Good debt scrabble economy www.gotcredit.com/Flickr

Une approche de la politique budgétaire en termes d'encours

WASHINGTON, DC – Tout le monde parle de dette et cite des chiffres nominaux énormes qui jouent un grand rôle dans les débats de politique publique du monde entier. Mais toutes les dettes ne sont pas identiques.

Premièrement, quand il s'agit de dette publique, il existe une grande différence entre les chiffres bruts et nets. Alors que la dette publique brute du Japon s'élève par exemple au chiffre conséquent de 246% du PIB, le chiffre net qui prend en compte les dettes intra-gouvernementales s'élève à 127% du PIB.

En outre, ce qui doit avoir une importance réelle sur le fardeau de la dette publique du pays est le coût annuel estimé de son remboursement. Comme Daniel Gros l'a récemment fait remarquer, une dette qui peut être reconduite indéfiniment à un taux d'intérêt nul n'est pas une dette. Il s'agit d'un exemple extrême, mais plus un taux d'intérêt fixe se rapproche de zéro, plus l'échéance s'éloigne et plus s'allège le fardeau de l'encours de la dette.

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