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Le financement obligataire accélère-t-il les reprises ?

Author

Listed:
  • Thomas Grjebine
  • Urszula Szczerbowicz
  • Fabien Tripier

Abstract

La crise récente a souligné la nécessité de mieux comprendre les liens entre les marchés financiers et les cycles économiques. Cette Lettre présente les résultats d'une recherche sur le rôle de la composition de la dette des entreprises. L'étude de 93 épisodes de récession dans 25 pays montre que durant les phases de reprise économique, les entreprises substituent un financement obligataire au financement bancaire. Il apparaît aussi que les reprises sont plus vigoureuses dans les économies où la part du financement obligataire est initialement élevée.

Suggested Citation

  • Thomas Grjebine & Urszula Szczerbowicz & Fabien Tripier, 2015. "Le financement obligataire accélère-t-il les reprises ?," La Lettre du CEPII, CEPII research center, issue 351.
    • Handle: RePEc:cii:cepill:2015-351
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    File URL: http://www.cepii.fr/PDF_PUB/lettre/2015/let351.pdf
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    More about this item

    Keywords

    Monnaie & Finance; Compétitivité & Croissance;

    JEL classification:

    • E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles
    • E4 - Macroeconomics and Monetary Economics - - Money and Interest Rates
    • G1 - Financial Economics - - General Financial Markets
    • G2 - Financial Economics - - Financial Institutions and Services

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