This dissertation comprises two essays. The first essay explores how the size of government, as measured by the level of spending, affects growth. Theoretical models suggest a nonlinear relationship; however, testing this hypothesis empirically in cross-country studies is complicated by the endogeneity of government spending and the accurate identification of turning points. This paper examines the nonlinear hypothesis by incorporating threshold analysis in a cross-country growth regression. Using a broad panel of countries over the period 1971-2005, the results show evidence in favor of a nonlinear effect, but not of the form predicted by theory. When total government spending is low, there is no statistically significant effect on economic growth. However, after passing a certain threshold government spending exhibits a negative effect on growth. The second essay develops a dynamic macroeconomic model to explore how variations in the composition and financing of government expenditures affect economic growth in the long-run. The model is used to analyze how public investment spending funded by taxes or borrowing affects long-term output growth. The model is calibrated to reflect economic conditions in the seven largest Latin American economies during the period 1990 to 2008. We find that, where tax rates are not already high, funding public investment by raising taxes may increase long-run growth. If existing tax rates are high, then public investment is only growth-enhancing if funded by restructuring the composition of public spending. Interestingly, using debt to finance new public investment compromises growth, regardless of the initial fiscal condition.

Baigiamajame magistro darbe pateikiama bendra valstybės skolos samprata ir klasifikacija. Darbe išanalizuoti ir susisteminti įvairių Lietuvos ir užsienio autorių teoriniai valstybės skolos struktūros kitimo bei poveikio ekonomikai tyrimai, atlikta Lietuvos Respublikos norminių aktų, reglamentuojančių Lietuvos valstybės skolą, analizė. Šiame darbe atlikta 1996 – 2010 m. Lietuvos valstybės skolos dinaminė ir struktūrinė analizė. Taip pat ištirtas ryšys tarp Lietuvos valstybės skolos ir biudžeto deficito, palūkanų normos, infliacijos lygio, bendrojo vidaus produkto ir kitų. Darbe iš dalies patvirtinama autorių suformuluota mokslinio tyrimo hipotezė, kad valstybės skola įtakoja šalies ekonomiką. / This master‘s final paper presents general overview of public debt conception and classification. It analyzes and systemizes theoretical and practical research into public debt structure range and influence on economics conducted by various Lithuanian and foreign authors, it also present an analysis of legal acts of the Republic of Lithuania that regulate the public debt of Lithuania. It analyzes Lithuanian public debt dynamic and structure in 1996 - 2010. The paper also examines relationships between Lithuanian public debt and budget deficit, rate of interest, inflationary level, GDP and others. The work approves the authors formulated research hypothesis that public debt influence national economy.

This dissertation consists of five separate essays (and a short introductory chapter) that analyze the effects of debt policy on private consumption. Essay 1: Government Debt and Private Consumption: Theory and Evidence. The Ricardian equivalence theorem has been widely debated since (at least) the seventies. The theorem states that households should not change their consumption path in response to changed timing of taxes, given the path of government consumption. In this essay, theoretical models giving rise to the equivalence result as well as models predicting deviations from debt neutrality are presented. In general, the Ricardian models are based on unrealistic assumptions, such as infinite horizons, perfect capital markets and lump-sum taxes. The issue of Ricardian equivalence is thus perhaps better viewed as a question concerning to what extent the equivalence hypothesis is a reasonable approximation of the real world. This could only be established by empirical studies. To formulate a test of Ricardian equivalence, it is however vital to extend the standard analysis in deterministic models to stochastic models. In a stochastic model we need to incorporate the fact that agents have to make predictions about future levels of government consumption, and that public debt might be a useful predictor for that purpose. It is therefore necessary that an empirical study distinguishes between debt as a potential source of net wealth, which is the concern of the equivalence proposition, and debt's role as a signal of future levels of government consumption, which is due to the stochastic nature of the world. It is argued that there are few empirical studies that make this distinction, and in case the distinction is made, the evidence is in favor of the Ricardian equivalence proposition, namely that public debt is not net wealth to households. Changing the timing of taxes will therefore not change private consumption. In other words, although the Ricardian equivalence hypothesis is burdened with unrealistic assumptions, it seems (historically) to provide a reasonable approximation of actual data. Essay 2: An Investigation of Ricardian Equivalence in a Common Trends Model. A common trends model