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Système financier et crises immobilières : l'exemple de la France à la fin du xix e siècle

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  • Michel Lescure

Abstract

The paper studies the role of the financial system in the greatest real estate crisis experienced by the French economy until the recent crises of the 1990s and 2007-2013. It first emphasizes the role of the financial factors (financial innovations and low interest rates) in the boom of the years 1876-1882. Second it shows that the bust of 1882 and the ensuing crisis did not induce a collapse of the banking system similar to that of the recent years because of the growing role of the Crédit de France (CFF) and the development of the financial market. However, it finally demonstrates, that the further management of the crisis by the CFF, coupled with the withdrawal of commercial banks, is partly responsible for the long stagnation of the real estate market until the late 1900s and the failure of financing popular housing. Classification JEL: G01, G21, N13, R30.

Suggested Citation

  • Michel Lescure, 2013. "Système financier et crises immobilières : l'exemple de la France à la fin du xix e siècle," Revue d'économie financière, Association d'économie financière, vol. 0(2), pages 169-188.
    • Handle: RePEc:cai:refaef:ecofi_110_0169
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    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • N13 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: Pre-1913
    • R30 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - General

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