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Comportement vis-à-vis de la liquidité et instabilité conjoncturelle : une réflexion sur la préférence pour la liquidité

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  • Olivier Brossard

Abstract

[fre] La libéralisation financière a généré des comportements vis à vis de la liquidité qui engendrent une instabilité financière et réelle. Le concept de préférence pour la liquidité de J.M. Keynes permet d'en comprendre le mécanisme. Mais il faut le préciser : on montre d'une part qu'il doit être considéré comme une théorie de l'influence des anticipations de prix d'actifs sur la disponibilité des financements, et d'autre part que les comportements de précaution, jouent alors un rôle important. . Ceci fait, il est possible de proposer une explication financière endogène de l'instabilité conjoncturelle en comparant le rôle des banques et des marchés dans les dynamiques de la liquidité et en adoptant le point de vue selon lequel à la fois la quantité de monnaie (de crédit) et certains taux d'intérêt sont endogènes. [eng] An important financial and real instability has been generated by the emergence of new types of liquidity behaviours which are connected with financial deregulation. The liquidity preference of J. M. Keynes constitutes the theoretical base of such a point of view. Nevertheless it is necessary to reconsider this notion. In the present paper we first show that this concept has to be considered as a theory of the influence of anticipated asset prices on financing availability. We argue secondly that the precaution motive is then very important. . Comparing the role of banks and financial markets in liquidity dynamics, we can then propose an explanation of economic instability which is financial and endogenous. We show that this requires to consider that both the quantity of money and some interest rates are endogenous.

Suggested Citation

  • Olivier Brossard, 1998. "Comportement vis-à-vis de la liquidité et instabilité conjoncturelle : une réflexion sur la préférence pour la liquidité," Cahiers d'Économie Politique, Programme National Persée, vol. 30(1), pages 123-146.
    • Handle: RePEc:prs:caecpo:cep_0154-8344_1998_num_30_1_1216
    DOI: 10.3406/cep.1998.1216
    Note: DOI:10.3406/cep.1998.1216
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    References listed on IDEAS

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