for gross national income, private consumption, government consumption and net taxes is estimated on US data. The system has two cointegrating vectors and thus two common stochastic trends, interpreted as a technology trend and a public sector trend. The two temporary shocks are interpreted as a private demand and government financing shock, respectively. Theoretical models suggest that the two cointegrating vectors could be due to the private and public sectors' intertemporal budget constraints. We find two co-integrating vectors, as predicted by no-Ponzi game constraints on the sectors. However, a stronger version of the no-Ponzi game constraint is a solvency condition, which implies particular co-integrating vectors. These cointegration vectors are both rejected for the sample period, indicating that the public sector will not be able to repay its debt if the current policy is maintained. However, the private sector is at the same time accumulating wealth, which is consistent with predictions from a Ricardian model. Further, the equivalence theorem predicts that private consumption should be unaffected by financing shocks. Data, however, indicate that there is a significant short run effect on both income and private consumption from the financing shock, but the effect indicates that increasing taxes is accompanied by increasing private consumption, contrary to both standard Ricardian and Keynesian models. In the theoretical world, this type of pattern could be generated in models with risk averse individuals and uncertainty about future taxes. Essay 3: Risky Taxes, Budget Balance Preserving Spreads and Precautionary Savings. This essay analyzes the effects on consumption from changes in the riskiness of taxes. It starts by reinterpreting the Sandmo [1970] paper on general capital income risk to the case of risky capital taxation. In his framework the concept of a mean preserving spread (MPS) is used for the risk analysis. In connection with risky taxes it is however possible to explicitly connect the tax risk with the government's budget constraint. In this essay the concept of a budget balance preserving spread (BBPS) is developed and used for the analysis of stochastic taxes. The essay is concluded with a comparison of the effects that a MPS and a BBPS has on consumption decisions. It is shown that the comparative statics results for a BBPS could be different from the results obtained with a MPS. Essay 4: Budget Deficits, Tax Risk and Consumption. This essay analyzes the effects of budget deficits on consumption when individual taxes are stochastic. It is shown that the co-movements between budget deficits and private consumption will depend on how risk averse individuals are. In the case of lump-sum taxes, it is sufficient to assume that individuals have a precautionary savings motive to obtain the result that consumption today will decrease with increased disposable income today. Furthermore, if we use a time separable iso-elastic utility funcition, the standard analysis of capital income risk predicts (precautionary) savings to increase with increased risk if the coefficient of relative risk aversion is greater than one. This is no longer sufficient when the risk is due to uncertain capital income taxes. In general, the coefficient must be greater than one to obtain precautionary savings in response to the greater risk implied by a budget deficit. The results in the paper are consistent with Ricardian equivalence only for some specific utility function, but not in general. However, in the same way, the results are consistent with standard Keynesian models that display a positive relation between debt and private consumption only for certain utility functions, and could equally well generate the opposite result for individuals that are enough risk averse or prudent, without changing the expected value of government consumption. In other words, if future taxes are uncertain, increased disposable income in the present period will decrease present consumption, if households are prudent enough. Essay 5: Budget Deficits, Stochastic Population Size and Consumption. This paper analyzes the effects on present consumption of budget deficits under different assumptions regarding demographics. In the first part, birth and death rates are deterministic, and in the second part, birth rates are assumed to be stochastic. In the case of a deterministic population size, an increase in public debt raises present consumption, if the (deterministic) birth rate is greater than zero, while with a zero birth rate we obtain debt neutrality. This is consistent with the results in Blanchard [1985] and Buiter [1988]. However, for the case of stochastic birth rates, it is shown that we can obtain the result that present consumption will decrease when public debt is increased, both when we have a zero expected birth rate, and when the expected population size is assumed to be constant, so that the expected birth rate is positive and equal to the death rate. The explanation is that with an uncertain birth rate, the future tax base is uncertain, which makes per capita taxes uncertain in the future. Shifting taxes to the future thus implies greater uncertainty about future net income, and induces precautionary savings. / Diss. Stockholm : Handelshögsk.

