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Les finances publiques qui permettent d’étudier les ressources et les charges, les budgets et les comptes des collectivités publiques, sont régulièrement au coeur de l’actualité politique et économique, et ce n’est pas nouveau : l’Etat n’a cessé de rechercher les moyens de financer son action en levant l’impôt et en organisant ses dépenses. Mais en ce début de XXIe siècle, les finances publiques françaises sont en pleine mutation et doivent relever trois principaux défis. Le défi de l’autonomie budgétaire est né de l’instauration de l’euro en 1999, d’une politique monétaire confiée à la Banque Centrale Européenne et de l’existence de règles de discipline budgétaire européennes. Le défi de la soutenabilité vient du niveau d’endettement public, dépassant 60 % du PIB en 2003 ; la dette cumulée de l’Etat, de la sécurité sociale et des collectivités territoriales dépasse 1 500 Mds € en 2010 et les générations futures affronteront des dépenses supplémentaires de vieillissement et de santé avec un taux de prélèvement obligatoire déjà élevé. Le défi de la transparence exige des finances publiques mieux gérées par l’administration et facilement compréhensibles par les citoyens. La loi organique relative aux lois de finances (LOLF) votée en 2001 est en ce sens une révolution de la gestion publique en installant la notion de performance et de responsabilité au coeur des finances publiques. Cet ouvrage propose une synthèse claire et précise de ce que sont aujourd’hui les finances publiques.
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The events of the last decade have challenged the contemporary neo-classical synthesis in all branches of economics, but particularly public finance. The most notable feature of the 2nd edition of Public Finance in Theory and Practice is the infusion of behavioral economics throughout the text, with an end of chapter question inviting the student to apply a behavioral lens to some question or issue. There continues to be an emphasis on the importance of the institutional context, drawing on examples from many countries and emphasizing the role of lower level governments
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Finance, Public --- Accounting --- Standards
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This paper presents evidence that public debts in the advanced economies have surged in recent years to levels not recorded since the end of World War II, surpassing the heights reached during the First World War and the Great Depression. At the same time, private debt levels, particularly those of financial institutions and households, are in uncharted territory and are (in varying degrees) a contingent liability of the public sector in many countries. Historically, high leverage episodes have been associated with slower economic growth and a higher incidence of default or, more generally, restructuring of public and private debts. A more subtle form of debt restructuring in the guise of "financial repression" (which had its heyday during the tightly regulated Bretton Woods system) also importantly facilitated sharper and more rapid debt reduction than would have otherwise been the case from the late 1940s to the 1970s. It is conjectured here that the pressing needs of governments to reduce debt rollover risks and curb rising interest expenditures in light of the substantial debt overhang (combined with the widespread "official aversion" to explicit restructuring) are leading to a revival of financial repression--including more directed lending to government by captive domestic audiences (such as pension funds), explicit or implicit caps on interest rates, and tighter regulation on cross-border capital movements.
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