Dynamic Fiscal Policy by Alan J. Auerbach

By Alan J. Auerbach

Ebook via Auerbach, Alan J., Kotlikoff, Laurence J.

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5m F. At the same time government expenditure increased from 42m F. 7m F. in 1930: even so, in this year tax revenues much exceeded the original estimates, and tax cuts of 6m were carried out. 25 This deficit was accepted almost with relief26 because it absorbed some of the Treasury surpluses which encouraged 'profligacy'27 and could be attributed more to government profligacy than to the effects of the world depression. 5m F. 4m F. 30 but it was clear to everyone that the new parliament would be faced with a difficult budgetary situation.

56 Blum was not sanguine about the chances of putting the Socialist programme into action and was fatalistic about the future course of events. Capitalists would attempt to apply their own self-defeating remedies: 'the crisis will follow the same course as the crises . . of the nineteenth century. 57 But rather than await such an outcome, could the Socialists not perhaps find allies with whom to implement their own policies? The Communists The French Communist Party's response to the economic crisis must be considered in the context of Comintern policy, formulated less with regard to the different situations in the countries of the member parties than to the exigencies of Soviet policy.

The short-term needs of the Treasury were met by issuing Treasury Bills (Bons du Tresor), the upper limit of which had been fixed in 1926 at 5m F. But this ceiling could be raised by a vote of parliament. 48 But, as we shall see, from being a temporary expedient they were to develop between 1932 and 1936, as they had already before 1926, into one of the government's major means of financial survival. 49 The money market largely meant the banks, and especially the three largest deposit banks: the Credit Lyonnais, the Societe Generate and the Comptoir d'Escompte.

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