We study the relationship between the change in the cyclically-adjusted primary balance and the change in the output gap. The former variable is taken as an indicator of discretionary fiscal policy. The latter is an indicator of cyclical conditions. We use panel data for the euro area and data...

New Caledonia has a structural trade deficit. Public transfers from the French State amount to a large part of credits in the current account balance. The local currency, the franc XPF, has had a fixed parity against the euro since 1999. In prospect of independence, which would imply a loss (or...