The President’s 3 Per Cent

Jacques Riboud

Chapter 7 in The Case for a New ECU, 1989, pp 50-54 from Palgrave Macmillan

Abstract: Abstract In a letter to his Prime Minister, the French President established the ceiling for the 1984 budget deficit at 3 per cent of the Gross Domestic Product (GDP). In this way, a limit was put on the contribution to the budget that was expected to come from borrowing and monetary creation, as a complement to tax revenue. This authoritarian measure was part of the monetary, and even monetarist, policy adopted by most western governments at the time. The creation of means of payment has thus taken its place as one of the legitimate resources of the State, along with taxes and borrowing and, like them, it is a kind of levy on the resources of the nation.

Keywords: Interest Rate; Gross Domestic Product; Money Supply; Budget Deficit; Transfer Payment (search for similar items in EconPapers)
Date: 1989
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-09730-2_7

Ordering information: This item can be ordered from
http://www.palgrave.com/9781349097302

DOI: 10.1007/978-1-349-09730-2_7

Access Statistics for this chapter

More chapters in Palgrave Macmillan Books from Palgrave Macmillan
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().