A Selic, uma das mais elevadas taxas básicas de juros do mundo, tem sido utilizada pelo Governo Brasileiro com o intuído de controlar a inflação. No entanto, tal mecanismo tem gerado importantes impactos na economia brasileira, principalmente sobre os outros agregados macroeconômicos, como a dívida pública, as exportações, os investimentos e o câmbio. O presente trabalho pretende explicar como os elevados índices da Taxa Selic, enquanto mecanismo de controle da inflação, tem repercutido na economia brasileira, mostrando seus impactos sobre os agregados macroeconômicos acima mencionados. Em um primeiro momento são analisados as funções e determinações dos juros para duas escolas de pensamento econômico, a keynesiana e a monetarista. Posteriormente, será estudada a composição e a estrutura do Sistema Financeiro Brasileiro e a taxa de juros básica (SELIC), ressaltando alguns de seus impactos. No capítulo seguinte, será feita uma breve análise da dívida pública brasileira, considerando seu caráter externo até meados da década de 1990 e a mudança para o caráter interno, após esse período. Nesse momento, buscar-se-á explicar como ocorreu essa alteração de importância do alto endividamento externo em relação ao PIB em um primeiro momento, para um alto endividamento interno, expresso na dívida mobiliária federal. Em uma última análise, algumas soluções serão propostas, almejando minimizar os efeitos negativos da política de juros sobre a dívida pública. / The SELIC, one of the highest interest rates of the world has been used for the Brazilian Government with the goal to keep the control of the inflation. However, such mechanism has generated important impacts in the Brazilian Economy, mainly on another macroeconomics agregates as public debt, exports, investments and exchange. The present work wants explain how the highest SELIC rates, like a inflation mechanism control has influenced in Brazilian Economy showing the impacts over the macroeconomic agregates mentioned above. In a first moment will be describe the interest function and determinations for two schools of economic thought the Keynesianism and Monetarism. Later will be analized the composition and structure of the Brazilian Financial System and the interest rate (SELIC) detaching some of the impacts. In the next chapter, a brief analisys of the Brazilian public debt, considering the external caracter until the midle of the years 1990 and the change to a domestic caracter after this period. At this moment, it will be explaining how this change of importance has been occured from the highest extern debt, as a GDP proportion, in a first moment, to the highest domestic public debt composed mainly of federal movable debt. At the least, some alternative solution will be proposed, looking for minimize the effects of the interest rates over the public debt.

O aumento da participação dos títulos públicos pré-fixados no total da dívida pública sempre foi um objetivo perseguido pelas autoridades brasileiras. No entanto, isto só foi possível durante os primeiros anos do Plano Real. Muitos trabalhos empíricos foram realizados recentemente com o intuito de testar alguns pressupostos da teoria de leilões, porém, Silva (2002) foi o único trabalho realizado usando o Brasil como exemplo. O presente trabalho utiliza estatísticas mais confiáveis que Silva (2002), além de realizar testes empíricos relacionando o mercado primário de títulos públicos ao mercado secundário. A principal conclusão a que chegamos é que nos leilões de títulos públicos préfixados os pressupostos teóricos não são válidos, podendo ser fruto da pequena liquidez presente no mercado primário. / The increase of the share of fixed-rate bills in the public debt was always a goal to be pursued by the Brazilian authorities; nevertheless, this was only possible during a short period of time in the first years of the Real Plan. Many empirical works were recently elaborated with the intent to test the auction theory hypothesis, but only Silva (2002) used Brazilian data. This present dissertation uses more trustworthy figures than Silva’s work, beyond the realization of empirical tests relating the primary market to the secondary market. The most important contribution is that in the fixed rate Brazilian’s treasury auction, the estimated theoreticians do not function, and this could be due to the primary market’s low liquidity.

