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

La "debt-deflation" selon Irving Fisher, Histoire et actualité d'une théorie de la crise financière

Contents:

Author Info

  • Edouard Challe
Registered author(s):

    Abstract

    [fre] La théorie de la "debt-deflation", proposée par I. Fisher en 1933 pour rendre compte de la violence et de la durée de la Grande Dépression, repose sur une articulation originale des facteurs monétaires (avec monnaie endogène) et financiers, c'est à dire prenant en compte les variations de la richesse nette et des déséquilibres de bilan. La déflation y provoque une hausse de l'encours réel de dette qui pousse les emprunteurs au désendettement, ce qui entretient la chute des prix en même temps que celle de la masse monétaire. Cet article analyse la nouveauté et la cohérence d'une telle dynamique, tout en s'interrogeant sur son articulation avec les thèses antérieures de Fisher et sur sa pertinence actuelle du point de vue théorique et empirique. Le cas pris en exemple est celui de la crise financière qui a frappé les pays de l'OCDE au tournant de la dernière décennie. [eng] In 1933, Irving Fisher suggested an original explanation of the Great Depression, based on the interaction between monetary factors (money being made endogenous) and financial factors ; giving a crucial role to borrowers' balance sheet and net worth. In his view, falling prices increased the burden of real debts, lowering net worth and thereby urging borrowers to pay their debts back. This reaction makes credit, money and prices fall, thus causing the process to self-fulfill. This paper aims to address the general consistency of Fisher's debt- deflation theory, while trying to relate it to his previous writings. It also questions the contemporary relevance of his approach given the changing institutional environment ; special attention is paid to the financial crisis that hit most OECD countries at the onset of the decade.

    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://dx.doi.org/doi:10.3406/cep.2000.1271
    Download Restriction: no

    File URL: http://www.persee.fr/articleAsPDF/cep_0154-8344_2000_num_36_1_1271/cep_0154-8344_2000_num_36_1_1271.pdf?mode=light
    Download Restriction: no

    Bibliographic Info

    Article provided by Programme National Persée in its journal Cahiers d'économie politique.

    Volume (Year): 36 (2000)
    Issue (Month): 1 ()
    Pages: 7-38

    as in new window
    Handle: RePEc:prs:caecpo:cep_0154-8344_2000_num_36_1_1271

    Note: DOI:10.3406/cep.2000.1271
    Contact details of provider:
    Web page: http://www.persee.fr/web/revues/home/prescript/revue/cep

    Related research

    Keywords:

    References

    References listed on IDEAS
    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
    as in new window
    1. James Tobin, 1975. "Keynesian Models of Recession and Depression," Cowles Foundation Discussion Papers 387, Cowles Foundation for Research in Economics, Yale University.
    2. Ben S. Bernanke, 1994. "The Macroeconomics of the Great Depression: A Comparative Approach," NBER Working Papers 4814, National Bureau of Economic Research, Inc.
    3. Simon G. Gilchrist & Ben Bernanke & Mark Gertler, 1994. "The financial accelerator and the flight to quality," Finance and Economics Discussion Series 94-18, Board of Governors of the Federal Reserve System (U.S.).
    4. Charles W. Calomiris, 1993. "Financial Factors in the Great Depression," Journal of Economic Perspectives, American Economic Association, vol. 7(2), pages 61-85, Spring.
    5. Bernanke, Ben S. & Gertler, Mark & Gilchrist, Simon, 1999. "The financial accelerator in a quantitative business cycle framework," Handbook of Macroeconomics, in: J. B. Taylor & M. Woodford (ed.), Handbook of Macroeconomics, edition 1, volume 1, chapter 21, pages 1341-1393 Elsevier.
    6. Douglas W. Diamond & Philip H. Dybvig, 2000. "Bank runs, deposit insurance, and liquidity," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Win, pages 14-23.
    7. Ben S. Bernanke, 1983. "Non-Monetary Effects of the Financial Crisis in the Propagation of the Great Depression," NBER Working Papers 1054, National Bureau of Economic Research, Inc.
    8. Cooper, Russell & John, Andrew, 1988. "Coordinating Coordination Failures in Keynesian Models," The Quarterly Journal of Economics, MIT Press, vol. 103(3), pages 441-63, August.
    9. Gertler, Mark, 1988. "Financial Structure and Aggregate Economic Activity: An Overview," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 20(3), pages 559-88, August.
    10. Michel Aglietta, 1993. "Crises et cycles financiers : une approche comparative," Revue d'Économie Financière, Programme National Persée, vol. 26(3), pages 5-50.
    11. Wolfson, Martin H, 1996. "Irving Fisher's Debt-Deflation Theory: Its Relevance to Current Conditions," Cambridge Journal of Economics, Oxford University Press, vol. 20(3), pages 315-33, May.
    12. Ben Bernanke & Mark Gertler, 1987. "Financial Fragility and Economic Performance," NBER Working Papers 2318, National Bureau of Economic Research, Inc.
    13. Holmström, Bengt & Tirole, Jean, 1994. "Financial Intermediation, Loanable Funds and the Real Sector," IDEI Working Papers 40, Institut d'Économie Industrielle (IDEI), Toulouse.
    14. Mishkin, Frederic S., 1978. "The Household Balance Sheet and the Great Depression," The Journal of Economic History, Cambridge University Press, vol. 38(04), pages 918-937, December.
    15. John Moore & Nobuhiro Kiyotaki, . "Credit Cycles," Discussion Papers 1995-5, Edinburgh School of Economics, University of Edinburgh.
    16. Calomiris, Charles W & Hubbard, R Glenn, 1990. "Firm Heterogeneity, Internal Finance, and 'Credit Rationing.'," Economic Journal, Royal Economic Society, vol. 100(399), pages 90-104, March.
    17. Robert Boyer, 1988. "D'un krach boursier à l'autre, Irving Fisher revisité," Revue Française d'Économie, Programme National Persée, vol. 3(3), pages 183-216.
    Full references (including those not matched with items on IDEAS)

    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:prs:caecpo:cep_0154-8344_2000_num_36_1_1271. 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: (Equipe PERSEE).

    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.