{"id":22117,"date":"2021-07-09T08:26:13","date_gmt":"2021-07-09T06:26:13","guid":{"rendered":"https:\/\/www.accuracy.com\/2021\/07\/09\/accuracy-talks-straight-2-langle-academique\/"},"modified":"2023-05-03T12:49:46","modified_gmt":"2023-05-03T10:49:46","slug":"accuracy-talks-straight-2-langle-academique","status":"publish","type":"post","link":"https:\/\/www.accuracy.com\/en_gb\/accuracy-talks-straight-2-langle-academique\/","title":{"rendered":"Accuracy Talks Straight #2 &#8211; L&#8217;angle acad\u00e9mique"},"content":{"rendered":"<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.accuracy.com\/wp-content\/uploads\/2021\/07\/05.-Langle-acad\u00e9mique-1024x153.png\" alt=\"\" class=\"wp-image-15309\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\" style=\"font-size:25px\"><strong>Consid\u00e9rations sur la dette publique<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<div class=\"wp-block-media-text alignwide\" style=\"grid-template-columns:15% auto\"><figure class=\"wp-block-media-text__media\"><img decoding=\"async\" src=\"https:\/\/www.accuracy.com\/wp-content\/uploads\/2021\/07\/DANIEL_Jean-Marc-1.jpg\" alt=\"\" class=\"wp-image-15340\"\/><\/figure><div class=\"wp-block-media-text__content\">\n<p class=\"wp-block-paragraph\" style=\"font-size:23px\"><strong>Jean-Marc Daniel<\/strong><br>\u00c9conomiste, professeur \u00e9m\u00e9rite \u00e0 l&#8217;ESCP<\/p>\n<\/div><\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Les politiques de soutien \u00e0 l\u2019\u00e9conomie li\u00e9es \u00e0 la Covid 19, en substituant de la dette au travail, ont fait exploser l\u2019endettement public mondial. D\u2019apr\u00e8s le FMI, celui-ci devrait passer de 83% du PIB fin 2019 \u00e0 100% fin 2021. A cette date, ce ratio serait de 119% en France, de 158% en Italie et de \u2026 264% au Japon. Or beaucoup des commentaires que suscite cette explosion sont saugrenus.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>QUATRE ID\u00c9ES FAUSSES SONT SOUVENT V\u00c9HICUL\u00c9ES \u00c0 PROPOS DE LA DETTE PUBLIQUE.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">La premi\u00e8re est qu\u2019elle constitue un fardeau qu\u2019une g\u00e9n\u00e9ration transmet \u00e0 la g\u00e9n\u00e9ration suivante. Pourtant, d\u00e8s le XVIIIe si\u00e8cle, Jean-Fran\u00e7ois Melon a montr\u00e9 le caract\u00e8re approximatif d\u2019une telle assertion. Ce secr\u00e9taire du c\u00e9l\u00e8bre John Law au moment o\u00f9 celui-ci m\u00e8ne sa politique de mon\u00e9tisation de la dette publique a cherch\u00e9 \u00e0 se justifier apr\u00e8s l\u2019\u00e9chec de cette politique. Il a donn\u00e9 sa vision de ce qui s\u2019est pass\u00e9 dans un Essai politique sur le commerce o\u00f9 il \u00e9nonce :<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>\u00ab PAR LA DETTE PUBLIQUE LE PAYS SE PR\u00caTE \u00c0 LUI-M\u00caME. \u00bb<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Il insiste sur le fait que la dette publique ne r\u00e9alise pas un transfert d\u2019une g\u00e9n\u00e9ration \u00e0 l\u2019autre mais d\u2019un groupe social \u2013 les contribuables \u2013 vers un autre \u2013 les d\u00e9tenteurs de titres publics \u2013 qui per\u00e7oit les int\u00e9r\u00eats.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">La deuxi\u00e8me est que le remboursement de la dette fait peser une menace sur les finances publiques. Certains proposent donc d\u2019\u00e9mettre de la dette perp\u00e9tuelle pour ne pas avoir \u00e0 la rembourser. Il se trouve qu\u2019en pratique, la dette publique est d\u00e9j\u00e0 perp\u00e9tuelle. En effet, les Etats se contentent de verser les int\u00e9r\u00eats. Depuis le d\u00e9but du XIXe si\u00e8cle, aucun cr\u00e9dit n\u2019est inscrit dans leur budget pour le remboursement de leur dette. Chaque fois qu\u2019un emprunt arrive \u00e0 \u00e9ch\u00e9ance, il est imm\u00e9diatement replac\u00e9.