translate English to French: Thus, it is likely that the effect on aggregate savings of declining ﬁscal deﬁcits may have been offset by lower household savings, albeit only partially. Empirical studies suggest that approximately onethird to one-half of any increase in government savings are offset by a decline in household savings (International Monetary Fund, IMF, 2005).
De fait, à certains moments, les déﬁcits des ﬁnances publiques de par le monde ont atteint des proportions considérables (Graphique 13)17.