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Faut-il des règles de politique budgétaire ?

  • Catherine Mathieu

    (OFCE)

  • Henri Sterdyniak

    (OFCE)

En raison de la crise des dettes publiques, les projets visant à instaurer des règles budgétaires sont revenu au premier plan. Le document analyse leurs justifications et les spécifications proposées, dans un cadre néo-classique, puis dans un cadre keynésien. Il n'y a aucune preuve que, au cours de la dernière période, les déficits publics ont été causés par de l’indiscipline fiscale et induit des taux d'intérêt trop élevés. Aucune des règles proposées n’est économiquement satisfaisante, c’est-à-dire capable d’indiquer la politique optimale face à tous les chocs. Le papier propose une analyse des expériences de règles budgétaires, nationales (comme la règle d'or au Royaume-Uni) ou européenne (comme le Pacte de stabilité et de croissance) ; il montre qu'ils n’ont pas fonctionné avant et pendant la crise. La dernière section discute du projet européen, le «nouveau pacte budgétaire », qui risque de paralyser les politiques budgétaires et d'empêcher la stabilisation économique. L'urgence aujourd'hui n'est pas d'augmenter la discipline des finances publiques, mais de remettre en question les évolutions économiques qui rendent les déficits publics nécessaires.

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Paper provided by Sciences Po in its series Sciences Po publications with number 2012-07.

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Date of creation: Feb 2012
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Handle: RePEc:spo:wpmain:info:hdl:2441/eu4vqp9ompqllr09j0h14g91k
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  1. Eisner, Robert, 1989. "Budget Deficits: Rhetoric and Reality," Journal of Economic Perspectives, American Economic Association, vol. 3(2), pages 73-93, Spring.
  2. Mathieu, Catherine & Sterdyniak, Henri, 2009. "La globalisation financière en crise," Economics Papers from University Paris Dauphine 123456789/4777, Paris Dauphine University.
  3. Allen Schick, 2010. "Post-Crisis Fiscal Rules: Stabilising Public Finance while Responding to Economic Aftershocks," OECD Journal on Budgeting, OECD Publishing, vol. 10(2), pages 1-18.
  4. Tabellini, Guido & Alesina, Alberto, 1990. "A Positive Theory of Fiscal Deficits and Government Debt," Scholarly Articles 3612769, Harvard University Department of Economics.
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  8. Charles Wyplosz, 2011. "Fiscal Discipline: Rules Rather than Institutions," National Institute Economic Review, National Institute of Economic and Social Research, vol. 217(1), pages R19-R30, July.
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  10. Alberto Alesina & Roberto Perotti, 1995. "The Political Economy of Budget Deficits," IMF Staff Papers, Palgrave Macmillan, vol. 42(1), pages 1-31, March.
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  13. Charles Wyplosz, 2012. "Fiscal Rules: Theoretical Issues and Historical Experiences," NBER Chapters, in: Fiscal Policy after the Financial Crisis, pages 495-525 National Bureau of Economic Research, Inc.
  14. Paul De Grauwe, 2012. "A Fragile Eurozone in Search of a Better Governance," The Economic and Social Review, Economic and Social Studies, vol. 43(1), pages 1–30.
  15. Thomas J. Sargent & Neil Wallace, 1981. "Some unpleasant monetarist arithmetic," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Fall.
  16. Catherine Mathieu & Henri Sterdyniak, 2011. "Finances publiques, sorties de crise..," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(1), pages 17-60.
  17. Lars Calmfors, 2012. "Can the Eurozone Develop into a Well-functioning Fiscal Union?," CESifo Forum, Ifo Institute for Economic Research at the University of Munich, vol. 13(1), pages 10-16, 04.
  18. Leeper, Eric M., 1991. "Equilibria under 'active' and 'passive' monetary and fiscal policies," Journal of Monetary Economics, Elsevier, vol. 27(1), pages 129-147, February.
  19. Yeva S. Nersisyan & L. Randall Wray, 2011. "Un excès de dette publique handicape-t-il réellement la croissance ?," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(1), pages 173-190.
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