Advanced Search
MyIDEAS: Login to save this article or follow this journal

Consommation, contraintes de liquidite et canal du credit en Europe

Contents:

Author Info

  • Sylvie Lecarpentier-Moyal
  • Nathalie Payelle
  • Patricia Renou-Maissant
Registered author(s):

    Abstract

    Selon les modeles de type " revenu permanent - cycle de vie ", la consommation agregee des menages ne reagit qu'aux chocs de politique monetaire consideres comme durables. Cependant, dans les faits, on observe une " sensibilite excessive " de la consommation aux variations du revenu courant, qui peut etre interpretee comme le signe de l'existence de contraintes de liquidite. Jusqu'aux annees quatre-vingt, ces dernieres pouvaient etre attribuees a un developpement insuffisant du marche du credit a la consommation, et a un ensemble de rigidites de nature institutionnelle et reglementaire. Ces contraintes de liquidite sont qualifiees " d'exogenes ", et peuvent considerablement modifier l'impact des mesures de politique monetaire sur la consommation agregee. Depuis la fin des annees quatre-vingt, en revanche, le mouvement de liberalisation financiere laisse esperer la restauration des mecanismes de transmission de la politique monetaire, tels qu'ils sont decrits dans la theorie du revenu permanent. Toutefois, cette hypothese se trouve contredite par les faits et refutee par la litterature relative a la " credit view " (Bernanke & Gertler, 1995). Selon cette theorie, la disponibilite du credit pourrait conserver une influence importante sur les comportements de depense. Les contraintes de credit " endogenes " modifieraient et amplifieraient les consequences des chocs de politique monetaire, via un canal " etroit " du credit (base sur l'offre de credit) ou un canal " large " du credit (dans lequel tous les types de financement interviennent, ainsi que des effets richesse).

    Download Info

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
    File URL: http://www.cepii.fr/francgraph/publications/ecointern/rev85/rev85f.htm
    Download Restriction: no

    Bibliographic Info

    Article provided by CEPII research center in its journal Economie Internationale.

    Volume (Year): (2001)
    Issue (Month): 85 ()
    Pages: 129-146

    as in new window
    Handle: RePEc:cii:cepiei:2001-1tf

    Contact details of provider:
    Postal: 113, rue de Grenelle, 75700 Paris SP07
    Phone: 33 01 53 68 55 00
    Fax: 33 01 53 68 55 01
    Web page: http://www.cepii.fr
    More information through EDIRC

    Related research

    Keywords:

    Find related papers by JEL classification:

    References

    No references listed on IDEAS
    You can help add them by filling out this form.

    Citations

    Lists

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    Statistics

    Access and download statistics

    Corrections

    When requesting a correction, please mention this item's handle: RePEc:cii:cepiei:2001-1tf. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: ().

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.