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Ajustement des entreprises et distribution du crédit pendant la transition

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  • Jérôme Sgard

    (CERI - Centre de recherches internationales (Sciences Po, CNRS) - Sciences Po - Sciences Po - CNRS - Centre National de la Recherche Scientifique)

Abstract

Enterprise adjustment and the distribution of credit during transition. a comparison of four central european countries On the basis of monetary and banking statistical series, this article highlights the very large ex post divergences between credit policies in four transitional economies (Bulgaria, Hungary, Poland, the Czech and Slovak Republics). These national patterns are then interpreted as the result of different paths of evolution in the credit relationship, between banks and enterprises, since 1990. Three main categories of variables are identified as decisive in this process : macroeconomic constraints (esp. public deficits and foreign debt), public intervention in the banking sector i.a. under the form of recapitalisation programs ; then the conditions under which accumulated stocks of assets and liabilities have been either preserved or drastically run down during the early months of remoneti-sation.

Suggested Citation

  • Jérôme Sgard, 1995. "Ajustement des entreprises et distribution du crédit pendant la transition," Post-Print hal-03585825, HAL.
    • Handle: RePEc:hal:journl:hal-03585825
    DOI: 10.2307/3502424
    Note: View the original document on HAL open archive server: https://sciencespo.hal.science/hal-03585825
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    References listed on IDEAS

    as
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    3. Jérôme Sgard, 1995. "Recapitalisations des banques et aléa moral en Hongrie et en Pologne," Revue Économique, Programme National Persée, vol. 46(2), pages 481-500.
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