Cette étude présente une méthode empirique simple permettant d'évaluer l'impact des finances publiques sur la croissance à court terme, et plus précisément : a)l'impulsion discrétionnaire des finances publiques avant bouclage macroéconomique ; b) l'impact sur la croissance de...

Depuis 2003, la Turquie a entrepris de restaurer ses fondamentaux macro-économique en mettant en place, sous la houlette du FMI, un programme de lutte contre l’inflation, tendon d’Achille traditionnel du pays et une politique budgétaire d’austérité, caractérisée par le dégagement de...

This paper proposes a new ‘World Volatility Index’, coined WVIX, by constructing the first index that approximates the aggregate volatility level of the G20 countries. The empirical analysis makes use of the factor dynamic conditional correlation model – with an automated methodology to...

In this paper, we investigate the interactions between public debt and transfer policies in a framework based on Floden [2001], that we extend to allow for transitional dynamics between steady states. First, we show that, starting from a high level of public debt, it is possible to implement a...

With population ageing, fiscal consolidation has become of paramount importance for euro area countries. Consolidation can be pursued in various ways, with different effects on potential growth, which itself will be dragged down by ageing. A dynamic general equilibrium model with overlapping...

This paper reconsiders the impact of public debt in an economy with heterogeneous households and incomplete markets to emphasize the short-run effects of an increase in public debt. As compared to models that rest on steady-state analysis, we show that the welfare gains of a public debt increase...

This paper investigates the impact of complementarity reforms on growth and how it depends on GDP per capita. Based on reform data for six policy areas compiled from various sources during the period 1994-2006 for over 100 countries, we compute composite indicators of reform level and...

In this paper we use a simple standard overlapping generations model to assess the impact of foreign aid. Donors are not able to modify the sharing out of aid between old and young in the recipient economy. This assumption is in line with the deference to the elders, which characterises the...

Dans les débats sur la zone Euro et son élargissement, l’accent est souvent mis sur le problème de l’hétérogénéité entre les pays. Mais les difcultés à se coordonner ne provi- ennent pas nécessairement de la disparité entre les pays, tout au moins si le nombre de pays est...