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Crise de la zone euro, intégration financière et rationnement bancaire

Author

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  • Vincent Duwicquet
  • Jacques Mazier

Abstract

A ?stock flow consistent? model of a Monetary Union with two countries is proposed. Several results can be underlined. Intra-zone credit has no specific stabilisation effect if the central bank plays the role of lender of last resort. Rising interest rates due to banks? reluctance to supply more credit or buy more Treasury bonds induces a cumulative slowdown. In this context, the use of intra-zone finance (European Stability Mechanism, bank financing or intervention by the central bank) can play a stabilizing role. However, if intra-zone finance is accompanied by fiscal austerity plans, the expected effects prove weak or negative. These results illustrate mechanisms operating in the actual crisis of Southern European countries. Classification JEL : F41, F37, E12

Suggested Citation

  • Vincent Duwicquet & Jacques Mazier, 2015. "Crise de la zone euro, intégration financière et rationnement bancaire," Revue économique, Presses de Sciences-Po, vol. 66(4), pages 783-803.
    • Handle: RePEc:cai:recosp:reco_pr2_0047
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    Cited by:

    1. Gimet, Céline & Lagoarde-Segot, Thomas & Reyes-Ortiz, Luis, 2019. "Financialization and the macroeconomy. Theory and empirical evidence," Economic Modelling, Elsevier, vol. 81(C), pages 89-110.

    More about this item

    JEL classification:

    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
    • F37 - International Economics - - International Finance - - - International Finance Forecasting and Simulation: Models and Applications
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory

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