Entre Tango et Sirtaki : Incohérence du Régime Monétaire et Insoutenabilité de la Dette Publique
Thomas Dallery
- Fonction : Auteur
- PersonId : 21606
- IdHAL : thomas-dallery
- ORCID : 0000-0003-2218-3795
- IdRef : 150081901
Jonathan Marie
- Fonction : Auteur
- PersonId : 179749
- IdHAL : jonathan-marie
- ORCID : 0009-0000-1105-8177
Résumé
Thanks to the two experiences of Argentina and Greece in the 1990s and the 2000s, this article underlines the importance of taking into account monetary regime when analyzing the traverse of public debts. In contexts of financial liberalization and monetary rigidity (exchange rate rigidity and setting back of Central Bank), the unsustainability of public indebtedness has more to see with the accumulation of current account deficits than with squandered fiscal policies. The article also discusses different policies aiming at getting out of the crisis. We show, through the Greek experiment since 2010, it is vain to try to make public debt recover thanks to austerity policies and internal devaluation, given that these policies do not address the inconsistency matter of monetary regime. At the opposite, we conclude from the Argentine experiment of the post-2002 years that a reconsidered monetary regime, coupled with favorable macroeconomic circumstances, is able to straighten up at best count the situation of public finance.
Domaines
Economies et financesFormat du dépôt | Notice |
---|---|
Type de dépôt | Article dans une revue |
Titre |
fr
Entre Tango et Sirtaki : Incohérence du Régime Monétaire et Insoutenabilité de la Dette Publique
|
Résumé |
fr
Thanks to the two experiences of Argentina and Greece in the 1990s and the 2000s, this article underlines the importance of taking into account monetary regime when analyzing the traverse of public debts. In contexts of financial liberalization and monetary rigidity (exchange rate rigidity and setting back of Central Bank), the unsustainability of public indebtedness has more to see with the accumulation of current account deficits than with squandered fiscal policies. The article also discusses different policies aiming at getting out of the crisis. We show, through the Greek experiment since 2010, it is vain to try to make public debt recover thanks to austerity policies and internal devaluation, given that these policies do not address the inconsistency matter of monetary regime. At the opposite, we conclude from the Argentine experiment of the post-2002 years that a reconsidered monetary regime, coupled with favorable macroeconomic circumstances, is able to straighten up at best count the situation of public finance.
|
Auteur(s) |
Sébastien Charles
1
, Thomas Dallery
2
, Jonathan Marie
3
1
LED -
Laboratoire d'Economie Dionysien
( 173249 )
- Université Paris 8 Vincennes-Saint-Denis - 2 rue de la Liberté - 93526 Saint-Denis cedex
- France
2
CLERSÉ -
Centre Lillois d’Études et de Recherches Sociologiques et Économiques - UMR 8019
( 1188 )
- Université de Lille - Sciences et technologies -
Bâtiment SH2 -
59655 Villeneuve d’Ascq Cedex -
- France
3
CEPN -
Centre d'Economie de l'Université Paris Nord
( 147976 )
- UFR de Sciences Economiques, Université Paris 13, 99 avenue Jean-Baptiste Clément, F-93430, Villetaneuse.
- France
|
Langue du document |
Français
|
Nom de la revue |
|
Vulgarisation |
Non
|
Comité de lecture |
Oui
|
Audience |
Internationale
|
Date de publication |
2015
|
Volume |
29
|
Numéro |
3
|
Page/Identifiant |
179-224
|
Domaine(s) |
|
DOI | 10.3917/rfe.143.0179 |
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