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Le taux du crédit accordé aux entreprises françaises : coûts opératoires des banques et prime de risque de défaut

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  • Michel Boutillier
  • Sabine Dérangère

Abstract

[fre] Le taux du crédit accordé aux entreprises françaises : coûts opératoires des banques et prime de risque de défaut. . Cet article traite du taux d'intérêt débiteur pour les entreprises françaises. Selon les précédents modèles, le coût du crédit était déterminé sous la contrainte des coûts des ressources bancaires et la première partie examine si cela est toujours vrai. De nouvelles sources de financement pour les firmes (sur le marché monétaire) donnent de nouvelles contraintes de court terme aux banques ; cela est également testé dans le cadre de la cointégration. Dans la seconde partie, l'écart entre taux débiteur et taux du marché monétaire est interprété comme une prime de risque justifiée par la probabilité moyenne de faillite des entreprises. Le comportement concurrentiel récent est ainsi mis en évidence dans le cas français. [eng] The lending rate to french firms : bank's operating costs and default risk premium. . This paper deals with the rending rate to French firms. According to previous models, lending rate determination was constrained by the costs of bank liabilities ; the first part examines whether it still holds. New firm liabilities (in the money market) give new short run constraints to some banks ; this assumption is also tested within the cointegration framework. In the second part, the difference between the lending rate and the money market rate is interpreted as a risk premium reflecting average default probability in the corporate sector. We find evidence consistent with a recent competitive behavior in the French banking System.

Suggested Citation

  • Michel Boutillier & Sabine Dérangère, 1992. "Le taux du crédit accordé aux entreprises françaises : coûts opératoires des banques et prime de risque de défaut," Revue Économique, Programme National Persée, vol. 43(2), pages 363-382.
    • Handle: RePEc:prs:reveco:reco_0035-2764_1992_num_43_2_409356
    DOI: 10.3406/reco.1992.409356
    Note: DOI:10.3406/reco.1992.409356
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    References listed on IDEAS

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    1. Françoise Maurel, 1989. "Modèles à correction d'erreur : l'apport de la théorie de la co-intégration," Économie et Prévision, Programme National Persée, vol. 88(2), pages 105-125.
    2. Henri Sterdyniak & Marie-Annick Boudier & Michel Boutillier & Françoise Charpin & Bruno Durand, 1984. "Le modèle trimestriel de l'OFCE," Revue de l'OFCE, Programme National Persée, vol. 9(1), pages 137-178.
    3. Wadhwani, Sushil B, 1986. "Inflation, Bankruptcy, Default Premia and the Stock Market," Economic Journal, Royal Economic Society, vol. 96(381), pages 120-138, March.
    4. repec:hal:spmain:info:hdl:2441/5273 is not listed on IDEAS
    5. Michel Boutillier & Pierre Villa, 1985. "Politique monétaire en économie d'endettement vue à travaes le modèle OFCE-annuel," Revue de l'OFCE, Programme National Persée, vol. 13(1), pages 119-147.
    6. Philippe Szymczak, 1987. "Taux d'intérêt et système bancaire," Économie et Prévision, Programme National Persée, vol. 77(1), pages 3-39.
    7. Bordes, Christian & Melitz, Jacques, 1989. "Business Debt and Default in France," CEPR Discussion Papers 333, C.E.P.R. Discussion Papers.
    8. William C. Brainard & James Tobin, 1968. "Pitfalls in Financial Model-Building," Cowles Foundation Discussion Papers 244, Cowles Foundation for Research in Economics, Yale University.
    9. 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.
    10. Michel Boutillier & Daniel Gabrielli & Dominique Plihon, 1988. "La baisse des taux d'intérêt en France : quels effets en attendre ?," Revue Économique, Programme National Persée, vol. 39(4), pages 841-876.
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    1. Irac, D., 2006. "Revisiting the proximity-concentration trade-off: Distance and Horizontal Foreign Direct Investment in OECD countries," Working papers 153, Banque de France.
    2. Franck Martin, 1995. "Concurrence bancaire, jeux séquentiels et information complète," Revue Économique, Programme National Persée, vol. 46(2), pages 301-324.
    3. Chiappori, Pierre-Andre & Perez-Castrillo, David & Verdier, Thierry, 1995. "Spatial competition in the banking system: Localization, cross subsidies and the regulation of deposit rates," European Economic Review, Elsevier, vol. 39(5), pages 889-918, May.
    4. Mésonnier, J-S., 2006. "The Reliability of Macroeconomic Forecasts based on Real Interest Rate Gap Estimates in Real Time: an Assessment for the Euro Area," Working papers 157, Banque de France.
    5. Raphaëlle Bellando & Anne Lavigne, 1992. "Taux d'intérêts débiteurs et créditeurs en Europe, une approche en termes de causalité," Revue Économique, Programme National Persée, vol. 43(2), pages 383-403.
    6. Jean Cordier & Pascal Jacquinot & Dominique Plihon, 1994. "La gestion des risques par les établissements de crédit : essais de modélisation macro-économique," Économie et Prévision, Programme National Persée, vol. 112(1), pages 127-138.
    7. repec:dau:papers:123456789/3369 is not listed on IDEAS

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