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Quel objectif pour la dette publique à moyen terme ?

  • Patrick Villieu


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

Following the financial crisis, governments of industrialized countries have undertaken major programs to stimulate demand and to recapitalize banks. As a result, levels of public debt rose sharply, and they will probably continue to do so in the near future in the OECD countries. However, there is no consensus on the effects of public debt on the economy. This article examines the theoretical contributions to this debate. First, we question the possible existence of a desirable target for public debt, and then we focus on two major risks associated with long-term indebtedness: its impact on growth and the stability of the policy mix.

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Paper provided by HAL in its series Working Papers with number halshs-00829660.

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Date of creation: 28 Oct 2011
Date of revision:
Handle: RePEc:hal:wpaper:halshs-00829660
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  1. Alexandru Minea & Patrick Villieu, 2009. "Investissement public et effets non linéaires des déficits budgétaires," Discussion Papers (REL - Recherches Economiques de Louvain) 2009031, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
  2. Barro, Robert J., 1979. "On the Determination of the Public Debt," Scholarly Articles 3451400, Harvard University Department of Economics.
  3. Sutherland, Alan, 1997. "Fiscal crises and aggregate demand: can high public debt reverse the effects of fiscal policy?," Journal of Public Economics, Elsevier, vol. 65(2), pages 147-162, August.
  4. Calvo, Guillermo A, 1988. "Servicing the Public Debt: The Role of Expectations," American Economic Review, American Economic Association, vol. 78(4), pages 647-61, September.
  5. F. Modigliani & J.-P. Fitoussi & B. Moro & D. Snower & R. Solow & A. Steinherr & P. Sylos Labini, 1998. "An economists' Manifesto on unemployment in the European Union," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 51(206), pages 327-361.
  6. Barro, Robert J, 1974. "Are Government Bonds Net Wealth?," Journal of Political Economy, University of Chicago Press, vol. 82(6), pages 1095-1117, Nov.-Dec..
  7. Kathryn Birkeland & Edward C. Prescott, 2006. "On the needed quantity of government debt," Working Papers 648, Federal Reserve Bank of Minneapolis.
  8. Stephen Cecchetti & Madhusudan Mohanty & Fabrizio Zampolli, 2010. "The future of public debt: prospects and implications," BIS Working Papers 300, Bank for International Settlements.
  9. Albert Marcet & Thomas J. Sargent & Juha Seppala, 1996. "Optimal taxation without state-contingent debt," Economics Working Papers 170, Department of Economics and Business, Universitat Pompeu Fabra, revised Oct 2001.
  10. Michael Woodford, 1996. "Control of the Public Debt: A Requirement for Price Stability?," NBER Working Papers 5684, National Bureau of Economic Research, Inc.
  11. repec:oup:qjecon:v:107:y:1992:i:4:p:1243-59 is not listed on IDEAS
  12. Catherine Mathieu & Henri Sterdyniak, 2003. "Réformer le Pacte de stabilité : l'état du débat," Post-Print hal-01018168, HAL.
  13. Reinhart, Carmen M. & Rogoff, Kenneth, 2011. "A Decade of Debt," CEPR Discussion Papers 8310, C.E.P.R. Discussion Papers.
  14. Blanchard, Olivier J & Giavazzi, Francesco, 2004. "Improving the SGP Through a Proper Accounting of Public Investment," CEPR Discussion Papers 4220, C.E.P.R. Discussion Papers.
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