IDEAS home Printed from https://ideas.repec.org/p/hal/journl/hal-03195337.html
   My bibliography  Save this paper

Le coût réel de la dette publique

Author

Listed:
  • François Facchini

    (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique)

Abstract

This article criticizes the idea that public debt is not a problem because interest rates are negative or zero. Blanchard's (2019) position sees the fall in debt service costs, but does not see the other costs of debt. The decrease in debt service costs is not without cost. The forced solvency of States (i) favours a flight of income to foreigners who hold the debt, (ii) is paid by low incomes via taxes (the poor pay for the rich), (iii) creates the conditions for a class of state rentiers and for crowding out effects, (iv) does not encourage state reform and a reduction in unproductive expenditure, (v) and forces the central bank to reduce interest rates, which will have long-term effects on the structure of savings.

Suggested Citation

  • François Facchini, 2020. "Le coût réel de la dette publique," Post-Print hal-03195337, HAL.
    • Handle: RePEc:hal:journl:hal-03195337
    Note: View the original document on HAL open archive server: https://hal.science/hal-03195337
    as

    Download full text from publisher

    File URL: https://hal.science/hal-03195337/document
    Download Restriction: no
    ---><---

    Other versions of this item:

    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:hal:journl:hal-03195337. 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.

    We have no bibliographic references for this item. You can help adding them by using 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: CCSD (email available below). General contact details of provider: https://hal.archives-ouvertes.fr/ .

    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.