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L'ombre de la crise
[The shadow of the global crisis]

Author

Listed:
  • Lagadec, Gael
  • Descombels, Alain

Abstract

This book aims to study the consequences of the subprime crisis for New Caledonia, a French overseas Pacific territory. The situation of New-Caledonia is specific in many ways, since this territory is undergoing an institutional process of emancipation from France. On the first hand, New Caledonia is protected from the consequences of the crisis thanks to the financial transfers from France which slow down the external constraint. But, on the other hand, New Caledonia is also weakened by many factors: • Its main resources, nickel exportations, have experienced a sharp price fall due to the crisis. • New-Caledonia's indirect taxation highligts under-development (New-Caledonia has not implemented a value-added tax yet). Consequently, tariffs are a major tool to collect tax revenue thus making New-Caledonia a protectionist country with small markets and high prices. • The social inequalities are a serious problem. Theses weaknesses make unlikely for New Caledonia not to suffer from the global crisis. In the first part of the book, the formation and spreading of the subprime crisis are presented with a pedagogical concern. The second part presents the consequences of the crisis for the New Caledonia (and more generally for a small island country), especially from the financial point of view, but also considering the risks induced by a fall of the purchasing power and the rise of social inequalities. The book concludes with the possibility and opportunity of a fiscal policy in the specific context of a small island territory.

Suggested Citation

  • Lagadec, Gael & Descombels, Alain, 2009. "L'ombre de la crise [The shadow of the global crisis]," MPRA Paper 17871, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:17871
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    File URL: https://mpra.ub.uni-muenchen.de/17871/1/MPRA_paper_17871.pdf
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    References listed on IDEAS

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    More about this item

    Keywords

    Subprime crisis; small island territory; fiscal policy;
    All these keywords.

    JEL classification:

    • O23 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Fiscal and Monetary Policy in Development
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • O56 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Oceania
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes

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