7. En quoi la politique monétaire affecte-t-elle le coût de la dette publique ? Le cas des taux d’intérêt négatifs

Agnès Labye

Regards croisés sur l'économie, 2015, vol. n° 17, issue 2, 120-132

Abstract: Since 2008, we observe an increase of public debts and the implementation of accommodative monetary policy characterized by a massive cash injection by central banks and interest rates near zero so much so that some of them became negative. This paper examines the link between (negative) interest rates and public debt. First, it shows the different cases in which interest rates can be negative. Then, it explains the reasons why the government securities, even low-paid, are ever purchased, especially by European banks which see in them a potential cash source in a context of tightening of the regulation and the implementation of the banking union. Finally, it shows that the further reduction on interest charges on the public debt is not sustainable.

Date: 2015
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