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The general topic of this work is the stabilizing influence of appropriate fiscal policies on the economy's dynamics. In this thesis, stabilization policies are understood as a means to lower or rule out the likelihood of endogenous fluctuations in the economy. The first chapter examines, in a real economy, the stabilizing properties of linearly progressive income taxes, resembling the tax codes with brackets that prevail in many developed countries. The second chapter highlights the fact that the stabilizing (counter-cyclical) influence of income tax progressivity is weakened with the introduction of a realistic fiscal scheme allowing firms to deduct maintenance and repair expenditures when calculating pre-tax profits. The third chapter studies the impact of income taxation in a monetary economy with heterogeneous agents. The analysis confirms the idea that fiscal progressivity lowers the probability of endogenous fluctuations in the economy. However, in such a monetary frame, in contrast with the real economies pictured in the first two chapters, it is shown that even high levels of tax progressivity can not completely rule out the occurrence of endogenous fluctuations. Eventually, the last chapter investigates how fiscal policy can affect aggregate volatility and growth in credit constrained economies. In an endogenous growth model combining capital market frictions with unequal access to investment opportunities across individuals, it is shown that an appropriate fiscal policy, even linear, consisting of taxing labor income and organizing transfers towards innovating investment, is able to remedy the shortage of funding for these investments during slumps, stabilize the economy's dynamics and place it on a sustained permanent growth path. ; Cette thèse a pour thème central l'influence stabilisatrice de politiques de taxation appropriées sur la dynamique économique. La stabilisation est ici entendue comme la possibilité d'atténuer voire d'éliminer, par de telles politiques, la probabilité d'apparition de ...

The general topic of this work is the stabilizing influence of appropriate fiscal policies on the economy's dynamics. In this thesis, stabilization policies are understood as a means to lower or rule out the likelihood of endogenous fluctuations in the economy. The first chapter examines, in a real economy, the stabilizing properties of linearly progressive income taxes, resembling the tax codes with brackets that prevail in many developed countries. The second chapter highlights the fact that the stabilizing (counter-cyclical) influence of income tax progressivity is weakened with the introduction of a realistic fiscal scheme allowing firms to deduct maintenance and repair expenditures when calculating pre-tax profits. The third chapter studies the impact of income taxation in a monetary economy with heterogeneous agents. The analysis confirms the idea that fiscal progressivity lowers the probability of endogenous fluctuations in the economy. However, in such a monetary frame, in contrast with the real economies pictured in the first two chapters, it is shown that even high levels of tax progressivity can not completely rule out the occurrence of endogenous fluctuations. Eventually, the last chapter investigates how fiscal policy can affect aggregate volatility and growth in credit constrained economies. In an endogenous growth model combining capital market frictions with unequal access to investment opportunities across individuals, it is shown that an appropriate fiscal policy, even linear, consisting of taxing labor income and organizing transfers towards innovating investment, is able to remedy the shortage of funding for these investments during slumps, stabilize the economy's dynamics and place it on a sustained permanent growth path. ; Cette thèse a pour thème central l'influence stabilisatrice de politiques de taxation appropriées sur la dynamique économique. La stabilisation est ici entendue comme la possibilité d'atténuer voire d'éliminer, par de telles politiques, la probabilité d'apparition de ...

