{"id":5547,"date":"2023-05-26T13:26:28","date_gmt":"2023-05-26T11:26:28","guid":{"rendered":"https:\/\/lesrencontreseconomiques.fr\/?post_type=blog&#038;p=5547"},"modified":"2023-05-26T15:23:54","modified_gmt":"2023-05-26T13:23:54","slug":"dette-taux-et-stagnation-le-cocktail-est-il-explosif","status":"publish","type":"blog","link":"https:\/\/lesrencontreseconomiques.fr\/debats-idees\/dette-taux-et-stagnation-le-cocktail-est-il-explosif\/","title":{"rendered":"Dette, taux et stagnation : le cocktail est-il explosif ?"},"content":{"rendered":"\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lesrencontreseconomiques.fr\/wp-content\/uploads\/2023\/05\/Lubochinsky-668x306.png\" alt=\"\" class=\"wp-image-5548\" width=\"1023\" height=\"469\" srcset=\"https:\/\/lesrencontreseconomiques.fr\/wp-content\/uploads\/2023\/05\/Lubochinsky-668x306.png 668w, https:\/\/lesrencontreseconomiques.fr\/wp-content\/uploads\/2023\/05\/Lubochinsky-490x224.png 490w, https:\/\/lesrencontreseconomiques.fr\/wp-content\/uploads\/2023\/05\/Lubochinsky-250x114.png 250w, https:\/\/lesrencontreseconomiques.fr\/wp-content\/uploads\/2023\/05\/Lubochinsky-224x102.png 224w, https:\/\/lesrencontreseconomiques.fr\/wp-content\/uploads\/2023\/05\/Lubochinsky.png 1080w\" sizes=\"(max-width: 1023px) 100vw, 1023px\" \/><\/figure>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Aliment\u00e9e par les crises et les taux d\u2019int\u00e9r\u00eat tr\u00e8s faibles, la hausse de l\u2019endettement mondial ces cinquante derni\u00e8res ann\u00e9es a \u00e9t\u00e9 indiscutable. S\u2019il concerne aussi bien les \u00c9tats que les m\u00e9nages et les entreprises, les \u00e9conomies d\u00e9velopp\u00e9es que celles en d\u00e9veloppement, ce constat global masque de fortes disparit\u00e9s.<\/p>\n\n\n\n<p>Catherine Lubochinsky se livre dans cette note \u00e0 une analyse compar\u00e9e de l\u2019\u00e9volution de l\u2019endettement \u00e0 l\u2019\u00e9chelle mondiale. Elle y observe d\u2019une part, de fortes in\u00e9galit\u00e9s de soutenabilit\u00e9 entre les dettes et d\u2019autre part, des facteurs de risques diff\u00e9rents selon les agents. Comme elle le rappelle, la soutenabilit\u00e9 d\u2019une dette d\u00e9pend aussi de son d\u00e9tenteur. C\u2019est pourquoi la d\u00e9tention croissante de la dette publique par les banques centrales (comme en Europe) ou de la dette priv\u00e9e par des r\u00e9sidents (comme en Chine) a diminu\u00e9 sensiblement le risque de d\u00e9faut. Alors m\u00eame que la dette augmentait\u2026 ce qui n\u2019est en revanche pas le cas de la dette ext\u00e9rieure.<\/p>\n\n\n\n<p>Pour finir, Catherine Lubochinsky dresse quelques perspectives sur l\u2019\u00e9volution de la dette face aux besoins d\u2019investissements massifs pour les transitions \u00e9nerg\u00e9tique, num\u00e9rique et climatique. Restructuration de la dette des pays \u00e9mergents, augmentation de la fiscalit\u00e9 des multinationales, incitations \u00e0 recourir au financement par fonds propres des entreprises sont quelques-unes des propositions qui concluent cette note. Saurons-nous les mettre en place avant que n\u2019\u00e9clate une crise de la dette ?<\/p>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button is-style-reaix-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/lecercledeseconomistes.fr\/dette-taux-et-stagnation-le-cocktail-est-il-explosif\/\" target=\"_blank\" rel=\"noreferrer noopener\">Lire la contribution en ligne<\/a><\/div>\n<\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p><strong>Cette contribution est issue du Cahier des Rencontres \u00c9conomiques d&rsquo;Aix-en-Provence \u00ab\u00a0Dissiper les incertitudes\u00a0\u00bb.<\/strong><\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button is-style-reaix-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/lecercledeseconomistes.fr\/wp-content\/uploads\/2023\/03\/230224_cercle-eco_cahier-1-incertitudes-web.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">T\u00e9l\u00e9charger le Cahier<\/a><\/div>\n<\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n","protected":false},"featured_media":5548,"template":"","cat-theme":[68],"cat-axe":[62],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Dette, taux et stagnation : le cocktail est-il explosif ? - Les Rencontres \u00c9conomiques<\/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:\/\/lesrencontreseconomiques.fr\/debats-idees\/dette-taux-et-stagnation-le-cocktail-est-il-explosif\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:description\" content=\"Aliment\u00e9e par les crises et les taux d\u2019int\u00e9r\u00eat tr\u00e8s faibles, la hausse de l\u2019endettement mondial ces cinquante derni\u00e8res ann\u00e9es a \u00e9t\u00e9 indiscutable. 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