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">La troisi\u00e8me est que c\u2019est une hausse brutale des taux d\u2019int\u00e9r\u00eat qui constituerait une menace puisque l\u2019engagement concret et formel de l\u2019Etat est de payer des int\u00e9r\u00eats. La rar\u00e9faction progressive des pr\u00eateurs potentiels provoquerait cette hausse et restreindrait la possibilit\u00e9 pour les Etats d\u2019emprunter. Cependant, chaque \u00e9conomie moderne est dot\u00e9e d\u2019une banque centrale agissant en pr\u00eateur en dernier ressort. R\u00e9sultat, les banques ach\u00e8tent sans probl\u00e8me et donc sans limite une dette dont elles peuvent se d\u00e9faire en la lui revendant. Taux d\u2019int\u00e9r\u00eat effectif et montant de dette d\u00e9tenue par les acteurs priv\u00e9s d\u00e9pendent in fine de l\u2019action de la banque centrale. Le statut de la R\u00e9serve f\u00e9d\u00e9rale am\u00e9ricaine est d\u2019ailleurs explicite dans la d\u00e9finition de sa mission:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>\u00ab Maintenir en moyenne une croissance des agr\u00e9gats mon\u00e9taires et de la quantit\u00e9 de cr\u00e9dit compatible avec le potentiel de croissance de la production, de mani\u00e8re \u00e0 tendre vers les objectifs suivants : un taux d\u2019emploi maximum ; des prix stables ; des taux d\u2019int\u00e9r\u00eat \u00e0 long terme peu \u00e9lev\u00e9s \u00bb.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Bien qu\u2019ind\u00e9pendantes, les banques centrales maintiennent d\u00e9sormais des taux tr\u00e8s bas dans le but assum\u00e9 d\u2019all\u00e9ger la charge d\u2019int\u00e9r\u00eat des Etats. En outre, comme la banque centrale reverse \u00e0 l\u2019Etat les int\u00e9r\u00eats qu\u2019il lui a vers\u00e9s sur sa dette, la part de la dette publique que celle-ci d\u00e9tient est gratuite, ce qui abaisse syst\u00e9matiquement le taux d\u2019int\u00e9r\u00eat moyen pay\u00e9 par l\u2019Etat. Le cas du Japon est \u00e0 ce sujet illustratif. Selon l\u2019OCDE, son ratio dette publique\/Pib \u00e9tait de 226% en 2019. Et le gouvernement nippon envisage sereinement qu\u2019il puisse atteindre 600% en 2060. Son insouciance tient \u00e0 ce que, gr\u00e2ce \u00e0 une politique mon\u00e9taire ultra-accommodante et \u00e0 une d\u00e9tention de 40% de la dette publique par la Banque centrale, la charge nette d\u2019int\u00e9r\u00eat a \u00e9t\u00e9 ramen\u00e9e \u00e0 presque z\u00e9ro en 2019.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Enfin, la quatri\u00e8me est qu\u2019il y aurait un partage \u00e0 faire entre une bonne dette et une mauvaise dette.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">La bonne dette publique financerait les investissements et la mauvaise le fonctionnement. Ce partage n\u2019a aucun sens car il repose sur un tropisme consistant \u00e0 appliquer \u00e0 la dette publique le raisonnement concernant la dette priv\u00e9e. Il suppose que les d\u00e9penses publiques d\u2019investissement pr\u00e9parent l\u2019avenir tandis que celles de fonctionnement le sacrifient au pr\u00e9sent. Mais il est facile de voir que le salaire d\u2019un chercheur, dont les travaux vont d\u00e9boucher sur du progr\u00e8s technique et donc sur davantage de croissance, est du fonctionnement, alors que la construction d\u2019une route ne menant nulle part est un investissement\u2026<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">N\u00e9anmoins, l\u2019id\u00e9e d\u2019une bonne et d\u2019une mauvaise dette doit \u00eatre pr\u00e9cis\u00e9e car, sous certaines conditions, c\u2019est elle qui doit guider la politique budg\u00e9taire. Nos anc\u00eatres avaient d\u2019ailleurs identifi\u00e9 le probl\u00e8me.