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L'origine financière de la blessure budgétaire de la zone euro

Author

Listed:
  • Alberto Caruso
  • Lucrezia Reichlin

    (London Business School)

  • Giovanni Ricco

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

Abstract

Nous constatons que la situation conjointe du déficit public et de la dette publique des pays de la zone euro de 2008 à 2013, caractérisée par une dette publique élevée et persistante malgré un assainissement budgétaire sévère depuis 2009, ne peut pas être expliquée par l'effondrement sans précédent du PIB, compte tenu des relations historiques entre les variables macroéconomiques, fiscales et financières. Elle reflète plutôt les caractéristiques spécifiques des années de crise et surtout l'importance et la nature de l'aide publique au secteur financier.

Suggested Citation

  • Alberto Caruso & Lucrezia Reichlin & Giovanni Ricco, 2019. "L'origine financière de la blessure budgétaire de la zone euro," SciencePo Working papers Main hal-03456097, HAL.
    • Handle: RePEc:hal:spmain:hal-03456097
    Note: View the original document on HAL open archive server: https://hal-sciencespo.archives-ouvertes.fr/hal-03456097
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    Keywords

    Financial crisis; Public debt;

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