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Dysfonctionnement bancaire, bulle du crédit et instabilité macroéconomique dans une économie monétaire dynamique et complexe

  • Pascal Seppecher

We present a model of a complex, dynamic economy wherein money creation and destruction result from interactions between many heterogeneous agents. This model can occur repeatedly, thereby stabilizing income distribution between wages and profits. We then modify the model by introducing an unprofitable firm to which the banking system continuously lends. Increasing risk in the banking system, beyond what is allowed by its own funds, reflects a growing disjunction between the real and monetary spheres. The credit-bubble feeds demand and economic activity and evidence of overheating increases. The profit share rises and the macroeconomic stability of the model is affected. Classification JEL : C63, E25, E27, E51

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Article provided by Presses de Sciences-Po in its journal Revue économique.

Volume (Year): 61 (2010)
Issue (Month): 3 ()
Pages: 441-449

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Handle: RePEc:cai:recosp:reco_613_0441
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