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Un excès de dette publique handicape-t-il réellement la croissance ?

Author

Listed:
  • Yeva S. Nersisyan
  • L. Randall Wray

Abstract

While most economists accept the desirability of expansion of deficits over the short term there are a number of theoretical arguments that lead to the conclusion that higher government debt ratios might depress growth or lead to national insolvency. These have been further ?strengthened? through empirical research conducted by Carmen Reinhart and Kenneth Rogoff. In this paper we critically examine their work. We distinguish between a nation that operates with its own floating exchange rate and nonconvertible currency, and a nation that does not. We argue that Reinhart and Rogoff ?s results are not relevant to the case of a nation with sovereign currency. JEL Classifications codes: E60, E61, E62, E64, E69, E31, E32, O40.

Suggested Citation

  • 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.
    • Handle: RePEc:cai:reofsp:reof_116_0173
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    References listed on IDEAS

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    1. Carmen M. Reinhart & Kenneth S. Rogoff, 2014. "This Time is Different: A Panoramic View of Eight Centuries of Financial Crises," Annals of Economics and Finance, Society for AEF, vol. 15(2), pages 215-268, November.
    2. Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "Varieties of Crises and Their Dates," Introductory Chapters, in: This Time Is Different: Eight Centuries of Financial Folly, Princeton University Press.
    3. Carmen M. Reinhart & Kenneth S. Rogoff, 2010. "Growth in a Time of Debt," American Economic Review, American Economic Association, vol. 100(2), pages 573-578, May.
    4. L. Randall Wray, 2009. "The rise and fall of money manager capitalism: a Minskian approach," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 33(4), pages 807-828, July.
    5. L. Randall Wray, 1998. "Understanding Modern Money," Books, Edward Elgar Publishing, number 1668.
    6. Stephanie A. Kelton & L. Randall Wray, 2009. "Can Euroland Survive?," Economics Public Policy Brief Archive ppb_106, Levy Economics Institute.
    Full references (including those not matched with items on IDEAS)

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    1. repec:spo:wpecon:info:hdl:2441/eo6779thqgm5r489m6u1i2a0o is not listed on IDEAS
    2. Catherine Mathieu & Henri Sterdyniak, 2012. "Faut-il des règles de politique budgétaire ?," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(7), pages 299-346.
    3. repec:hal:wpspec:info:hdl:2441/eo6779thqgm5r489m6u1i2a0o is not listed on IDEAS
    4. Inès ABDELKAFI, 2018. "The Relationship Between Public Debt, Economic Growth, and Monetary Policy: Empirical Evidence from Tunisia," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 9(4), pages 1154-1167, December.
    5. Gharyeni, Abdellatif, 2015. "Dette Extérieure, Croissance Économique et Crises dans Les Pays En Développement : Un Bref Aperçu Théorique, Historique et Statistique [External Debt, Economic Growth and Crisis in Developing Count," MPRA Paper 69244, University Library of Munich, Germany, revised 04 Feb 2106.
    6. repec:hal:journl:dumas-00834841 is not listed on IDEAS
    7. repec:spo:wpecon:info:hdl:2441/eo6779thqgm5r489maqa474kg is not listed on IDEAS
    8. repec:hal:spmain:info:hdl:2441/eu4vqp9ompqllr09j0h14g91k is not listed on IDEAS
    9. repec:hal:spmain:info:hdl:2441/eo6779thqgm5r489maqa474kg is not listed on IDEAS
    10. André Grjebine, 2013. "L’eurosystème : un mécanisme de transferts en faveur des pays déficitaires ?: Le débat," Sciences Po publications info:hdl:2441/eo6779thqgm, Sciences Po.
    11. repec:hal:wpspec:info:hdl:2441/eo6779thqgm5r489maqa474kg is not listed on IDEAS
    12. repec:hal:spmain:info:hdl:2441/eo6779thqgm5r489m6u1i2a0o is not listed on IDEAS

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    More about this item

    Keywords

    government debt; government deficit; sovereign default; Reinhart and Rogoff; modern money;
    All these keywords.

    JEL classification:

    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • E64 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Incomes Policy; Price Policy
    • E69 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Other
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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