Economic fluctuations, climate risk and a number of individual specific shocks leave households vulnerable to severe hardship in developing countries. Moreover, the credit and insurance markets are limited and the social coverage is weak. In this context, households saving is crucial to provide...

This article provides an analysis of the microeconomic determinants of household savings behaviour in Morocco according to geographical household residence. Descriptive statistics seem to indicate a similar savings pattern in both rural and urban areas but the econometric results do not support...

Cet article propose une analyse des déterminants microéconomiques de l’épargne des ménages au Maroc à partir d’une enquête menée à la fois en zone urbaine et en zone rurale. Les statistiques descriptives étudiées dans une première partie laissent supposer que les déterminants de...

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...

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...

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...

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...

This paper analyses the effects of transitory increases in government spending when public debt is used as liquidity by the private sector. Aggregate shocks are introduced into an incomplete-market economy where heterogenous, infitely-lived households face occasionally binding borrowing...