O tema principal dos três ensaios desta dissertação é o Custo Marginal do Financiamento Público (MCF) no Brasil. A análise do (MCF) é de grande importância para a economia, uma vez que pode prover uma medida da perda marginal no bem estar incorrida pela sociedade, resultante da elevação adicional nos tributos. No primeiro ensaio, realizamos estimativas do MCF associado aos principais tributos existentes na economia brasileira através de um modelo estático de equilíbrio geral computável (CGE). Nossas estimativas para o MCF médio na economia brasileira se situam entre 1,167 e 1,173. Considerando apenas os efeitos de eficiência alocativa, os resultados apontam que futuras reformas tributárias para o Brasil devem levar em conta modificações na base da tributação, passando de capital e trabalho para o consumo (dados os menores MCF´s associados). Adicionalmente, as estimativas de MCF associadas à economia informal são menores que a unidade, indicando que um uma maior formalização pode auxiliar na redução do MCF associado aos tributos da economia formal. Finalmente, expandindo o conceito de MCF para considerar preocupações dos agentes com relação à equidade podem alterar sensivelmente os resultados. Nosso segundo trabalho faz uma aplicação do MCF para estimar o Custo Marginal de Financiamento via Dívida Pública ( ) para o Brasil, através de duas abordagens propostas por Dahlby (2006, 2008). Os resultados indicam que o é superior à unidade para ambas as medidas, de modo que a redução de R$ 1,00 da dívida pública implicaria em uma melhoria de bem estar superior a R$ 1,00 para a economia brasileira. Assim sendo, muito embora a trajetória declinante da dívida líquida do setor público brasileiro ao longo da última década e da melhora em alguns indicadores relacionados ao endividamento (como maior participação de títulos prefixados e associados aos índices de preços na dívida mobiliária federal e maior prazo médio relacionado aos títulos prefixados), uma apreciação mais favorável merece cautela. Afora as perdas adicionais de peso morto relacionadas a elevações na dívida, o patamar ainda elevado da dívida interna e a situação pouco contributiva da política fiscal para reduções na mesma, merecem ser analisadas com mais cautela. No terceiro e último ensaio, estendemos, em parte, a análise de Siqueira, Nogueira, Souza e Carvalho (2010), incluindo outras distorções existentes na economia (que podem não decorrer unicamente dos tributos, mas são afetadas por estes) no cálculo do custo marginal social da tributação (SMCF) para o cigarro e para as bebidas alcoólicas. Para tanto, utilizamos uma abordagem proposta por Dahlby (2006) que expande o conceito de MCF para incluir não só as ponderações com relação à equidade, mas também o efeito de externalidades, vícios (problemas de autocontrole) e contrabando. Nossos resultados apontam que incluir as distorções propostas nas mensurações do MCF pode alterar sensivelmente a percepção sobre a taxação incidente no cigarro e sobre as bebidas alcoólicas. / The main theme of the three essays of this dissertation is the Marginal Cost of Public Funds (MCF) in Brazil. The analysis of MCF is of great importance in economics, since it can provide a measure of the marginal welfare loss incurred by the households resulting from high marginal taxes. In our first paper we estimate the MCF associated with major existing taxes in the Brazilian economy through a Static Computable General Equilibrium Model (CGE). Our estimates for the average MCF in the Brazilian economy are between 1,167 e 1,173. Considering only efficiency effects, the results show that future tax reforms in Brazil should take into account changes in the tax base from capital and labor to consumption (given the smaller associated MCF). Additionally, estimates of MCF associated with informal economy are smaller than unity, indicating that greater formalization can help reduce the MCF associated to the tax rates in the formal economy. Finally, expanding the concept of MCF to consider equity concerns in agent preferences can significantly alter the results. Our second essay makes an application of the MCF to estimate the Marginal Cost of Public Funds from Public Sector Borrowing ( ) for Brazil, through two approaches proposed by Dahlby (2006, 2008). The results show that the is above unity in both measures, so that a reduction of R$ 1,00 of debt imply a welfare improvement over R$ 1,00 for the Brazilian economy. Thus, although the downward trend in net debt f the Brazilian public sector over the last decade and the improvement in some indicators related to the debt (such as greater participation of fixed rate bonds and others associated with prices index in the federal debt and higher average maturity connected with fixed rate bonds), a more favorable appreciation deserves prudence. Apart from the additional dead-weight losses related to increases in debt, the still high level of the internal debt and the not favorable situation of fiscal policy should be analyzed more carefully. In the third and last essay of this work we extend, in part, the analysis of Siqueira, Nogueira, Souza e Carvalho (2010), including other distortions in the economy (which may not result solely from taxes, but are affected by them) in calculating the social marginal cost of public funds (SMCF) for the cigarette and alcohol. For this purpose, we use an approach proposed by Dahlby (2006) that expands the concept of MCF to include not only equity concerns, but also the effect of externalities, addictions, and smuggling. Our results indicate that inclusion of the distortion measurement proposed in the MCF can significantly change the view from cigarette and alcoholic beverages taxation.

