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Ramener à zéro le déficit public doit-il être l'objectif central de la politique économique ?

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  • Henri Sterdyniak

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)

Abstract

La crise des années 2008-2009 fut provoquée par des innovations financières hasardeuses, dans un contexte de libéralisation financière et d'explosion de la masse de capitaux à la recherche de placements liquides et rentables. Les marchés financiers se sont révélés avides, aveugles et instables. La globalisation financière a permis le gonflement de déséquilibres qui ont fini par éclater. En sens inverse, la crise ne provient pas de hausses excessives des dépenses, des déficits ou des dettes publics. En 2007, le solde public de l'ensemble des pays de l'OCDE ne présentait qu'un déficit de 1,3 % du PIB ; celui de l'ensemble des pays de la zone euro de 0,7 % du PIB (voir Mathieu et Sterdyniak, 2009). Les dettes publiques étaient stables (à 40 % du PIB pour la dette nette de l'ensemble des pays de l'OCDE) (...).

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  • Henri Sterdyniak, 2012. "Ramener à zéro le déficit public doit-il être l'objectif central de la politique économique ?," SciencePo Working papers Main hal-01024559, HAL.
    • Handle: RePEc:hal:spmain:hal-01024559
    Note: View the original document on HAL open archive server: https://hal-sciencespo.archives-ouvertes.fr/hal-01024559
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