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The Public Debt of French Local Government

Published online by Cambridge University Press:  28 November 2008

Pierre-Henri Derycke  and
Guy Gilbert
Pierre-Henri Derycke
Affiliation:
CEREVE (Centre d'Études et de Recherches Économiques sur la Ville et l'Espace)University of Paris X-Nanterre.
Guy Gilbert
Affiliation:
CEREVE (Centre d'Études et de Recherches Économiques sur la Ville et l'Espace)University of Paris X-Nanterre.
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Abstract

After a sharp increase, the public debt of French local communities has been stabilized in real terms: its amount reached 54 per cent of total public debt in 1980. In the French institutional framework, local government borrowing policy is under the tight control of central agencies. An econometric model of the borrowing behaviour of local governments since 1965 is presented; it emphasizes the role of internal determinants of local debt (needs for investment, self-financing ability of governments), external constraints (e.g. interest rates and the financial resources of lenders, such as households savings), and finally the impact of macroeconomic policy measures from the central government.

Type
Articles
Information
Journal of Public Policy , Volume 5 , Issue 3 , August 1985 , pp. 387 - 399
Copyright
Copyright © Cambridge University Press 1985

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References

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