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Consommation, contraintes de liquidite et canal du credit en Europe

  • Sylvie Lecarpentier-Moyal
  • Nathalie Payelle
  • Patricia Renou-Maissant
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    Selon les modeles de type " revenu permanent - cycle de vie ", la consommation agregee des menages ne reagit qu'aux chocs de politique monetaire consideres comme durables. Cependant, dans les faits, on observe une " sensibilite excessive " de la consommation aux variations du revenu courant, qui peut etre interpretee comme le signe de l'existence de contraintes de liquidite. Jusqu'aux annees quatre-vingt, ces dernieres pouvaient etre attribuees a un developpement insuffisant du marche du credit a la consommation, et a un ensemble de rigidites de nature institutionnelle et reglementaire. Ces contraintes de liquidite sont qualifiees " d'exogenes ", et peuvent considerablement modifier l'impact des mesures de politique monetaire sur la consommation agregee. Depuis la fin des annees quatre-vingt, en revanche, le mouvement de liberalisation financiere laisse esperer la restauration des mecanismes de transmission de la politique monetaire, tels qu'ils sont decrits dans la theorie du revenu permanent. Toutefois, cette hypothese se trouve contredite par les faits et refutee par la litterature relative a la " credit view " (Bernanke & Gertler, 1995). Selon cette theorie, la disponibilite du credit pourrait conserver une influence importante sur les comportements de depense. Les contraintes de credit " endogenes " modifieraient et amplifieraient les consequences des chocs de politique monetaire, via un canal " etroit " du credit (base sur l'offre de credit) ou un canal " large " du credit (dans lequel tous les types de financement interviennent, ainsi que des effets richesse).

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    Article provided by CEPII research center in its journal Economie Internationale.

    Volume (Year): (2001)
    Issue (Month): 85 ()
    Pages: 129-146

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    Handle: RePEc:cii:cepiei:2001-1tf
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