The general topic of this work is the stabilizing influence of appropriate fiscal policies on the economy's dynamics. In this thesis, stabilization policies are understood as a means to lower or rule out the likelihood of endogenous fluctuations in the economy. The first chapter examines, in a real economy, the stabilizing properties of linearly progressive income taxes, resembling the tax codes with brackets that prevail in many developed countries. The second chapter highlights the fact that the stabilizing (counter-cyclical) influence of income tax progressivity is weakened with the introduction of a realistic fiscal scheme allowing firms to deduct maintenance and repair expenditures when calculating pre-tax profits. The third chapter studies the impact of income taxation in a monetary economy with heterogeneous agents. The analysis confirms the idea that fiscal progressivity lowers the probability of endogenous fluctuations in the economy. However, in such a monetary frame, in contrast with the real economies pictured in the first two chapters, it is shown that even high levels of tax progressivity can not completely rule out the occurrence of endogenous fluctuations. Eventually, the last chapter investigates how fiscal policy can affect aggregate volatility and growth in credit constrained economies. In an endogenous growth model combining capital market frictions with unequal access to investment opportunities across individuals, it is shown that an appropriate fiscal policy, even linear, consisting of taxing labor income and organizing transfers towards innovating investment, is able to remedy the shortage of funding for these investments during slumps, stabilize the economy's dynamics and place it on a sustained permanent growth path. ; Cette thèse a pour thème central l'influence stabilisatrice de politiques de taxation appropriées sur la dynamique économique. La stabilisation est ici entendue comme la possibilité d'atténuer voire d'éliminer, par de telles politiques, la probabilité d'apparition de ...

The general topic of this work is the stabilizing influence of appropriate fiscal policies on the economy's dynamics. In this thesis, stabilization policies are understood as a means to lower or rule out the likelihood of endogenous fluctuations in the economy. The first chapter examines, in a real economy, the stabilizing properties of linearly progressive income taxes, resembling the tax codes with brackets that prevail in many developed countries. The second chapter highlights the fact that the stabilizing (counter-cyclical) influence of income tax progressivity is weakened with the introduction of a realistic fiscal scheme allowing firms to deduct maintenance and repair expenditures when calculating pre-tax profits. The third chapter studies the impact of income taxation in a monetary economy with heterogeneous agents. The analysis confirms the idea that fiscal progressivity lowers the probability of endogenous fluctuations in the economy. However, in such a monetary frame, in contrast with the real economies pictured in the first two chapters, it is shown that even high levels of tax progressivity can not completely rule out the occurrence of endogenous fluctuations. Eventually, the last chapter investigates how fiscal policy can affect aggregate volatility and growth in credit constrained economies. In an endogenous growth model combining capital market frictions with unequal access to investment opportunities across individuals, it is shown that an appropriate fiscal policy, even linear, consisting of taxing labor income and organizing transfers towards innovating investment, is able to remedy the shortage of funding for these investments during slumps, stabilize the economy's dynamics and place it on a sustained permanent growth path. ; Cette thèse a pour thème central l'influence stabilisatrice de politiques de taxation appropriées sur la dynamique économique. La stabilisation est ici entendue comme la possibilité d'atténuer voire d'éliminer, par de telles politiques, la probabilité d'apparition de ...

International audience ; The state budget fulfils three essential functions for a national economy: economic stabilization, allocation of resources for public services and income redistribution. Monetarist thought within the framework of a liberal and open market economy today contests this policy claimed by Keynesian thought. It can lead to crowding out and destabilisation of the normal functioning of the national economy, in the event of indebtedness or inappropriate economic incentives. However, fiscal policy cannot be neutral; it implies direct action by the State that is not limited to a variation in spending and/or taxes, but also acts as an incentive to stimulate the economy, protect citizens and provide collectively useful public services (infrastructure) or social services (umbrella against excessive inequalities and poverty). Budget de l'Etat, relance économique, stabilisation économique, redistribution des revenus, affectation des services publics. State budget, economic recovery, economic stabilization, income redistribution, allocation of public services. ; Le budget de l'Etat satisfait trois fonctions essentielles pour une économie nationale, la stabilisation conjoncturelle, l'affectation des ressources des services publics et la redistribution des revenus. Cette politique revendiquée par la pensée keynésienne est aujourd'hui contestée par la pensée monétariste dans le cadre d'une économie de marché libérale et ouverte. Elle peut conduire à des effets d'éviction et à une déstabilisation du fonctionnement normal de l'économie nationale, en cas d'endettement ou d'incitations économiques inappropriées. Cependant, la politique budgétaire ne peut pas être neutre, elle suppose une action directe de l'Etat qui ne se limite pas seulement à une variation des dépenses ou/et des impôts, mais elle exerce aussi un rôle incitatif de relance de l'économie, de protection des citoyens et de services publics collectivement utiles (infrastructures) ou sociaux (luette contre les inégalités excessives et la pauvreté).