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pendant longtemps, les autorit\u00e9s religieuses ont consid\u00e9r\u00e9 que la r\u00e9mun\u00e9ration d\u2019un pr\u00eat \u00e9tait usuraire.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Leur raisonnement s\u2019est affin\u00e9 avec le temps, si bien qu\u2019au XIIIe si\u00e8cle, Saint Thomas d\u2019Aquin pouvait \u00e9crire :<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>\u00ab Celui qui pr\u00eate de l\u2019argent transf\u00e8re la propri\u00e9t\u00e9 de son argent \u00e0 l\u2019emprunteur ; par cons\u00e9quent celui qui emprunte poss\u00e8de la somme \u00e0 ses risques et p\u00e9rils et il est tenu de la rendre int\u00e9gralement. Le pr\u00eateur ne doit donc pas exiger davantage. Mais celui qui pr\u00eate son argent \u00e0 un marchand ou \u00e0 un artisan avec lequel il s\u2019est associ\u00e9, ne lui transmet pas la propri\u00e9t\u00e9 de la somme, il en reste toujours le propri\u00e9taire, de telle sorte que c\u2019est \u00e0 ses risques et p\u00e9rils que le marchand commerce sur son argent ou que l\u2019artisan travaille. C\u2019est pourquoi il peut licitement recevoir une partie du gain \u00bb<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">L\u2019\u00e9conomie politique naissante a d\u00e8s lors distingu\u00e9 deux types de pr\u00eats : d\u2019une part, les pr\u00eats <em>\u00ab commerciaux \u00bb<\/em>, encore appel\u00e9s <em>\u00ab pr\u00eats de production \u00bb<\/em>, qui financent des investissements et l\u2019\u00e9mergence d\u2019une richesse future fournissant de quoi verser des int\u00e9r\u00eats ; d\u2019autre part, les pr\u00eats destin\u00e9s \u00e0 secourir les gens en difficult\u00e9, appel\u00e9s <em>\u00ab pr\u00eats de consommation \u00bb<\/em>, qui rel\u00e8vent d\u2019une logique de don et doivent \u00eatre gratuits.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">La concr\u00e9tisation moderne des r\u00e9flexions de Saint Thomas d\u2019Aquin conduit \u00e0 affirmer que la dette priv\u00e9e trouve sa justification dans le financement de l\u2019investissement apportant une am\u00e9lioration structurelle de la croissance tandis que la dette publique trouve la sienne en tant que r\u00e9ponse aux al\u00e9as conjoncturels, assurant la solidarit\u00e9 collective avec les secteurs \u00e9conomiques mis en difficult\u00e9 par les fluctuations cycliques.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">C\u2019est sur ces principes que reposent les trait\u00e9s europ\u00e9ens, notamment le <em>\u00ab Trait\u00e9 sur la stabilit\u00e9, la coordination et la gouvernance \u00bb<\/em>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>CELUI-CI STIPULE :<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>\u00ab La situation budg\u00e9taire des administrations publiques d\u2019une partie contractante est en \u00e9quilibre ou en exc\u00e9dent ; la r\u00e8gle \u00e9nonc\u00e9e est consid\u00e9r\u00e9e comme respect\u00e9e si le solde structurel annuel des administrations publiques correspond \u00e0 (\u2026) une limite inf\u00e9rieure de d\u00e9ficit structurel de 0,5 % du produit int\u00e9rieur brut aux prix du march\u00e9. \u00bb<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Il ent\u00e9rine le distinguo entre un \u00ab bon d\u00e9ficit \u00bb &#8211; le d\u00e9ficit conjoncturel, qui appara\u00eet quand la croissance s\u2019essouffle et qui s\u2019efface quand elle est soutenue &#8211; et un <em>\u00ab mauvais d\u00e9ficit \u00bb<\/em> -le d\u00e9ficit structurel, qui est ind\u00e9pendant du cycle et perdure quelles que soient les circonstances.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ce qui est inqui\u00e9tant aujourd\u2019hui, c\u2019est que nous nous \u00e9cartons de ce sch\u00e9ma, ce qui n\u2019est pas sans cons\u00e9quences n\u00e9gatives.