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Les effets des variations de taux d'intérêt dans le nouvel environnement financier français

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  • Christian Bordes
  • Éric Girardin
  • Velayoudom Marimoutou

Abstract

[eng] The effects of interest rate changes in the new french financial environment. We study to what extent the effects of changes in short and long term interest rates on the components of aggregate demand were modified in France by financial deregulation in the mid-eighties. The use of a Bayesian VAR model enables to remedy to the short len-ght of the sample subsequent to financial liberalization. In broad terms this deregulation seems to have reduced the ability of interest rate policy to generate a change in GDP. By contrast investment by household and firms would have become more sensitive to inte­rest rate changes. [fre] Nous étudions dans quelle mesure les effets des variations de taux intérêt court terme ou long terme sur les composantes de la demande globale se sont trouvés modifiés en France par la déréglementation financière du milieu des années quatre-vingt utilisation un modèle VAR bayes/en permet de remédiera la faible longueur de échantillon postérieur la libéralisation financière Globale ment cette déréglementation semble avoir réduit la capacité de la politique de taux intérêt engendrer une variation du PIB inverse investissement des ménages et des sociétés serait devenu nettement plus sensible aux variations de taux.

Suggested Citation

  • Christian Bordes & Éric Girardin & Velayoudom Marimoutou, 1995. "Les effets des variations de taux d'intérêt dans le nouvel environnement financier français," Revue Économique, Programme National Persée, vol. 46(3), pages 635-644.
    • Handle: RePEc:prs:reveco:reco_0035-2764_1995_num_46_3_409672
    DOI: 10.3406/reco.1995.409672
    Note: DOI:10.3406/reco.1995.409672
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    References listed on IDEAS

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    1. George A. Kahn, 1989. "The changing interest sensitivity of the U.S. economy," Economic Review, Federal Reserve Bank of Kansas City, vol. 74(Nov), pages 13-34.
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    1. Virginie Coudert & Benoît Mojon, 1997. "Asymétries financières et transmission de la politique monétaire en Europe," Économie et Prévision, Programme National Persée, vol. 128(2), pages 41-60.
    2. Combey, Adama, 2016. "Private Consumption in The WAEMU Zone: Does Interest Rates Matter?," MPRA Paper 75144, University Library of Munich, Germany.

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