International audience ; The state budget fulfils three essential functions for a national economy: economic stabilization, allocation of resources for public services and income redistribution. Monetarist thought within the framework of a liberal and open market economy today contests this policy claimed by Keynesian thought. It can lead to crowding out and destabilisation of the normal functioning of the national economy, in the event of indebtedness or inappropriate economic incentives. However, fiscal policy cannot be neutral; it implies direct action by the State that is not limited to a variation in spending and/or taxes, but also acts as an incentive to stimulate the economy, protect citizens and provide collectively useful public services (infrastructure) or social services (umbrella against excessive inequalities and poverty). Budget de l'Etat, relance économique, stabilisation économique, redistribution des revenus, affectation des services publics. State budget, economic recovery, economic stabilization, income redistribution, allocation of public services. ; Le budget de l'Etat satisfait trois fonctions essentielles pour une économie nationale, la stabilisation conjoncturelle, l'affectation des ressources des services publics et la redistribution des revenus. Cette politique revendiquée par la pensée keynésienne est aujourd'hui contestée par la pensée monétariste dans le cadre d'une économie de marché libérale et ouverte. Elle peut conduire à des effets d'éviction et à une déstabilisation du fonctionnement normal de l'économie nationale, en cas d'endettement ou d'incitations économiques inappropriées. Cependant, la politique budgétaire ne peut pas être neutre, elle suppose une action directe de l'Etat qui ne se limite pas seulement à une variation des dépenses ou/et des impôts, mais elle exerce aussi un rôle incitatif de relance de l'économie, de protection des citoyens et de services publics collectivement utiles (infrastructures) ou sociaux (luette contre les inégalités excessives et la pauvreté).

The aim of this research is to examine the effectiveness and limits of the instruments of fiscal policy on economic activity through a theoretical and another empirical framework on the Algerian economy. Research results demonstrate that fiscal policy in Algeria plays an important role in macroeconomic stabilization, by stemming any foreclosure effect in recent years, in a context of improving the allocation of resources, in particular for the benefit of activity and economic growth. As a result, recommendations have been suggested; the challenge is to structure budgetary measures so that they facilitate an efficient redeployment of resources towards activities offering longer-term economic and social benefits. ; Le but de cette recherche est d'examiner l'efficacité et les limites des instruments de la politique budgétaire sur l'activité économique à travers un cadre théorique et un autre empirique sur l'économie algérienne. Les résultats de la recherche démontrent que la politique budgétaire en l'Algérie joue un rôle important dans la stabilisation macroéconomique, en endiguant tout effet d'éviction ces dernières années, dans un contexte d'amélioration de l'allocation des ressources notamment au profit de l'activité et de la croissance économique. En conséquence, des recommandations ont été suggérée, l'enjeu est de structurer les mesures budgétaires de façon qu'elles facilitent un redéploiement efficace des ressources vers les activités offrant à plus long terme des avantages économiques et sociaux.

This paper discusses the instruments of the CAP to use in case of surplus on agricultural markets. Economic theory shows that private instruments of risk management are effective for normal risks. They are no longer in crisis situations characterized by intense price cuts or significant changes in the quantities produced. This paper analyzes the relative effectiveness of direct support and a government purchase (considered here as the instrument of withdrawal of offer) in the objective to support farm income. ; Cette communication discute des instruments de la PAC à utiliser en cas d'excédent sur les marchés agricoles. La théorie économique montre que les instruments privés de gestion des risques sont efficaces pour des risques normaux. Ils ne le sont plus dans des situations de crises caractérisées par des baisses intenses de prix ou à des variations fortes des quantités produites. Cette communication analyse les efficacités relatives des aides directes et d'un achat public (considéré ici comme l'instrument de retrait de l'offre) pour un objectif de soutien (conjoncturel) des revenus agricoles dans une situation de crise d'excès d'offre conduisant à des prix agricoles très bas.

