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L’assainissement budgétaire au Danemark entre 1983 et 1986 : l’anti-mythe

Abstract : Some economists have viewed the Danish economy as a standard case for « expansionary fiscal contractions ». Interest for Denmark was due to the simultaneous occurrence of three phenomena between 1982 and 1986 : a strong economic recovery, a tough fiscal rigour and the collapse of the savings rate. Such a situation was considered as a textbook example of Ricardian equivalence. In our paper, we show however that a non-Ricardian private consumption function is more appropriate to the Danish case. Financial deregulation and the temporary smoothing of liquidity constraints explain why the savings rate has changed so much between 1975 and 1995. As for private investment, it has followed an accelerator effect. Hence, Denmark should not be quoted as a good example for asserting that fiscal policies have non-Keynesian effects.
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Submitted on : Thursday, March 10, 2022 - 11:15:38 AM
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Jérôme Creel. L’assainissement budgétaire au Danemark entre 1983 et 1986 : l’anti-mythe. Revue Française d'Economie, Association Française d'Économie, 1998, 13 (4), pp.83-123. ⟨10.3406/rfeco.1998.1069⟩. ⟨hal-03604006⟩

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