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Les politiques budgétaires dans la crise : krach, sauvetage, boomerang… trappe à intervention publique ?

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  • Philippe Bance

    (CREAM - Centre de Recherche en Economie Appliquée à la Mondialisation - UNIROUEN - Université de Rouen Normandie - NU - Normandie Université - IRIHS - Institut de Recherche Interdisciplinaire Homme et Société - UNIROUEN - Université de Rouen Normandie - NU - Normandie Université)

Abstract

Face à la crise qui frappe l'économie mondiale en 2008, émerge un consensus planétaire comme rarement dans le passé avec une telle immédiateté : des politiques budgétaires caractérisées par d'importants déficits sont nécessaires pour y remédier. Le phénomène aurait quelques temps plus tôt laissé incrédules les analystes tant la croyance dans les vertus de l'équilibre ou du moins de la rigueur de gestion budgétaire était partagée. Pour autant, après trois années d'intervention, et alors que la crise conserve toute son actualité, la situation financière des États s'est fortement dégradée, suscite la défiance des marchés, et rend insoutenable la poursuite des efforts des autorités publiques. L'objet de cette contribution est d'analyser la dynamique de l'intervention publique, les facteurs explicatifs des mutations intervenues, les limites actuelles de cette action pour mieux cerner les perspectives d'avenir. Pour ce faire, on remontera aux origines financières de la crise avant de préciser le rôle d'amortisseur des interventions publiques et analyser l'effet boomerang qui en est résulté par l'endettement. 1. Les origines financières de la crise Une mise en perspective historique sur la genèse de la crise est doublement utile : elle permet d'identifier les facteurs déclenchant de la crise afin d'établir un diagnostic pertinent des potentialités et des limites de l'action publique. La crise amorcée en 2007-08 est en premier lieu une crise financière 1. Elle a pour origine le changement de paradigme des autorités publiques en matière de régulation économique après le consensus de Washington des années 1980. Les croyances théoriques reposant sur des hypothèses très idéologiquement marquées de rationalité substantive des 1 On peut également trouver d'autres facteurs d'émergence de la crise, tels le développement d'un modèle de croissance inégalitaire et les limites du productivisme (Alternatives économiques, 2010), mais la responsabilité première de la finance dans son déclenchement en 2007-08 est largement admise.

Suggested Citation

  • Philippe Bance, 2012. "Les politiques budgétaires dans la crise : krach, sauvetage, boomerang… trappe à intervention publique ?," Post-Print hal-01965422, HAL.
    • Handle: RePEc:hal:journl:hal-01965422
    Note: View the original document on HAL open archive server: https://normandie-univ.hal.science/hal-01965422
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    References listed on IDEAS

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