p. 1 - 138 / Submitted by Santiago Fabio (fabio.ssantiago@hotmail.com) on 2013-02-18T20:47:28Z No. of bitstreams: 1 111.pdf: 2211056 bytes, checksum: d3f615b89879c060315e97d0033fa51f (MD5) / Approved for entry into archive by Fatima Cleômenis Botelho Maria (botelho@ufba.br) on 2013-02-21T13:45:57Z (GMT) No. of bitstreams: 1 111.pdf: 2211056 bytes, checksum: d3f615b89879c060315e97d0033fa51f (MD5) / Made available in DSpace on 2013-02-21T13:45:57Z (GMT). No. of bitstreams: 1 111.pdf: 2211056 bytes, checksum: d3f615b89879c060315e97d0033fa51f (MD5) Previous issue date: 2007 / A presente dissertação tem por objetivo avaliar a sustentabilidade da política fiscal brasileira durante o período de 1995 a 2006, considerando a dinâmica do aumento da dívida pública federal, o comportamento das receitas e gastos governamentais e o comportamento do resultado primário frente a novos aumentos no endividamento público. A idéia básica consiste em verificar, no contexto macroeconômico vigente no período mencionado, se o governo conseguiu manter uma disciplina fiscal no sentido de estabelecer uma relação equilibrada entre receitas, gastos e resultado primário de forma a estabilizar e reduzir a relação dívida/PIB sem a necessidade de mudanças bruscas na condução da política fiscal. A sustentabilidade da política fiscal é analisada sob as dimensões temporal e financeira. A dimensão temporal aborda a evolução da Dívida Líquida do Setor Público (DLSP) em proporção do Produto Interno Bruto (PIB) utilizando o modelo de regressão estatística, enquanto que a dimensão financeira pressupõe a aplicação de testes econométricos de estacionariedade e co-integração das séries temporais mensais da DLSP, resultado primário, receitas e despesas totais do governo a fim de verificar o cumprimento de sua restrição orçamentária intertemporal. Os resultados dos testes demonstraram que a receita líquida não acompanhou de forma equivalente o aumento verificado nos gastos do governo central, apesar da existência de relação positiva entre as variáveis. O mesmo ocorreu para a relação entre o resultado primário e a DLSP. À luz da teoria econômica, a manutenção de tal situação implicará na possibilidade de acumulação de déficits futuros obrigando o governo a alterar bruscamente a condução da política fiscal de forma a manter a DLSP em níveis sustentáveis. Com base nos resultados obtidos, foi possível confirmar o pressuposto inicialmente assumido de que a solvência da dívida pública federal foi parcialmente alcançada e, portanto, que a política fiscal brasileira do período sob análise se mostrou “fracamente” sustentável. / Salvador

A Selic, uma das mais elevadas taxas básicas de juros do mundo, tem sido utilizada pelo Governo Brasileiro com o intuído de controlar a inflação. No entanto, tal mecanismo tem gerado importantes impactos na economia brasileira, principalmente sobre os outros agregados macroeconômicos, como a dívida pública, as exportações, os investimentos e o câmbio. O presente trabalho pretende explicar como os elevados índices da Taxa Selic, enquanto mecanismo de controle da inflação, tem repercutido na economia brasileira, mostrando seus impactos sobre os agregados macroeconômicos acima mencionados. Em um primeiro momento são analisados as funções e determinações dos juros para duas escolas de pensamento econômico, a keynesiana e a monetarista. Posteriormente, será estudada a composição e a estrutura do Sistema Financeiro Brasileiro e a taxa de juros básica (SELIC), ressaltando alguns de seus impactos. No capítulo seguinte, será feita uma breve análise da dívida pública brasileira, considerando seu caráter externo até meados da década de 1990 e a mudança para o caráter interno, após esse período. Nesse momento, buscar-se-á explicar como ocorreu essa alteração de importância do alto endividamento externo em relação ao PIB em um primeiro momento, para um alto endividamento interno, expresso na dívida mobiliária federal. Em uma última análise, algumas soluções serão