Author
Abstract
[eng] The article by Lionel Stoleru analyses the behaviour of the various economic transactors in connection with the formation and use of capital, considering in turn the case of enterprises, households, the banking system and the community, with a view to furnishing the elements of an answer to the two following questions : . — why does the interest rate seem incapable, in the present circumstances of France, of ensuring the equilibrium between financing capacity and needs?. — what are the inferences to be drawn from this, in connection with policy for the mobilisation and distribution of capital to ensure the most effective use of too scarce capital?. The analysis of these two problems shows that, in the absence of a structure in which the capital market reaches equilibrium around a single rate, the imperfection of the market compels a very strict distinction between two different concepts; the cost of capital and the scarcity of capital. . The cost of capital is determined in particular by the rate of interest or remuneration of savings. . The relative scarcity of capital is reflected in strict requirements as to the return on investment projects as a criterion for the selection of requests for loans; it is manifested in a rate of capitalisation which ensures equilibrium between the supply of and demand for capital and determines the acceptable break-even points. [fre] L'article de Lionel Stoleru analyse les comportements des divers agents économiques liés à la formation et à l'utilisation des capitaux — en examinant tour à tour le cas des entreprises, des ménages, du système bancaire et de la collectivité — afin d'apporter des éléments de réponse aux deux questions suivantes : . — pourquoi le taux d'intérêt semble-t-il incapable, dans les circonstances actuelles en France, d'assurer l'équilibre entre besoins et capacités de financement?. — quelles sont les conséquences à en tirer, sur le plan de la politique de collecte et de répartition des capitaux, pour assurer l'utilisation la plus efficace de capitaux trop rares?. L'analyse de ces deux problèmes montrera que, faute d'une structure où le marché des capitaux s'équilibre autour d'un taux unique, l'imperfection du marché oblige à distinguer très nettement deux concepts : le coût des capitaux et la rareté des capitaux. . Le coût des capitaux est notamment déterminé par le taux d'intérêt ou rémunération des épargnants. . La rareté relative des capitaux se traduit par une exigence stricte vis-à-vis de la rentabilité des projets d'investissements, critère de sélection des demandes d'emprunts; elle se manifeste par un taux d'actualisation assurant l'équilibre entre l'offre et les besoins de capitaux et déterminant les seuils de rentabilité admissibles.
Suggested Citation
Lionel Stoleru, 1969.
"Taux d'intérêt et taux d'actualisation,"
Économie et Statistique, Programme National Persée, vol. 5(1), pages 3-11.
Handle:
RePEc:prs:ecstat:estat_0336-1454_1969_num_5_1_1831
DOI: 10.3406/estat.1969.1831
Note: DOI:10.3406/estat.1969.1831
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