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Offre de crédit et offre de monnaie

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  • Jacques Mélitz

Abstract

[eng] Supply of credit and supply of money. . The suppty of commercial bank credit, the demand for borrowed reserves, and the supply of money are highly interrelated. Our object is to clarify the relationship between the three and to provide estimates of the supply of bank credit and the supply of money in France (according to various measures of money) based on quarterly data for 1959-71. The estimates confirm a number of detailed hypotheses about French commercial bank behavior. We are able to show the positive effect of the interest rate on commercial bank loans, the negative effect of the rediscount rate, the négative effect of the legal reserve requirement and the wider reserve-loss coefficient of which the legal reserve requirement is a part, the positive effect of foreign reserves, the positive effect of budget deficits, and the positive effect of conversions of currency, postal checking accounts and accounts at the savings banks into commercial bank deposits. [fre] Offre de crédit, demande de refinancement, et offre de monnaie sont étroitement interdépendantes. Mais les trois fonctions ne sont pas identiques. Nous nous proposons d'expliciter les relations entre les trois, et d'estimer séparément l'offre de crédit bancaire et l'offre de monnaie en France (selon les différentes mesures principales de la monnaie). Les ajustements confirment l'effet positif du taux débiteur bancaire, l'effet dissuasif du taux d'intervention de la Banque de France, l'effet dissuasif des coefficients de réserves obligatoires et des coefficients de pertes de réserves qu'il s'agisse des espèces, des comptes chèques postaux, ou des caisses d'épargne, l'effet positif des entrées d'or et de devises de l'étranger, l'effet positif des déficits budgétaires, et l'effet positif des conversions des espèces, des CCP, et des dépôts auprès des caisses d'épargne en dépôts auprès des banques. Il s'avère donc qu'il existe en France des régularités de comportement bancaire très importantes.

Suggested Citation

  • Jacques Mélitz, 1975. "Offre de crédit et offre de monnaie," Revue Économique, Programme National Persée, vol. 26(5), pages 705-733.
    • Handle: RePEc:prs:reveco:reco_0035-2764_1975_num_26_5_408227
    DOI: 10.3406/reco.1975.408227
    Note: DOI:10.3406/reco.1975.408227
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    References listed on IDEAS

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    1. Karl Brunner & Allan H. Meltzer, 1968. "Liquidity Traps for Money, Bank Credit, and Interest Rates," Journal of Political Economy, University of Chicago Press, vol. 76(1), pages 1-1.
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    1. Jean-Paul Goulvestre, 1980. "Rationnement du crédit et risque de défaut," Revue Économique, Programme National Persée, vol. 31(3), pages 465-504.

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