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The Public Debt of French Local Government

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  • Derycke, Pierre-Henri
  • Gilbert, Guy

Abstract

After a sharp increase, the public debt of French local communities has been stabilized in real terms: its amount reached 54 per cent of total public debt in 1980. In the French institutional framework, local government borrowing policy is under the tight control of central agencies. An econometric model of the borrowing behaviour of local governments since 1965 is presented; it emphasizes the role of internal determinants of local debt (needs for investment, self-financing ability of governments), external constraints (e.g. interest rates and the financial resources of lenders, such as households savings), and finally the impact of macroeconomic policy measures from the central government.

Suggested Citation

  • Derycke, Pierre-Henri & Gilbert, Guy, 1985. "The Public Debt of French Local Government," Journal of Public Policy, Cambridge University Press, vol. 5(3), pages 387-399, August.
    • Handle: RePEc:cup:jnlpup:v:5:y:1985:i:03:p:387-399_00
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    Cited by:

    1. Jorge Martinez-Vazquez & Violeta Vulovic, 2017. "How well do subnational borrowing regulations work?," Chapters, in: Naoyuki Yoshino & Peter J. Morgan (ed.), Central and Local Government Relations in Asia, chapter 5, pages 161-220, Edward Elgar Publishing.
    2. Leonardo Letelier S., 2011. "Theory and evidence of municipal borrowing in Chile," Public Choice, Springer, vol. 146(3), pages 395-411, March.
    3. Violeta Vulovic, 2010. "The effect of sub-national borrowing control on fiscal sustainability: How to regulate?," Working Papers 2010/36, Institut d'Economia de Barcelona (IEB).
    4. Violeta Vulovic, 2010. "The effect of sub-national borrowing control on fiscal sustainability: How to regulate?," Working Papers 2010/36, Institut d'Economia de Barcelona (IEB).

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