IDEAS home Printed from https://ideas.repec.org/a/prs/rfreco/rfeco_0769-0479_2002_num_16_3_1515.html
   My bibliography  Save this article

Asymétries budgétaires dans la zone euro, un essai de modélisation du Pacte de stabilité

Author

Listed:
  • Jérôme Creel

Abstract

[fre] Cet article envisage comment le Pacte de stabilité, en introduisant des contraintes sur les instruments de politique économique, peut conduire à un équilibre non optimal. Les pays dont les finances publiques sont « saines » peuvent voir leurs marges de manœuvre budgétaires se réduire considérablement du fait de l'incapacité des pays aux finances publiques déséquilibrées à engager une politique de stabilisation. Cette externalité négative s'applique aussi à la banque centrale : elle est susceptible de devoir s'impliquer davantage dans une politique de stabilisation macroéconomique. Pour illustrer ces mécanismes, un modèle dynamique à deux pays en union monétaire est présenté. Y sont incorporés des comportements patrimoniaux des ménages, permettant d'étudier précisément les implications de l'accumulation de dette publique sur les politiques monétaire et budgétaire à court et long terme. Au final, une coordination étroite entre les gouvernements et la ВСЕ est d'autant plus souhaitable que les dif- férentes externalités envisagées sont importantes. [eng] In this paper, we show how the Stability and Growth Pact can lead to a suboptimal macroeconomic equilibrium. Eurozone countries with sound public finances can undergo a sharp reduction in their fiscal margins for manoeuvre because of the inability of countries with unbalanced public finances to implement an active fiscal policy. This negative feedback effect also applies to the central bank: it may have to get more involved in the macroeconomic stabilisation of the whole EU. To illustrate these feedback effects, we use a two-country model in a monetary union with dynamics. Households' behaviour incorporates a wealth component. This enables a precise study of the different implications of public debt growth on the design of monetary and fiscal policies from the short to the long run. At last, gains from co-ordination are substantial and grow with the level of the feedback effects.

Suggested Citation

  • Jérôme Creel, 2002. "Asymétries budgétaires dans la zone euro, un essai de modélisation du Pacte de stabilité," Revue Française d'Économie, Programme National Persée, vol. 16(3), pages 91-127.
    • Handle: RePEc:prs:rfreco:rfeco_0769-0479_2002_num_16_3_1515
    DOI: 10.3406/rfeco.2002.1515
    Note: DOI:10.3406/rfeco.2002.1515
    as

    Download full text from publisher

    File URL: https://doi.org/10.3406/rfeco.2002.1515
    Download Restriction: no
    File URL: https://www.persee.fr/doc/rfeco_0769-0479_2002_num_16_3_1515
    Download Restriction: no
    File URL: https://libkey.io/10.3406/rfeco.2002.1515?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    Other versions of this item:

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Cornel Oros, 2009. "Economic Governance in an Asymmetric Monetary Union: A Fiscal Policy Game Analysis," European Research Studies Journal, European Research Studies Journal, vol. 0(3), pages 39-60.
    2. Séverine Menguy, 2005. "Hétérogénéité structurelle des pays membres et conflit dobjectifs entre les autorités économiques dans l'UEM," Économie et Prévision, Programme National Persée, vol. 169(3), pages 41-58.
    3. Schalck, Christophe, 2006. "Règles Budgétaires et Gestion du Policy-Mix dans l'UEM Budgetary Rules and Management of the Policy-Mix in the UME," MPRA Paper 1434, University Library of Munich, Germany, revised Oct 2006.
    4. Schalck, Christophe, 2006. "Coordination des Politiques Budgétaires dans une Union Monétaires Hétérogène: Modélisation et Application à l'UEM Coordination of Budgetary Policies in a Heterogeneous Monetary Union: Modelisation and," MPRA Paper 1435, University Library of Munich, Germany.
    5. Cornel Oros, 2008. "Macroeconomic stabilization in a heterogeneous monetary union: some insights into the effects of fiscal policy coordination," Economics Bulletin, AccessEcon, vol. 5(34), pages 1-12.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:prs:rfreco:rfeco_0769-0479_2002_num_16_3_1515. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Equipe PERSEE (email available below). General contact details of provider: https://www.persee.fr/collection/rfeco .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.