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Le financement de l'habitat en France et la crise financière

Author

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  • Jérôme Coffinet
  • Jérémi Montornès

Abstract

This paper analyzes the main changes in the housing financing in France during the period 2003-2013. Relying mostly on the data made available at the Banque de France, it recalls the main features of housing financing in France: dynamic credit flows, historically low interest rates, geographic heterogeneity and diversity of banking resources. Thereafter, the paper examines the synchronization between the cycle of housing loans and the business cycle: the results suggest that in the long term, home loans precede the changes in economic growth, but that this link is slightly distended during the recent period. Finally, the analysis of recent developments based on indicators of borrowers? profile does not indicate a risk to financial stability in France. Classification JEL: E32, E44, G01, G21, R21.

Suggested Citation

  • Jérôme Coffinet & Jérémi Montornès, 2014. "Le financement de l'habitat en France et la crise financière," Revue d'économie financière, Association d'économie financière, vol. 0(3), pages 209-228.
    • Handle: RePEc:cai:refaef:ecofi_115_0209
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    More about this item

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • G01 - Financial Economics - - General - - - Financial Crises
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Housing Demand

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