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Finance, crises et croissance


  • Thomas Grjebine
  • Fabien Tripier


This article studies the links between the financial sector and macroeconomic performances. The focus of the study is on the distinction between the short-run effects, associated to cycles and crisis, and the long-run effects, associated to economic growth. After presenting these different effects, the authors show how the concept of hysteresis allows to analyze the interactions between them. In particular, they show that if a higher growth of financial activity comes together with a stronger economic growth during one cycle, it reduces economic growth for future cycles because of the hysteresis phenomenon. Classification JEL: E10, E32, G00, O40.

Suggested Citation

  • Thomas Grjebine & Fabien Tripier, 2017. "Finance, crises et croissance," Revue d'économie financière, Association d'économie financière, vol. 0(3), pages 121-134.
  • Handle: RePEc:cai:refaef:ecofi_127_0121

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    JEL classification:

    • E10 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - General
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • G00 - Financial Economics - - General - - - General
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General


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