Agents
    • H6 - Public Economics - - National Budget, Deficit, and Debt

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