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La formation du taux d'intérêt et le marché des crédits bancaires français

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  • André Fourcans

Abstract

[fre] Cet article développe et teste économétriquement un modèle du marché des crédits bancaires français afin d'analyser les facteurs déterminant les variations du taux de l'intérêt. Le modèle établit des hypothèses quant à l'offre et à la demande da prêts bancaires et introduit l'influence des instruments de la politique monétaire et budgétaire sur le comportement des banques et du public (ménages + entre­prises). Ainsi il permet d'estimer l'efficacité des instruments de politique quant à leur influence sur le taux de l'intérêt.. Le modèle est présenté après une rapide revue théorique de certaines thèses relatives au fonctionnement des mécanismes monétaires. Les hypothèses faites quant à l'offre de crédits nourris et la demande de refinancements des banques et quant à la demande de crédits bancaires sont utilisées pour conduire une analyse théorique de la formation du taux de l'intérêt. Les hypothèses sont ensuite soumises aux tests économétriques afin de juger de leur validité. Les résultats ainsi obtenus conduisent alors à une évaluation empirique de l'influence de chacun des instruments de politique considéré sur le taux de l'intérêt. En faisant ressortir le comportement des agents économiques sur le marché des crédits bancaires, les analyses théoriques et empiriques permettent d'établir des implications d'un intérêt certain aussi bien pour les économistes et les autorités monétaires que pour les banquiers. [eng] Interest rate formation in the French loan market : a theoretical and econometric analysis. . This paper presents a model of the loan market whose objective is to study interest rate formation in France. The influence of policy instruments on the behavior of the banking system and the public (households + firms) is analysed by developing hypotheses as to supply and demand for loans. Hence, the efficiency of policy instruments to act upon interest rate movements can be studied within a solid analytical framework.. The structure of the model is developed after a rapid review of the literafure on monetary mecanisms. The hypotheses upon which the model is constructed are then used to pursue a theoretical anal y sis of interest rate formation. Afterwards, the model is subjected to the empirical test so as to evaluate the validity of the hypotheses. These results are then utilized to obtain empirical estimations as to the impact of policy instruments upon interest rate movements. The theoretical analysis, and ifs empirical counterpart, permits the drawing of crucial theoretical and empirical implications of great concern for economists, central bankers, and commercial bankers.

Suggested Citation

  • André Fourcans, 1975. "La formation du taux d'intérêt et le marché des crédits bancaires français," Revue Économique, Programme National Persée, vol. 26(4), pages 553-586.
    • Handle: RePEc:prs:reveco:reco_0035-2764_1975_num_26_4_408219
    DOI: 10.3406/reco.1975.408219
    Note: DOI:10.3406/reco.1975.408219
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    References listed on IDEAS

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    1. Frost, Peter A, 1971. "Banks' Demand for Excess Reserves," Journal of Political Economy, University of Chicago Press, vol. 79(4), pages 805-825, July-Aug..
    2. Zwick, Burton, 1971. "The Adjustment of the Economy to Monetary Changes," Journal of Political Economy, University of Chicago Press, vol. 79(1), pages 77-96, Jan.-Feb..
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    4. Thomas J. Sargent, 1969. "Commodity Price Expectations and the Interest Rate," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 83(1), pages 127-140.
    5. Patinkin, Don, 1969. "Money and Wealth: A Review Article," Journal of Economic Literature, American Economic Association, vol. 7(4), pages 1140-1160, December.
    6. Frost, Peter A & Sargent, Thomas J, 1970. "Money-Market Rates, the Discount Rate, and Borrowing from the Federal Reserve," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 2(1), pages 56-82, February.
    7. Allan H. Meltzer, 1959. "The Behavior of the French Money Supply: 1938-54," Journal of Political Economy, University of Chicago Press, vol. 67(3), pages 275-275.
    8. Karl Brunner & Allan H. Meltzer, 1964. "Some Further Investigations Of Demand And Supply Functions For Money," Journal of Finance, American Finance Association, vol. 19(2), pages 240-283, May.
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    Cited by:

    1. Jean-Paul Goulvestre, 1980. "Rationnement du crédit et risque de défaut," Revue Économique, Programme National Persée, vol. 31(3), pages 465-504.

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