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La formation des taux et le mécanisme de la distribution de crédits dans le système bancaire français avant et après la réforme de 1965-1967

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  • Rosa-Maria Gelpi

Abstract

[fre] caire et sont à l'origine de la réforme des années 1965-1967. Celle-ci a été conçue pour faciliter le financement des réformes de structure de l'industrie nécessaires pour affronter la concurrence internationale et pour mieux contrôler, par l'intermédiaire des taux d'intérêt, les mouvements de capitaux et la parité du franc.. Comment se forme les taux et quels sont, dans ce système, les mécanismes de la distribution du crédit ?. Avant la réforme, les taux d'intérêt étaient administrés et des restrictions quanti­tatives (plafonds de réescompte) étaient imposées à l'endettement permanent des banques auprès de la Banque centrale. Le modèle walrasien ne permet­tant pas de traiter ce type de problèmes, on détermine les régimes d'offre ou de demande sur le marché des crédits en tenant compte des contraintes de la politique monétaire (encadrement du crédit) et de la rentabilité marginale des banques. Après la réforme, les plafonds ont été supprimés et les taux débiteurs libérés. Sur le marché oligopolistique des crédits, les grandes banques fixent les taux débiteurs de façon à obtenir une certaine « marge financière moyenne ». Cette marge tend à diminuer dans les périodes où les crédits ne sont pas encadrés et à augmenter dans les périodes où la concurrence disparaît du fait de l'encadrement. Aux taux ainsi fixés, on détermine, comme pour la période précédente, les régimes d'offre ou de demande. [eng] Interest rates and mechanism of distribution in French banking system before and after the reform of 1965-1967.. . The reform of the banking system of 1965-1967 has been deeply shuffled by the opening of goods and services markets in the ivake of thé establishment of the E.E.C., by thé ensuing expansion of trade and by the development of international financial operations. This was intended to make easier the financing of structural reforms needed for the industry to enter international competition. Also this allowed for a better control of capital movements and of the exchange rates, trough the handling of interest rates.. How do interest rates shape up ? What are, in the system, the rnechanisms of credit distribution ? Before the reform took place, interest rates were managed by the Central Bank, and quantitatives restrictions (discount ceiling) put limitations to the banking system's indebtedness to the Central Bank. The Walras model no attowing to deal with this kind of problems, credit supply or demand patterns were set with due respect to the contraints of the monetary policy (« encadrement du credit ») and to the marginal profitability of the banks. After the reform, the ceilings were suppressed, and lending rates were set free. On the oligopolistic credit market, the big banks set lending rates in such a way to obtain a given « average spread ». Such a spread tends to decrease when credit is no longer « encadré » and to go up when competition is killer by the a encadrement ». With respect to the rates thus determined, supply and demand patterns are set in the same way as they were for the preceding period.

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  • Rosa-Maria Gelpi, 1977. "La formation des taux et le mécanisme de la distribution de crédits dans le système bancaire français avant et après la réforme de 1965-1967," Revue Économique, Programme National Persée, vol. 28(3), pages 376-418.
  • Handle: RePEc:prs:reveco:reco_0035-2764_1977_num_28_3_408328
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    1. Barro, Robert J & Grossman, Herschel I, 1971. "A General Disequilibrium Model of Income and Employment," American Economic Review, American Economic Association, vol. 61(1), pages 82-93, March.
    2. Grossman, Herschel I, 1971. "Money, Interest, and Prices in Market Disequilibrium," Journal of Political Economy, University of Chicago Press, vol. 79(5), pages 943-961, Sept.-Oct.
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