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Pourquoi et comment légiférer sur l’usure ?

Author

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  • Thierry Baudassé
  • Anne Lavigne

Abstract

[fre] Depuis que la France connaît une quasi stabilité des prix, les taux d’intérêt nominaux sont situés à des niveaux historiquement bas. Cette situation n’est pas sans conséquence sur la soutenabilité de la réglementation anti-usuraire. En effet, les établissements de crédit soutiennent que, pour certaines catégories de crédit, la tarification «juste «du risque devient impossible : l’addition du coût du risque aux autres composantes de coûts bancaires fait buter certains taux débiteurs sur le taux de l’usure. Ainsi, les établissements seraient contraints de rationner le crédit, alors même que le fonctionnement libre du marché ne les y inciterait pas. De leur côté, les usagers des services bancaires soulignent la nécessité des lois anti-usuraires afin de protéger les populations économiquement fragiles. Entre la législation interdisant l’usure et celle prohibant la vente à perte, la conciliation entre ces intérêts contradictoires est délicate. Est-il souhaitable et possible de modifier le dispositif anti-usuraire en vigueur en France aujourd’hui ? Cet article propose quelques pistes de réponses, en s’attachant exclusivement à examiner la législation anti-usuraire applicable aux particuliers, et non aux entreprises et débouche sur une proposition concrète de dispositif qui concilie les intérêts des prêteurs et des emprunteurs, quel que soit l’environnement macroéconomique. . Classification JEL : E43, G21, G28 [eng] Legislating on Usury : Why and How ? . The French Economy experiences historically low inflation and interest rates. This situation has some consequences on the sustainability of the new usury law that has been enforced in 1990. Banks argue that a fair pricing on credit is nearly impossible : when the cost of risk is added to the other components of the cost of credit, the lending rates bump against the usury rate. Thus banks are constrained to ration credit even though a free competition would not lead them to do so. Consumers on their side advocate for a protection of small and less-informed borroxers and refuse a repeal of the usury law. This paper aims to analyse whether it is desirable and possible to amend the french usury law. We deal with usury law in practice, and we advocate for a new device for the French usury law. . JEL Classification : E43, G21, G28 . .

Suggested Citation

  • Thierry Baudassé & Anne Lavigne, 2000. "Pourquoi et comment légiférer sur l’usure ?," Revue d'Économie Financière, Programme National Persée, vol. 58(3), pages 163-184.
  • Handle: RePEc:prs:recofi:ecofi_0987-3368_2000_num_58_3_3489
    DOI: 10.3406/ecofi.2000.3489
    Note: DOI:10.3406/ecofi.2000.3489
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    References listed on IDEAS

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    1. Brucker, Eric, 1977. "Usury Legislation and Market Structure: An Alternative Approach: Comment," Journal of Finance, American Finance Association, vol. 32(4), pages 1339-1344, September.
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    6. Wolken, John D & Navratil, Frank J, 1981. "The Economic Impact of the Federal Credit Union Usury Ceiling," Journal of Finance, American Finance Association, vol. 36(5), pages 1157-1168, December.
    7. Lester C. Thurow, 1971. "The Income Distribution as a Pure Public Good," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 85(2), pages 327-336.
    8. Greer, Douglas F, 1975. "Rate Ceilings and Loan Turndowns," Journal of Finance, American Finance Association, vol. 30(5), pages 1376-1383, December.
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    11. Thierry Baudassé & Raphaëlle Bellando & Anne Lavigne & Carlos Pardo, 1992. "La réforme de la législation sur l'Usure," Post-Print halshs-00258596, HAL.
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    More about this item

    JEL classification:

    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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