The aim of this thesis is to examine the implications of structural heterogeneities in the policy framework of the euro area. The first step is to analyse the extent to which structural heterogeneities and the introduction of a financial stability objective assigned to the central bank influence the coordination of monetary and fiscal authorities as well as the economic stabilization that follows after shocks. Noteworthy is the increasing relevance of coordination with the degree of heterogeneity on the one hand and a proactivity of the central bank on the other hand, which improve / corrupts cyclical stabilization according to the type of shock after a financial stability objective has been added. Next step is to examine the fiscal reaction functions in the euro area to demonstrate the heterogeneity of government fiscal behavior on the one hand and the determinants of these fiscal policies on the other. Finally, we look at the impact of the single monetary policy on the euro area Member States and highlight a completely heterogeneous transmission of monetary policy, caused in particular by structural heterogeneities in productive specializations, functioning of financial and labor markets, just to name a few. Here, we ask about the relevance of single monetary policy in the context of heterogeneous monetary union without any mechanism of adjustment. ; Cette thèse a pour objectif d'étudier l'implication des hétérogénéités structurelles dans le cadre des politiques économiques de la zone euro. Nous étudions d'abord dans quelles mesures ces hétérogénéités et l'introduction d'un objectif de stabilité financière attribué à la banque centrale affectent la stabilisation conjoncturelle suite aux chocs et la coordination entre les autorités monétaires et budgétaires. Nous montrons la pertinence croissante de la coordination avec le degré d'hétérogénéité et la pro-activité de la banque centrale suite à l'ajout de l'objectif de stabilité financière qui améliore/dégrade la stabilisation conjoncturelle selon le type de ...

The aim of this thesis is to examine the implications of structural heterogeneities in the policy framework of the euro area. The first step is to analyse the extent to which structural heterogeneities and the introduction of a financial stability objective assigned to the central bank influence the coordination of monetary and fiscal authorities as well as the economic stabilization that follows after shocks. Noteworthy is the increasing relevance of coordination with the degree of heterogeneity on the one hand and a proactivity of the central bank on the other hand, which improve / corrupts cyclical stabilization according to the type of shock after a financial stability objective has been added. Next step is to examine the fiscal reaction functions in the euro area to demonstrate the heterogeneity of government fiscal behavior on the one hand and the determinants of these fiscal policies on the other. Finally, we look at the impact of the single monetary policy on the euro area Member States and highlight a completely heterogeneous transmission of monetary policy, caused in particular by structural heterogeneities in productive specializations, functioning of financial and labor markets, just to name a few. Here, we ask about the relevance of single monetary policy in the context of heterogeneous monetary union without any mechanism of adjustment. ; Cette thèse a pour objectif d'étudier l'implication des hétérogénéités structurelles dans le cadre des politiques économiques de la zone euro. Nous étudions d'abord dans quelles mesures ces hétérogénéités et l'introduction d'un objectif de stabilité financière attribué à la banque centrale affectent la stabilisation conjoncturelle suite aux chocs et la coordination entre les autorités monétaires et budgétaires. Nous montrons la pertinence croissante de la coordination avec le degré d'hétérogénéité et la pro-activité de la banque centrale suite à l'ajout de l'objectif de stabilité financière qui améliore/dégrade la stabilisation conjoncturelle selon le type de ...

