imprecision about which debt targets should be pursued. It then examines the evidence regarding the exogenous and policy …’économie politique de l’ajustement budgétaire. Il commence par examiner l’existence et les sources d’un biais en faveur des déficits …

consolidated public sector and different levels of government, and tests for the sustainability of the public debt dynamics. The …

level of government debt, favourable outlook for output growth, and long-term fiscal costs of ageing which are estimated to … needed pension reform, would have substantial longer-term costs in terms of higher taxes and additional debt service costs …, including an increase in the risk premium paid on government debt. In addition, this would heavily skew the tax burden towards …

level of government debt, favourable outlook for output growth, and long-term fiscal costs of ageing which are estimated to … needed pension reform, would have substantial longer-term costs in terms of higher taxes and additional debt service costs …, including an increase in the risk premium paid on government debt. In addition, this would heavily skew the tax burden towards …

Over the past several decades, public debt has increased substantially in many OECD countries, particularly in the … aftermath of recessions. The extent of this increase and the resulting debt levels varied across countries, partly reflecting … differences in average budget balances. Despite rising debt, governments’ interest payments as a share of GDP have declined …

: Large initial deficits and high interest rates have been important in prompting fiscal adjustment and also in boosting the …

heavy toll on public finances. Large public deficits have accumulated since 2008 and net public debt, which had been … from the international community. With one of the highest levels of gross public debt relative to GDP in the OECD, high … foresees a gradual consolidation of the public finances to stabilise and reduce the debt to GDP ratio and restore fiscal …

: Large initial deficits and high interest rates have been important in prompting fiscal adjustment and also in boosting the …

France has a track record of persistent general government deficits, partly reflecting pro-cyclical fiscal policies in … upswings. This has resulted in a quadrupling of its public debt-to-GDP ratio since the 1970s to above 80% of GDP. Reducing … public debt is crucial because a high level of public debt may hamper long-term growth and may have a direct impact on fiscal …