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L’évolution de la monnaie et du crédit en 2014

Author

Listed:
  • MORENAS, J.
  • WICKY, Y.

Abstract

Le rythme de croissance de l’agrégat large M3 de la zone euro s’accélère en 2014. Sa composante française se redresse significativement en 2014, après un repli en 2013. Dans un contexte de taux d’intérêt particulièrement bas qui réduit le coût d’opportunité de leur détention, les dépôts à vue bénéficient de la forte préférence pour la liquidité des agents non financiers notamment des ménages. Certaines composantes de M3 s’érodent néanmoins, des arbitrages de portefeuilles s’effectuant au détriment des placements bancaires à court terme et en faveur d’actifs plus rémunérateurs, en particulier les plans d’épargne-logement (PEL) et l’assurance-vie. Principale contrepartie de l’agrégat monétaire M3, l’encours des crédits aux sociétés non financières reste dynamique en France tandis qu’il se contracte dans la zone euro. En outre, les crédits aux ménages restent orientés à la hausse en France alors qu’ils stagnent dans la zone euro.

Suggested Citation

  • Morenas, J. & Wicky, Y., 2015. "L’évolution de la monnaie et du crédit en 2014," Bulletin de la Banque de France, Banque de France, issue 199, pages 33-42.
    • Handle: RePEc:bfr:bullbf:2015:199:03
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    More about this item

    Keywords

    monnaie; crédits à l’habitat; crédits aux entreprises;
    All these keywords.

    JEL classification:

    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers

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