La neutralité ricardienne : Une limite à l'analyse de la viabilité de la dette des pays de la CEMAC - HAL Accéder directement au contenu
Article dans une revue International Journal of Accounting, Finance, Auditing, Management and Economics Année : 2024

Ricardian neutrality : A limit to the analysis of the debt sustainability of CEMAC countries

La neutralité ricardienne : Une limite à l'analyse de la viabilité de la dette des pays de la CEMAC

Résumé

The study examines the distribution of overindebtedness across macroeconomic aggregates by empirically verifying the validity or otherwise of Ricardian equivalence as a main limitation to the analysis of debt sustainability within the panel of Economic and Monetary Community countries. of Central Africa chosen for the period 2000-2023. From the ARDL approach, parameterized as an error correction model (ECM), the results indicate that the level of private investment remains low in the face of episodes of long-term debt crisis, with insignificant effects of tax policy. However, private investment constitutes a channel of transmission of overindebtedness and rejects the principle of Ricardian equivalence (PER), which favors the analysis of debt sustainability (DSA). The results estimated by Ordinary Least Squares (OLS) and Generalized Least Squares (GLM) reveal that consumption is also a channel of transmission of over-indebtedness. However, the tax base plays an important role in this transmission and validates the PER, which tends to limit the DSA of countries in the sub-region. Overall, these results prove the existence of expectations of economic agents in the face of an increase in taxes intended to repay the loan to the extent that these agents are victims or not of the fiscal illusion according to very specific transmission channels. over-indebtedness. These results are robust to a variety of alternative specifications.
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Dates et versions

hal-04637772, version 1 (07-07-2024)

Identifiants

Citer

Pierre Gaëtant Ango Nguema, Sydney Leslie Dibounda Sima. La neutralité ricardienne : Une limite à l'analyse de la viabilité de la dette des pays de la CEMAC. International Journal of Accounting, Finance, Auditing, Management and Economics, A paraître, ⟨10.5281/zenodo.12638523⟩. ⟨hal-04637772⟩
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