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Dette publique, croissance et bien-être : une perspective de long terme

  • Alexandru Minea

    ()

    (CERDI - Centre d'études et de recherches sur le developpement international - CNRS - Université d'Auvergne - Clermont-Ferrand I)

  • Patrick Villieu

    ()

    (LEO - Laboratoire d'économie d'Orleans - CNRS - UO - Université d'Orléans)

We develop a simple theoretical growth model to deal with long term public debt, in accordance to stylized facts. We study the effect of a permanent increase in public debt on economic growth, and show that these effects, always negative (or neutral), depend in their magnitude on the adjustment variable to the increase of the debt burden in the Government constraint. Finally, we show that, contrary to economic growth effects, the welfare effects of a permanent increase in the debt burden may be positive. We thus emphasize the existence of an optimal public debt to GDP ratio.

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Paper provided by HAL in its series Working Papers with number halshs-00829647.

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Date of creation: 28 Oct 2011
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Handle: RePEc:hal:wpaper:halshs-00829647
Note: View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-00829647
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  1. Alexandru Minea & Patrick Villieu, 2009. "Investissement public et effets non-linéaires des déficits budgétaires," Post-Print hal-00413597, HAL.
  2. Henri Sterdyniak & Catherine Mathieu, 2004. "Réformer le Pacte de stabilité : l'état du débat," Macroeconomics 0411019, EconWPA, revised 07 Dec 2004.
  3. Buiter, Willem H., 1998. "Notes on 'A Code for Fiscal Stability'," CEPR Discussion Papers 1831, C.E.P.R. Discussion Papers.
  4. Reinhart, Carmen M. & Rogoff, Kenneth, 2011. "A Decade of Debt," CEPR Discussion Papers 8310, C.E.P.R. Discussion Papers.
  5. Fabrizio Balassone & Daniele Franco, 2000. "Public investment, the Stability Pact and the ‘golden rule’," Fiscal Studies, Institute for Fiscal Studies, vol. 21(2), pages 207-229, June.
  6. Modigliani, Franco & Fitoussi, Jean-Paul & Moro, Beniamino & Snower, Dennis J. & Solow, Robert M. & Steinherr, Alfred & Sylos Labini, Stefano, 1998. "An economists' manifesto on unemployment in the European Union," Open Access Publications from Kiel Institute for the World Economy 1776, Kiel Institute for the World Economy (IfW).
  7. repec:spo:wpecon:info:hdl:2441/1783 is not listed on IDEAS
  8. Alberto Alesina & Roberto Perotti, 1997. "Fiscal Adjustments in OECD Countries: Composition and Macroeconomic Effects," IMF Staff Papers, Palgrave Macmillan, vol. 44(2), pages 210-248, June.
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