Quelles leçons de l’histoire ? ou comment faire face aux fortes augmentations de dette publique ?

Vincent Bignon and Pierre Sicsic
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Pierre Sicsic: Centre de recherche de la Banque de France - Banque de France

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Abstract: How have societies coped with large increases in public debt? in the European history of the last three centuries, these moments have occurred mainly during and after wars, with the notable exception of the end of the 19th century and the end of the 20th century. these increases have had contrasting consequences both in terms of macroeconomic consequences and in terms of the solutions implemented to reduce these debt bumps. a distinctive element between these 20th century episodes and those of the 18th and 19th centuries was the use of financial engineering to smooth out the debt jumps, making it possible to "buy the time" necessary, in any post-war period, to restore macroeconomic equilibrium.

Date: 2022-10-20
New Economics Papers: this item is included in nep-his
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Published in Revue d'économie financière, 2022, N° 146 (2), pp.41-66. ⟨10.3917/ecofi.146.0041⟩

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Journal Article: Quelles leçons de l’histoire ? ou comment faire face aux fortes augmentations de dette publique ? (2022)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-03995219

DOI: 10.3917/ecofi.146.0041

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