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Politique monétaire unique, taux bancaires et prix immobiliers dans la zone euro

Author

Listed:
  • Christophe Blot

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)

  • Fabien Labondance

    (CEMOI - Centre d'Économie et de Management de l'Océan Indien - UR - Université de La Réunion)

Abstract

L'objectif de notre contribution est d'analyser empiriquement les mécanismes de transmission de la politique monétaire vers les prix immobiliers dans les principales économies de la zone euro. Nous tenons compte explicitement du rôle des banques, via le canal du taux d'intérêt. Notre approche est en deux étapes : la première permet d'illustrer la répercussion des taux contrôlés par la BCE sur les taux pratiqués par les banques pour les crédits immobiliers, tandis que la deuxième fait le lien entre les taux bancaires et les prix immobiliers. Cette analyse permet de comprendre les différentes sources de l'hétérogénéité de la transmission de la politique monétaire. Il apparaît en effet que le canal du taux d'intérêt est de plus en plus homogène dans la zone euro. Mais ce résultat masque le rôle des effets d'offre de crédit qui ont pu induire une hétérogénéité de la transmission de la politique monétaire. La transmission des taux bancaires aux prix immobiliers et à l'ensemble de l'économie demeure dépendante des structures propres à chaque État membre.

Suggested Citation

  • Christophe Blot & Fabien Labondance, 2013. "Politique monétaire unique, taux bancaires et prix immobiliers dans la zone euro," SciencePo Working papers Main hal-03473898, HAL.
    • Handle: RePEc:hal:spmain:hal-03473898
    DOI: 10.3917/reof.128.0189
    Note: View the original document on HAL open archive server: https://sciencespo.hal.science/hal-03473898
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