| Titre | La contrainte budgétaire intertemporelle des administrations publiques : conséquences pour l'évaluation des déficits publics | |
|---|---|---|
| Auteur | Olivier Garnier, Michel Dietsch | |
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Revue | Economie et prévision |
| Numéro | no 90, 1989/4 Patrimoins, dettes, taux d'intérêt | |
| Rubrique / Thématique | Patrimoines, Dettes, Taux d'intérêt |
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| Page | 69-85 | |
| Résumé anglais |
Public Authorities' Intertemporal Budgetary Constraint: Consequences with regard to Evaluating Public Deficit,
by Michel Dietsch, Olivier Gamier.
There are two main issues concerning the public debt increase. On the one hand, the transfer of resources from one generation to another induced by public debt may provoque an increase in interest rates and a slowdown in the rate of capital accumulation (the long-term crowding-out effect). On the other hand, when real interest rates are higher than the PNB's growth rate, the increase in interest expenses may prove to be unbearable on a long-term basis (the snowball effect), generating the fear that governments have to resort to inflation to maintain their solvability. This article attempts to show that public deficit measured as usually, does not bring out these effects adequately, and that it may even lead to misinterpretations. Source : Éditeur (via Persée) |
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| Article en ligne | http://www.persee.fr/web/revues/home/prescript/article/ecop_0249-4744_1989_num_90_4_5124 |
