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Les déficits publics en Europe : causes, conséquences ou remèdes à la crise?

Author

Listed:
  • Jérôme Creel

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

  • Henri Sterdyniak

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

Abstract

Public deficits in europe : causes, consequences, or remedies to the crisis ? The view according to which the growth of public deficits and debts in Europe would be the primary cause for high real interest rates is of little sense in the low-demand context Europe has experienced since 1981. The growth of public deficits appeared necessary to support the level of activity and capital accumulation in situation in which govern ments had lost control over interest rates because of financial liberalization non coope rative monetary policies Central Banks independence and constraints due to the EMS Recovering this control is at stake to lower real interest rates boost growth and thus reduce public debts

Suggested Citation

  • Jérôme Creel & Henri Sterdyniak, 1995. "Les déficits publics en Europe : causes, conséquences ou remèdes à la crise?," SciencePo Working papers Main hal-01304347, HAL.
    • Handle: RePEc:hal:spmain:hal-01304347
    DOI: 10.3406/reco.1995.409674
    Note: View the original document on HAL open archive server: https://hal-sciencespo.archives-ouvertes.fr/hal-01304347
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    More about this item

    JEL classification:

    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
    • H3 - Public Economics - - Fiscal Policies and Behavior of Economic Agents
    • H6 - Public Economics - - National Budget, Deficit, and Debt

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