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Dette publique, depression et croissance en France, 1871 -1914

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  • Jacques Le Cacheux

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

Abstract

Entre 1871 et 1914, la dette publique française a constamment été supérieure à 60% du PIB; elle a même dépassé 115% du PIB au milieu des années 1880, mais avait été ramenée à un peu plus de 60% du PIB à la veille de la Première guerre mondiale.La période n'est pas sans similitudes avec les conditions économiques présentes. Notamment, pendant les deux premières décennies de cette période, l'économie française a connu une «Longuestagnation». L'endettement public élevé a-t-il pesé sur les performances économiques françaises ? Quel a été l'effet du grand programme d'investissement public dans lesinfrastructures de transport conçu par le ministre Freycinet? Et de la hausse des dépensespubliques d'éducation? Ces questions ont été très débattues à l'époque, et le sont encore;mais il est indéniable qu'à partir des années 1890la France, portée par une importantevague d'innovations, connaît une prospérité économique sans précédent : avec la Belle époque, le ratio d'endettement public se résorbe sans effort

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  • Jacques Le Cacheux, 2015. "Dette publique, depression et croissance en France, 1871 -1914," Working Papers hal-01136325, HAL.
    • Handle: RePEc:hal:wpaper:hal-01136325
    Note: View the original document on HAL open archive server: https://sciencespo.hal.science/hal-01136325
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    References listed on IDEAS

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    1. Thomas Herndon & Michael Ash & Robert Pollin, 2014. "Does high public debt consistently stifle economic growth? A critique of Reinhart and Rogoff," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 38(2), pages 257-279.
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    More about this item

    Keywords

    dette publique; france; histoire economique;
    All these keywords.

    JEL classification:

    • N13 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: Pre-1913
    • N44 - Economic History - - Government, War, Law, International Relations, and Regulation - - - Europe: 1913-

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