In three parts, this thesis evaluated the results and the chances for the successful financial liberalization in MENA countries. In this research we observed that the financial repression had negative impacts on the financial development system and the economic growth. But in facts, the financial liberalization did not respect the directives of the theory of liberalization. Liberalization was entirely followed in the Middle East, but was progressively made in the North Africa. In addition, the stages of the reforms didn't not follow in a clear order. Economic stabilization was often accompanied by other reforms such as the introduction of indirect instruments of monetary control (Morocco, Tunisia) or the fast liberalization of the interest rates (Egypt, Jordan). In the same way, the banking restructuring was applied at the same time as the introduction of the supervision rules or the development of the monetary market. The imperfections observed in the reforms didn't allow to reach the results predicted at the beginning of the reforms. These results showed that there are no measures to be applied to all the countries. Economic, legal, and political situations are so different from one country to another that the success of a given policy can differ extremely. Thus, it would be more interesting in the analysis of the methods of financial reforms to focus on the individual characteristics of a country in order to explain better the choice and the change made. The effect of external factors on the success or failure of the reforms is another track to be exploited. In the same way, the domestic factors such as the change of the political regimes and/or the spending patterns, the education level exert an obvious impact. To restrict our research to the only economic factors induced by the reforms is on our point view a narrow approach analysis. The social, political and psychological factors influence also the organisation of reforms in developing countries. The explanatory elements of methodologies of the reforms ...

The aim of this thesis is to examine the implications of structural heterogeneities in the policy framework of the euro area. The first step is to analyse the extent to which structural heterogeneities and the introduction of a financial stability objective assigned to the central bank influence the coordination of monetary and fiscal authorities as well as the economic stabilization that follows after shocks. Noteworthy is the increasing relevance of coordination with the degree of heterogeneity on the one hand and a proactivity of the central bank on the other hand, which improve / corrupts cyclical stabilization according to the type of shock after a financial stability objective has been added. Next step is to examine the fiscal reaction functions in the euro area to demonstrate the heterogeneity of government fiscal behavior on the one hand and the determinants of these fiscal policies on the other. Finally, we look at the impact of the single monetary policy on the euro area Member States and highlight a completely heterogeneous transmission of monetary policy, caused in particular by structural heterogeneities in productive specializations, functioning of financial and labor markets, just to name a few. Here, we ask about the relevance of single monetary policy in the context of heterogeneous monetary union without any mechanism of adjustment. ; Cette thèse a pour objectif d'étudier l'implication des hétérogénéités structurelles dans le cadre des politiques économiques de la zone euro. Nous étudions d'abord dans quelles mesures ces hétérogénéités et l'introduction d'un objectif de stabilité financière attribué à la banque centrale affectent la stabilisation conjoncturelle suite aux chocs et la coordination entre les autorités monétaires et budgétaires. Nous montrons la pertinence croissante de la coordination avec le degré d'hétérogénéité et la pro-activité de la banque centrale suite à l'ajout de l'objectif de stabilité financière qui améliore/dégrade la stabilisation conjoncturelle selon le type de choc. Ensuite, nous étudions des fonctions de réaction budgétaire nationales qui démontrent l'hétérogénéité des comportements budgétaires des gouvernements et les différents déterminants des politiques budgétaires. Enfin, nous mettons en évidence l'impact hétérogène de la politique monétaire unique sur les pays membres. Ceci s'explique notamment par des caractéristiques structurelles hétérogènes dans les spécialisations productives, dans le fonctionnement des marchés financiers, marchés du travail etc. De même, nous posons la question de la pertinence d'une politique monétaire unique dans le cadre d'une union monétaire hétérogène, en l'absence de mécanisme d'ajustement.

In the euro area growth is holding up but the general outlook is less bright than inrecent years. The anticipated slowdown largely results from the gradual attenuation of thepost-Great Recession recovery momentum and the convergence of growth rates towardsa lower potential growth path. It also coincides with a revival of political turmoil, consequently emphasizing the urgency to deal with external downsize risk by strengtheninginternal sources of growth—investment and private consumption. The sun has beenshining but the opportunity for structural repair has not been taken. Hence, imbalanceswithin the euro area need to be addressed in order to achieve sustainable development.The increase of public debt is one of the main legacies of the crisis. While it is currentlydeclining, long-run simulations suggest that without further consolidation, the publicdebt-to-GDP ratio will not reach the arbitrary 60% target by 2035 in a number of countries. To top it off, countries that are concerned are those whose unemployment rateremains above its pre-crisis level, yet the implementation of a new fiscal consolidationwould result in higher employment. It thus raises the question of this rule's sustainability.The euro area as a whole has a large trade surplus, which favors pressures for the appreciation of the euro, which can reduce growth prospects. Unlike the period before the crisis,the imbalance is clearly concentrated in surplus countries.Finally, the aforementioned imbalances make governance reforms more urgent thanever. Until now, progress in this area has proved rather timid.This work led us to three key policy insights. First, the structural adjustment needed tobring back public debt to its target would weigh on the reduction of unemployment.Euro area countries can pursue an additional fiscal consolidation provided output gap isclosed, and countries with fiscal leeway should use it to sustain growth in the euro area asa whole.Secondly, the ongoing debate on the reform of the economic governance of the euroarea must pay more attention to the evolution of nominal prices and wages, in order toreduce the sources of divergence. In the same time, the need to strengthen wagebargaining systems by giving the social partners a greater role is important. Finally yetimportantly, the need for a greater automatic stabilization, including of a cross-bordernature, in monetary union is undisputed. The proposals under discussion do go to someextent in this direction and deserve support.