propostas, almejando minimizar os efeitos negativos da política de juros sobre a dívida pública. / The SELIC, one of the highest interest rates of the world has been used for the Brazilian Government with the goal to keep the control of the inflation. However, such mechanism has generated important impacts in the Brazilian Economy, mainly on another macroeconomics agregates as public debt, exports, investments and exchange. The present work wants explain how the highest SELIC rates, like a inflation mechanism control has influenced in Brazilian Economy showing the impacts over the macroeconomic agregates mentioned above. In a first moment will be describe the interest function and determinations for two schools of economic thought the Keynesianism and Monetarism. Later will be analized the composition and structure of the Brazilian Financial System and the interest rate (SELIC) detaching some of the impacts. In the next chapter, a brief analisys of the Brazilian public debt, considering the external caracter until the midle of the years 1990 and the change to a domestic caracter after this period. At this moment, it will be explaining how this change of importance has been occured from the highest extern debt, as a GDP proportion, in a first moment, to the highest domestic public debt composed mainly of federal movable debt. At the least, some alternative solution will be proposed, looking for minimize the effects of the interest rates over the public debt.

Cette thèse contribue à l'analyse de la soutenabilité de la dette publique et des règles budgétaires en macroéconomie. Elle tire sa motivation des multiples preuves empiriques de l'existence de régimes budgétaires insoutenables durant lesquels le solde primaire ne s’accroît pas suite à un accroissement de la dette publique. Ces régimes insoutenables menacent-ils nécessairement la soutenabilité de la dette publique à long-terme ? Si non, combien de temps la politique budgétaire peut-elle rester périodiquement insoutenable sans être globalement insoutenable ? Le premier chapitre apporte une réponse théorique à cette question et propose un test de type "Model-Based Sustainability" étendu aux changements de régimes (RS-MBS). Nous étudions une règle budgétaire à changement de régime Markovien, dont l'un des régimes est insoutenable, et définissons des conditions suffisantes pour exclure un Jeu de Ponzi et pour garantir la stabilité du ratio dette/PIB à long terme. Le second chapitre propose d'appliquer le test RS-MBS à la politique budgétaire française entre 1962 et 2013. Il montre que la prise en compte des changements de régime peut inverser les résultats empiriques précédents et conclure à la soutenabilité de la dette publique française sur l'ensemble de la période. Le troisième chapitre traite d'un autre cas de régime insoutenable, quand la politique budgétaire est contrainte par sa limite fiscale, et étudie l'effet de la maturité de la dette sur le seuil d'endettement public maximal. Nous montrons que l'allongement de la maturité de la dette n'accroît pas le seuil de défaut stochastique quand le défaut survient à cause de chocs négatifs sur la productivité. Enfin. le quatrième chapitre propose une appréciation critique de l'architecture budgétaire de l'UEM, à partir d'une revue de la littérature traitant de la soutenabilité budgétaire. de l'interaction des politiques monétaires et budgétaires et des règles budgétaires en union monétaire. / This thesis contributes to the analysis of public debt sustainability and fiscal rules. It starts from the multiple empirical evidence that points to the existence of unsustainable fiscal regimes during which fiscal policy does not increase its primary surplus following an increase of public debt. Do unsustainable fiscal regimes necessarily threaten the long-run sustainability of public debt? If not, how long can fiscal policy be periodically unsustainable without being globally unsustainable? The first chapter answers theoretically this question and