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Soutenabilité des finances publiques et gestion actif/passif de l'Etat

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  • Benoît Cœuré

Abstract

[eng] This article advocates a more effective mechanism for assessing fiscal sustainability in medium-term budgetary policymaking. While national accounting systems have introduced the concept of « net value » of governments, we shall present a concept of « net wealth » reflecting balance sheet and off-balance-sheet items. We shall then examine the possible objectives of long-term fiscal management: fiscal sustainability, off-balance-sheet risk provisioning, and asset/liability management in a given revenue and expenditure scenario. Last, we shall consider the specific imperatives related to membership in the European economic and monetary union. [fre] Cet article propose de mieux intégrer les enjeux de soutenabilité intertemporelle dans la définition des politiques publiques, en particulier dans la programmation budgétaire pluriannuelle. Les progrès de la comptabilité nationale ont permis de définir la notion de valeur nette du patrimoine de l'Etat ; on propose ici la notion plus large de richesse nette qui prend en compte les avoirs et les engagements hors-bilan. On discute alors la perspective d'une gestion actif/passif du bilan de l'Etat qui intégrerait ces enjeux et on présente l'état de la réflexion européenne sur ces questions.

Suggested Citation

  • Benoît Cœuré, 2002. "Soutenabilité des finances publiques et gestion actif/passif de l'Etat," Revue Française d'Économie, Programme National Persée, vol. 16(3), pages 63-90.
    • Handle: RePEc:prs:rfreco:rfeco_0769-0479_2002_num_16_3_1514
    DOI: 10.3406/rfeco.2002.1514
    Note: DOI:10.3406/rfeco.2002.1514
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    References listed on IDEAS

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    6. Mr. Nigel A Chalk & Mr. Richard Hemming, 2000. "Assessing Fiscal Sustainability in Theory and Practice," IMF Working Papers 2000/081, International Monetary Fund.
    7. Barry Eichengreen & Charles Wyplosz, 1998. "The Stability Pact: more than a minor nuisance?," Economic Policy, CEPR, CESifo, Sciences Po;CES;MSH, vol. 13(26), pages 66-113.
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