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Le fonctionnement du marché du crédit : diverses analyses dans un cadre de déséquilibre

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  • Patrick Artus

Abstract

[fre] La plupart des modélisations du système monétaire et financier français supposent que les mouvements de taux d'intérêt permettent d'équilibrer l'offre et la demande de crédit et que les émissions de titres des entreprises sont rationnées. On se propose ici de vérifier ces deux hypothèses par diverses méthodes économétriques dont une, basée sur l'agrégation de marchés élémentaires, permet d'introduire une information exogène sur la situation de déséquilibre du marché considéré. [eng] The funtioning of the credit market : several analysis in a disequilibrium context. Patrick Artus. In most of the modelisations of the french monetary and financial System, it is assumed that interest rate movements bring the credit market into equilibrium and that the quantity of bonds firms can issue is rationed. The purpose of this paper is to verify those two assumptions using different econometric methods ; one of them, based on the aggregation of elementary markets, permits the introduction of exogenous information on the degree of disequilibrium on the market under study.

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  • Patrick Artus, 1984. "Le fonctionnement du marché du crédit : diverses analyses dans un cadre de déséquilibre," Revue Économique, Programme National Persée, vol. 35(4), pages 591-622.
    • Handle: RePEc:prs:reveco:reco_0035-2764_1984_num_35_4_408796
    DOI: 10.3406/reco.1984.408796
    Note: DOI:10.3406/reco.1984.408796
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    References listed on IDEAS

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    1. Laffont, Jean-Jacques & Garcia, Rene, 1977. "Disequilibrium Econometrics for Business Loans," Econometrica, Econometric Society, vol. 45(5), pages 1187-1204, July.
    2. Ito, Takatoshi & Ueda, Kazuo, 1981. "Tests of the Equilibrium Hypothesis in Disequilibrium Econometrics: An International Comparison of Credit Rationing," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 22(3), pages 691-708, October.
    3. Sealey, C W, Jr, 1979. "Credit Rationing in the Commercial Loan Market: Estimates of a Structural Model under Conditions of Disequilibrium," Journal of Finance, American Finance Association, vol. 34(3), pages 689-702, June.
    4. Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June.
    5. Fair, Ray C & Jaffee, Dwight M, 1972. "Methods of Estimation for Markets in Disequilibrium," Econometrica, Econometric Society, vol. 40(3), pages 497-514, May.
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    1. Patrick Artus, 1985. "Rationnement de crédit et réactions des entreprises," Revue Économique, Programme National Persée, vol. 36(6), pages 1207-1246.
    2. Zuzanna Wosko, 2016. "Determinants of credit in the Polish banking sector before and after the GFC according to information from the NBP Senior Loan Officer Survey. Does supply or demand matter?," IFC Bulletins chapters, in: Bank for International Settlements (ed.), Combining micro and macro data for financial stability analysis, volume 41, Bank for International Settlements.
    3. Jean-Paul Pollin & William Marois, 1985. "Avant-propos," Revue Économique, Programme National Persée, vol. 36(6), pages 1155-1168.

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