dépargne

Dépargne, also called dissaving, designates the act or situation in which consumption exceeds current income or disposable income, leading to a decline in net financial assets. At the individual level, dépargne occurs when expenditures surpass resources available, causing drawing down savings, selling assets, or increasing debt. In macroeconomics, dépargne describes a negative saving position for a sector (households, firms, or the government) or a current account deficit financed by external or internal borrowing.

Measurement and context: In national accounts, saving is defined as disposable income minus final consumption. Dépargne arises when this saving balance is negative, producing a negative saving rate or positive dissaving. For the public sector, a budget deficit is a form of dépargne of the government, typically financed by issuing debt. For the private sector, dissaving can reflect voluntary choices (retirement drawing down assets) or temporary constraints (income shocks, unemployment).

Causes and mechanisms: Dépargne can result from deliberate consumption smoothing, asset liquidation to fund purchases, or sustained deficits financed by borrowing. It may reflect cyclical factors (recessions, weak income growth) or structural factors (aging populations, high debt levels). The phenomenon interacts with investment, interest rates, and financial markets.

Consequences and implications: Prolonged dépargne reduces wealth and can raise debt service burdens, potentially compromising financial stability and future growth. In the short term, it can support current demand, but persistent dissaving may require renewed austerity, tightening credit, or policy intervention.