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La contrainte budgétaire de l'Etat et l' « Optimal Policy Mix » en régime de change fixe et flexible

Bertrand Lemennicier

Revue Économique, 1973, vol. 24, issue 3, 473-504

Abstract: [fre] la contrainte budgétaire de l'Etat sur l'adéquation de ces politiques économiques à ces objectifs. Dans ce deuxième point, il explicite des conséquences de la prise en compte de cette contrainte budgétaire sur le problème de l'affectation des politiques de dépenses publiques et d'émission de monnaie aux objectifs économiques internes (produit national en volume) et externe (balance des paiements), ce quel que soit le régime de change en vigueur.. [eng] The optimal policy mix in a fixed and flexible exchange rate system under the constraint of financing monetary and public expenditure policies. . This article analyses the effects of financing of public expenditure and of the issue of money on certain characteristic variables of economic activity: real national production and the balance of payments; it then goes on to study the influence of State irnposed budget restraints on the adequacy of economic policies for these targets. In this second point the article explains the consequences of taking info account these budget restraints on the ptoblem of assignement of monetary and public expenditure policies to respectively external and internal targets (balance of payments and real national production); this applies whatever exchange rate system is operating.

Date: 1973
Note: DOI:10.3406/reco.1973.408094
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