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Endettement et défaillances d'entreprises en France

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  • Christian Bordes
  • Jacques Melitz

Abstract

On the basis on quarterly data in 1977-1987, we find that real and financial factors, insolvency and illiquidity, are all important, separate influences on the defaults of French firms. We capture the effects of illiquidity by constructing stationary series for cyclical departures of output form normal levels and for excessive volatility of financial prices. We reflect the impact of financial factors on insolvency by using real interest rates and properly adjuster debt-output ratios. Recent fears that rising debt-output ratios mean weaker firms receive confirmation in these tests.

Suggested Citation

  • Christian Bordes & Jacques Melitz, 1992. "Endettement et défaillances d'entreprises en France," Annals of Economics and Statistics, GENES, issue 28, pages 89-106.
    • Handle: RePEc:adr:anecst:y:1992:i:28:p:89-106
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    File URL: http://www.jstor.org/stable/20075885
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    Cited by:

    1. Bruneau, C. & de Bandt, O. & El Amri, W., 2012. "Macroeconomic fluctuations and corporate financial fragility," Journal of Financial Stability, Elsevier, vol. 8(4), pages 219-235.
    2. Régis Blazy & Patricia Charlety & Jérôme Combier, 1993. "Les défaillances d'entreprises : des difficultés visibles plusieurs années à l'avance," Économie et Statistique, Programme National Persée, vol. 268(1), pages 101-111.

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