9. Quels effets redistributifs de la dette publique ?

Pierre-Yves Cusset

Regards croisés sur l'économie, 2015, vol. n° 17, issue 2, 147-158

Abstract: Public debt seems at first glance regressive : through interest payments, it redistributes resources from all taxpayers to the wealthier agents who hold the bulk of government bonds. Reality is more complex. Public debt finances spending that may benefit proportionally the poorer agents more ; if the tax system is progressive, the richest agents may also pay the bulk of interest payments on government bonds. When factoring in these elements, plus the short- and long-run effects of public debt on output and employment, things get really blurry. Hence, one can hardly find unambiguous conclusions on the net redistributive effect of public debt.

Date: 2015
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