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Transmission de la politique monetaire et credit bancaire, une application a 5 pays de l'OCDE

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Author Info
Fernando Barran
Virginie Coudert
Benoit Mojon

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Abstract

Les canaux de transmission de la politique monetaire se sont modifies avec la dereglementation-liberalisation qui est apparue dans la plupart des pays. Si le canal par le taux d'interet semble maintenant plus direct, l'effet des agregats monetaires eux-memes sur l'activite s'est sans doute transforme a mesure que leurs definitions evoluaient. Parallelement dans la derniere recession americaine, des taux d'interet maintenus tres bas n'ont pas reussi a relancer l'activite dans les delais habituels, notamment car la distribution de credits a ete tres faible. Ceci a jete quelques doutes sur l'efficacite des transmissions de la politique monetaire. Au canal par les taux d'interet, certains auteurs ont propose d'ajouter un canal par le credit bancaire. S'il est maintenant etabli theoriquement - a la suite des travaux de Stiglitz et Weiss (1981) -qu'il peut exister un "rationnement d'equilibre" du credit, l'equilibrage de ce marche peut passer par d'autres variables que le taux d'interet, et ce rationnement effectue par les banques dans les periodes de recession peut sans doute avoir un impact macro-economique qui merite d'etre etudie.

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Paper provided by CEPII research center in its series Working Papers with number 1994-03.

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Date of creation: Jun 1994
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Handle: RePEc:cii:cepidt:1994-03

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Related research
Keywords: politique monetaire; taux d'interet;

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Find related papers by JEL classification:
E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission
C10 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: General - - - General

References listed on IDEAS
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  1. Sims, Christopher A, 1980. "Macroeconomics and Reality," Econometrica, Econometric Society, vol. 48(1), pages 1-48, January. [Downloadable!] (restricted)
  2. Dickey, David A & Pantula, Sastry G, 2002. "Determining the Order of Differencing in Autoregressive Processes," Journal of Business & Economic Statistics, American Statistical Association, vol. 20(1), pages 18-24, January.
  3. Stephen D. Oliner & Glenn D. Rudebusch, 1993. "Is there a bank credit channel for monetary policy?," Finance and Economics Discussion Series 93-8, Board of Governors of the Federal Reserve System (U.S.).
  4. Jeffrey A. Miron & Christina D. Romer & David N. Weil, 1995. "Historical Perspectives on the Monetary Transmission Mechanism," NBER Working Papers 4326, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  5. Anil K Kashyap & Jeremy C. Stein & David W. Wilcox, 1992. "Monetary Policy and Credit Conditions: Evidence From the Composition of External Finance," NBER Working Papers 4015, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  6. Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June. [Downloadable!] (restricted)
  7. Christina D. Romer & David H. Romer, 1990. "Does Monetary Policy Matter? A New Test in the Spirit of Friedman and Schwartz," NBER Working Papers 2966, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  8. Blinder, Alan S, 1987. "Credit Rationing and Effective Supply Failures," Economic Journal, Royal Economic Society, vol. 97(386), pages 327-52, June. [Downloadable!] (restricted)
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  9. Mark Gertler & Simon Gilchrist, 1993. "The role of credit market imperfections in the monetary transmission mechanism: arguments and evidence," Finance and Economics Discussion Series 93-5, Board of Governors of the Federal Reserve System (U.S.).
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  10. Bernanke, Ben S & Blinder, Alan S, 1988. "Credit, Money, and Aggregate Demand," American Economic Review, American Economic Association, vol. 78(2), pages 435-39, May. [Downloadable!] (restricted)
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  11. Christopher A. Sims, 1992. "Interpreting the Macroeconomic Time Series Facts: The Effects of Monetary Policy," Cowles Foundation Discussion Papers 1011, Cowles Foundation, Yale University. [Downloadable!]
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  12. Friedman, Benjamin M & Kuttner, Kenneth N, 1992. "Money, Income, Prices, and Interest Rates," American Economic Review, American Economic Association, vol. 82(3), pages 472-92, June. [Downloadable!] (restricted)
  13. Allen N. Berger & Gregory F. Udell, 1993. "Lines of credit, collateral, and relationship lending in small firm finance," Finance and Economics Discussion Series 93-9, Board of Governors of the Federal Reserve System (U.S.).
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Cited by:
(explanations, 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.)

  1. Jerome Sgard, 1996. "Credit crisis and the role of banks during transition:a five-country comparison," Working Papers 1996-08, CEPII research center. [Downloadable!]
  2. Pierre Villa, 1994. "La fonction de consommation sur longue periode en France," Working Papers 1994-07, CEPII research center. [Downloadable!]
  3. Jean Pisani-Ferry, 1995. "L'Europe a geometrie variable, une analyse economique," Working Papers 1995-04, CEPII research center. [Downloadable!]
  4. Stephanie Guichard, 1998. "La politique monetaire et la crise japonaise," Working Papers 1998-06, CEPII research center. [Downloadable!]
  5. Pierre Villa & Agnes Benassy, 1994. "La reunification allemande du point de vue de la politique economique," Working Papers 1994-09, CEPII research center. [Downloadable!]
  6. Michel Aglietta, 1996. "Financial Market Failures and Systemic Risk," Working Papers 1996-01, CEPII research center. [Downloadable!]
  7. Olivier Bontout & Sebastien Jean, 1998. "Wages And Unemployment : Trade-Off Under Different Labour Market Paradigms," Working Papers 1998-13, CEPII research center. [Downloadable!]
  8. Benoit Mojon, 1997. "Looking for French Monetary Policy," Working Papers 1997-10, CEPII research center. [Downloadable!]
  9. Michel Aglietta, 1994. "The International Monetary System : in search of New Principles," Working Papers 1994-11, CEPII research center. [Downloadable!]
  10. F. Barran, V. Coudert, B. Mojon, 1997. "Interest rates, banking spreads and credit supply: the real effects," European Journal of Finance, Taylor and Francis Journals, vol. 3(2), pages 107-136, June. [Downloadable!] (restricted)
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