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Les tensions sur le marché du crédit de trésorerie en France dans une perspective historique

Author

Listed:
  • Kheira Benhami

    (AMF - Autorité des marchés financiers - AMF)

  • Marie Bessec

    (LEDA-CGEMP - Centre de Géopolitique de l’Energie et des Matières Premières - LEDa - Laboratoire d'Economie de Dauphine - IRD - Institut de Recherche pour le Développement - Université Paris Dauphine-PSL - PSL - Université Paris Sciences et Lettres - CNRS - Centre National de la Recherche Scientifique)

  • Guillaume Gilquin

Abstract

This paper assesses the tensions in the distribution of short-term loans in France over 1994-2013. It is difficult to distinguish if a decrease of granted loans results from a drop in firms' demand due to a slowdown in activity or from a restrictive distribution of credits by banks. This is an essential issue because each scenario calls for different responses in terms of public policy. Using a macro-econometric model, we show that periods of tensions appear in the wake of recessions (in 1994-95 and 2009-10), what could at that time slow down the economic recovery. These episodes are caused by shocks to the supply of credit, due to a sharp increase in bad loans and by a rise in demand of credit in a context of recovery of business activity.

Suggested Citation

  • Kheira Benhami & Marie Bessec & Guillaume Gilquin, 2017. "Les tensions sur le marché du crédit de trésorerie en France dans une perspective historique," Post-Print hal-01645409, HAL.
    • Handle: RePEc:hal:journl:hal-01645409
    as

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    Cited by:

    1. Refait-Alexandre, Catherine & Serve, Stéphanie, 2020. "Multiple banking relationships: Do SMEs mistrust their banks?," Research in International Business and Finance, Elsevier, vol. 51(C).

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