proposes a Regime-Switching Model­Based Sustainability (RS-MBS) test. We study a Markov-switching fiscal policy rule, which displays an unsustainable fiscal regime, and derive sufficient conditions for the No-Ponzi Game condition and for a globally stable public debt-to-GDP ratio. The second chapter proposes an empirical application of the RS-MBS to France's fiscal policy between 1962 and 2013. It shows that taking into account regime switches can overturn former results and conclude that France's public debt has been sustainable overall the period. The third chapter considers another case of unsustainable regime, when fiscal policy is constrained by the fiscal limit, and studies the effect of public debt maturity on the debt limit. We show that longer debt maturities do not increase the stochastic default threshold when sovereign default is triggered by bad productivity shocks. Finally, the fourth chapter proposes a critical appraisal of the fiscal architecture of the EMU, based on a literature survey about fiscal sustainability, monetary-fiscal interactions and fiscal rules in monetary unions.

La crise financière de 2007-2008 a eu un impact massif sur les finances publiques dans un grand nombre de pays du monde. Elle a incité les gouvernements à mettre en œuvre des plans de relance et à approuver des plans de sauvetage financiers pour y remédier et conduit à une crise des dettes publiques et des déficits publics dans la plupart des pays avancés. L'objectif de notre thèse est triple. Il s'agit dans un premier temps, d'éclairer la réponse budgétaire à la crise financière de 2007-2008 concernant la dette publique, le déficit public et la croissance économique en sept pays dans la zone euro et de mettre en lumière les politiques d'ajustement budgétaire qui ont suivi cette crise. Dans un deuxième temps, nous exposerons les principaux déterminants du multiplicateur budgétaire (qui mesure l'effet du déficit public sur la croissance économique). Et analyserons cet effet en cas d’ajustement budgétaire par une méta-analyse et méta-régression sur des valeurs existantes dans la littérature concernant la taille de ce multiplicateur. Dans un troisième temps, nous étudierons l'impact de l'ajustement budgétaire après la crise financière sur la croissance économique et la dette publique en France. Nous réaliserons donc une analyse de causalité entre les trois variables (la dette publique, la croissance économique et le déficit public) prises deux par deux pour la période 1980-2014. L'effet de la crise sera considéré en prenant en compte un point de rupture (break point) sur la courbe de chaque série temporelle et en comparant par la suite les deux séries qui seront déduites. / The financial crisis of 2007-2008 had a massive impact on public finances in many countries of the world. It urged the governments to implement recovery plans and to approve financial rescue packages to redress them and that led to a crisis of public debt and public deficits in most developed countries. The aims of our thesis are: firstly, to clarify the fiscal response to the 2007-2008 financial crisis on public debt, deficit and economic growth in seven countries in the euro area and highlight the policies of fiscal adjustment that followed the crisis. Secondly, to e present the main determinants of the fiscal multiplier (which measures the effect of the deficit on economic growth). And analyze this effect in the case of fiscal adjustment by a meta-analysis and meta-regression on the existing values in the literature regarding the size of the multiplier. Thirdly, we study the impact of fiscal adjustment following the financial crisis on economic growth and public debt in France. We realize a causal analysis between the three variables (public debt, economic growth and public deficit) taken two by two for the period 1980-2014. The effect of the crisis is studied taking into account the break point on the curve of each time series and then comparing the two deducted semi-series.