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L'attrait des épargnants pour les dépôts ou les fonds sans risque

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  • Patrick Artus

Abstract

[fre] L'attrait des épargnants pour les dépôts ou les fonds sans risque. . Depuis quelques mois, les épargnants français ont manifesté un goût prononcé pour les fonds à taux garanti, qui sont voisins de dépôts à terme. Cet attrait peut surprendre : la rémunération de ces fonds est assez faible, et leur liquidité réduite. Nous développons un modèle de structure de l'épargne et des financements pour analyser le développement de ces fonds et leur rémunération d'équilibre. Nous faisons intervenir une double incertitude, portant sur le besoin de liquidité et sur les taux d'intérêt de marché, ainsi que des imperfections de marché, consistant en l'impossibilité d'accès à certains produits par une partie des épargnants. [eng] Why have being attracted by riskless funds or deposits ? . . French households have in the recent period invested significant amounts in fixed rate funds proposed by banks, which are close substitute to time deposits. The fact that such funds are appealing is somewhat surprizing : their yield is rather low, and their liquidity reduced. We develop a theoretical model for the structure of savings and of debt to ana­lyse the development of those funds and their equilibrium yield. We introduce two sources of uncertainty : a random liquidity constraint, and uncertainty affecting the future market interest rates ; we introduce also a market imperfection, a given proportion of the savers being unable to invest in one of the available financial assets.

Suggested Citation

  • Patrick Artus, 1995. "L'attrait des épargnants pour les dépôts ou les fonds sans risque," Revue Économique, Programme National Persée, vol. 46(1), pages 13-33.
    • Handle: RePEc:prs:reveco:reco_0035-2764_1995_num_46_1_409626
    DOI: 10.3406/reco.1995.409626
    Note: DOI:10.3406/reco.1995.409626
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    References listed on IDEAS

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    1. Valerie R. Bencivenga & Bruce D. Smith, 1991. "Financial Intermediation and Endogenous Growth," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 58(2), pages 195-209.
    2. Williamson, Stephen D, 1988. "Liquidity, Banking, and Bank Failures," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 29(1), pages 25-43, February.
    3. Douglas W. Diamond & Philip H. Dybvig, 2000. "Bank runs, deposit insurance, and liquidity," Quarterly Review, Federal Reserve Bank of Minneapolis, vol. 24(Win), pages 14-23.
    4. Waldo, Douglas G., 1985. "Bank runs, the deposit-currency ratio and the interest rate," Journal of Monetary Economics, Elsevier, vol. 15(3), pages 269-277, May.
    5. Levine, Ross, 1991. "Stock Markets, Growth, and Tax Policy," Journal of Finance, American Finance Association, vol. 46(4), pages 1445-1465, September.
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