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">La premi\u00e8re tient \u00e0 l\u2019\u00e9galit\u00e9 entre l\u2019offre et la demande. Toute d\u00e9pense publique non financ\u00e9e par un pr\u00e9l\u00e8vement sur la d\u00e9pense priv\u00e9e augmente la demande. Si cette augmentation se p\u00e9rennise, elle entra\u00eene soit un apport d\u2019offre ext\u00e9rieure, c\u2019est-\u00e0-dire un creusement du d\u00e9ficit commercial, soit une possibilit\u00e9 offerte au syst\u00e8me productif d\u2019augmenter ses prix, c\u2019est-\u00e0-dire une relance de l\u2019inflation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">La deuxi\u00e8me tient \u00e0 ce que l\u2019augmentation de la dette publique provoque des anticipations n\u00e9gatives chez les acteurs priv\u00e9s.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Dans un premier temps, le r\u00e9flexe d\u2019\u00e9pargne pour affronter un avenir fiscal rendu incertain par l\u2019accumulation de dette conduit \u00e0 une augmentation du prix des actifs dont les bulles immobili\u00e8res sont les traductions les plus manifestes. C\u2019est ce que les \u00e9conomistes appellent l\u2019<em>\u00ab \u00e9quivalence ricardienne \u00bb<\/em>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Dans un second temps, ces anticipations n\u00e9gatives \u00e9rodent la cr\u00e9dibilit\u00e9 de la monnaie.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Les pays qui, comme le Liban, ont vu leur devise dispara\u00eetre au profit du dollar du fait de l\u2019emballement de l\u2019endettement public sont rares. N\u00e9anmoins, nous assistons \u00e0 un retour en force de l\u2019or, qui demeure dans l\u2019inconscient collectif l\u2019ultime recours mon\u00e9taire, retour en force que souligne l\u2019envol\u00e9e des cours de ce m\u00e9tal pr\u00e9cieux.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Tout ceci pour conclure qu\u2019il est temps de mettre un terme au <em>\u00ab quoi qu\u2019il en co\u00fbte \u00bb<\/em> m\u00eame si une cessation de paiement de l\u2019Etat n\u2019est pas \u00e0 l\u2019ordre du jour.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p style=\"font-size:25px\" class=\"has-text-color has-vivid-red-color wp-block-paragraph\"> <a href=\"https:\/\/www.accuracy.com\/en_gb\/accuracy-talks-straight-2-fr\/\">&lt; Retourner sur Accuracy Talks Straight<\/a> <\/p>","protected":false},"excerpt":{"rendered":"<p>Consid\u00e9rations sur la dette publique Jean-Marc Daniel\u00c9conomiste, professeur \u00e9m\u00e9rite \u00e0 l&#8217;ESCP Les politiques de soutien \u00e0 l\u2019\u00e9conomie li\u00e9es \u00e0 la Covid 19, en substituant de la dette au travail, ont fait exploser l\u2019endettement public mondial. D\u2019apr\u00e8s le FMI, celui-ci devrait passer de 83% du PIB fin 2019 \u00e0 100% fin 2021. A cette date, ce [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[60,1],"tags":[],"class_list":["post-22117","post","type-post","status-publish","format-standard","hentry","category-insights","category-uncategorized"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.9 (Yoast SEO v27.9) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Accuracy Talks Straight #2 - L&#039;angle acad\u00e9mique - Accuracy<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.accuracy.com\/en_gb\/accuracy-talks-straight-2-langle-academique\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Accuracy Talks Straight #2 - L&#039;angle acad\u00e9mique\" \/>\n<meta property=\"og:description\" content=\"Consid\u00e9rations sur la dette publique Jean-Marc Daniel\u00c9conomiste, professeur \u00e9m\u00e9rite \u00e0 l&#8217;ESCP Les politiques de soutien \u00e0 l\u2019\u00e9conomie li\u00e9es \u00e0 la Covid 19, en substituant de la dette au travail, ont fait exploser l\u2019endettement public mondial. 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