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L’apport personnel obligatoire : un outil macroprudentiel de plus en plus utilisé pour prévenir le risque immobilier

Author

Listed:
  • Cyril COUAILLIER
  • Julien IDIER
  • Ramona JIMBOREAN

Abstract

Les hausses excessives des prix immobiliers et de l’endettement des ménages sont des points de vigilance pour les autorités macroprudentielles. Afin de prévenir leurs effets négatifs combinés sur la stabilité financière et l’économie dans son ensemble, les autorités nationales disposent d’instruments macroprudentiels leur permettant d’agir sur les conditions d’octroi du crédit immobilier. À cette fin, des pays de l’Union européenne utilisent surtout des mesures macroprudentielles visant les emprunteurs, telles que l’apport personnel obligatoire (ou ratio prêt-valeur). Ces outils ont amélioré les pratiques d’octroi de crédit bancaire. Dans ces pays, a été constatée une baisse du volume des nouveaux crédits immobiliers à risque (apport nul, service de la dette très élevé, très longue maturité, etc.). Il est toutefois prématuré de juger de leur pleine efficacité, notamment en matière de modération des prix immobiliers.

Suggested Citation

  • Cyril COUAILLIER & Julien IDIER & Ramona JIMBOREAN, 2018. "L’apport personnel obligatoire : un outil macroprudentiel de plus en plus utilisé pour prévenir le risque immobilier," Bulletin de la Banque de France, Banque de France, issue 215, pages 15-26.
    • Handle: RePEc:bfr:bullbf:2018:215:02
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    More about this item

    Keywords

    crédit immobilier; critères d’octroi du crédit; outils macroprudentiels;
    All these keywords.

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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