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La répression financière est-elle la solution pour « liquider » la dette publique dans la zone euro ?

  • Bastien Drut

The recent rise of the public debt limits governments’ room for manoeuvre in terms of economic policy and it seems urgent to try to slow down its progression. This paper shows that even if financial repression appears as an appealing solution for the so called peripheral countries of the euro area, it is not without creating concerns from a macro-financial point of view.

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Paper provided by ULB -- Universite Libre de Bruxelles in its series Working Papers CEB with number 13-003.

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Date of creation: 14 Jan 2013
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Publication status: Published by:
Handle: RePEc:sol:wpaper:2013/137476
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  1. Garrick Hileman, 2012. "The seven mechanisms for achieving sovereign debt sustainability," Economic History Working Papers 42878, London School of Economics and Political Science, Department of Economic History.
  2. Reinhart, C. M., 2012. "The return of financial repression," Financial Stability Review, Banque de France, issue 16, pages 37-48, April.
  3. Adrian Blundell-Wignall & Patrick Slovik, 2010. "A Market Perspective on the European Sovereign Debt and Banking Crisis," OECD Journal: Financial Market Trends, OECD Publishing, vol. 2010(2), pages 9-36.
  4. Carmen M. Reinhart & Vincent R. Reinhart & Kenneth S. Rogoff, 2012. "Debt Overhangs: Past and Present," NBER Working Papers 18015, National Bureau of Economic Research, Inc.
  5. Yiannis Kitromilides, 2011. "Deficit reduction, the age of austerity, and the paradox of insolvency," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 33(3), pages 517-536, April.
  6. Reinhart, Carmen, 2009. "The Second Great Contraction," MPRA Paper 21485, University Library of Munich, Germany.
  7. Damiano Sandri & Ashoka Mody, 2011. "The Eurozone Crisis; How Banks and Sovereigns Came to Be Joined At the Hip," IMF Working Papers 11/269, International Monetary Fund.
  8. Nicolas Véron, 2012. "Financial reform after the crisis: an early assessment," Working Papers 680, Bruegel.
  9. Mauricio Drelichman & Hans-Joachim Voth, 2008. "Debt Sustainability in Historical Perspective: The Role of Fiscal Repression," Journal of the European Economic Association, MIT Press, vol. 6(2-3), pages 657-667, 04-05.
  10. Carmen M. Reinhart & M. Belen Sbrancia, 2011. "The Liquidation of Government Debt," NBER Working Papers 16893, National Bureau of Economic Research, Inc.
  11. Philip R. Lane, 2012. "The European Sovereign Debt Crisis," Journal of Economic Perspectives, American Economic Association, vol. 26(3), pages 49-68, Summer.
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