In the euro area growth is holding up but the general outlook is less bright than inrecent years. The anticipated slowdown largely results from the gradual attenuation of thepost-Great Recession recovery momentum and the convergence of growth rates towardsa lower potential growth path. It also coincides with a revival of political turmoil, consequently emphasizing the urgency to deal with external downsize risk by strengtheninginternal sources of growth—investment and private consumption. The sun has beenshining but the opportunity for structural repair has not been taken. Hence, imbalanceswithin the euro area need to be addressed in order to achieve sustainable development.The increase of public debt is one of the main legacies of the crisis. While it is currentlydeclining, long-run simulations suggest that without further consolidation, the publicdebt-to-GDP ratio will not reach the arbitrary 60% target by 2035 in a number of countries. To top it off, countries that are concerned are those whose unemployment rateremains above its pre-crisis level, yet the implementation of a new fiscal consolidationwould result in higher employment. It thus raises the question of this rule's sustainability.The euro area as a whole has a large trade surplus, which favors pressures for the appreciation of the euro, which can reduce growth prospects. Unlike the period before the crisis,the imbalance is clearly concentrated in surplus countries.Finally, the aforementioned imbalances make governance reforms more urgent thanever. Until now, progress in this area has proved rather timid.This work led us to three key policy insights. First, the structural adjustment needed tobring back public debt to its target would weigh on the reduction of unemployment.Euro area countries can pursue an additional fiscal consolidation provided output gap isclosed, and countries with fiscal leeway should use it to sustain growth in the euro area asa whole.Secondly, the ongoing debate on the reform of the economic governance of the euroarea must pay ...

A single currency and a single central bank are official and political objectives of African states. During the last decade, several African regional economic communities have declared their intention to work towards regional monetary unions and regional currencies. In line with this new political interest, an important literature on the suitability of African monetary integration has also emerged. Most of analyses cast a doubt on the optimality of African monetary unions: in spite of potential benefits, the costs would be sizeable because of the magnitude of asymmetric shocks and the lack of stabilization mechanisms. Therefore, the real challenge is the analysis of policies that guarantee nets benefits of monetary integration to African countries. This is the problematic of the present thesis. The dissertation analyzes in which extent, African states involved in actual or prospective monetary integration could address the issues of asymmetric shocks and stabilization mechanism. In order to do so, we choose to focus on three structural changes in policies related to the adoption of monetary unions: trade, risk-sharing and fiscal policies. The thesis is organized as follows. The first chapter provides an overview on issues developed in the dissertation. It presents a panorama of past, actual and prospective African monetary integration. It also describes the situation of African states vis-à-vis the theory of optimal currency areas. The second chapter studies the impact of African trade intensification on the correlation of business cycles. The third chapter examines the African consumption smoothing channels that could work as stabilization mechanism in monetary unions. The fourth and last chapter investigates the consequences of multilateral fiscal rules in monetary unions on the stabilization properties of African fiscal policies. The results of various chapters suggest that the structural change considered in this thesis, do not overturn the negative assessment of African monetary integration established by ...