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De la crise financière à la récession : une lecture « à la Bernanke »

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  • Jean-Paul Pollin

Abstract

[fre] En s’appuyant sur une contribution de Bernanke, réinterprétant la crise de 1929, on cherche à détailler les mécanismes par lesquels les crises financières se transmettent à l’économie réelle. Pour l’essentiel, cette propagation passe par une augmentation du coût d’intermédiation qui affecte l’efficience de l’allocation du capital. On montre que cette analyse reste la plus pertinente pour étudier et prévoir les conséquences de la crise actuelle, même si les formes qu’elle prend et le contexte macroéconomique dans lequel elle se déroule diffèrent. On cherche, enfin, à dégager de ce constat quelques enseignements de politique économique susceptibles de faciliter la sortie de crise.

Suggested Citation

  • Jean-Paul Pollin, 2008. "De la crise financière à la récession : une lecture « à la Bernanke »," Revue d'Économie Financière, Programme National Persée, vol. 7(1), pages 27-35.
  • Handle: RePEc:prs:recofi:ecofi_0987-3368_2008_hos_7_1_5181
    Note: DOI:10.3406/ecofi.2008.5181
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    References listed on IDEAS

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    1. Bernanke, Ben & Gertler, Mark & Gilchrist, Simon, 1996. "The Financial Accelerator and the Flight to Quality," The Review of Economics and Statistics, MIT Press, vol. 78(1), pages 1-15, February.
    2. Mishkin, Frederic S., 1978. "The Household Balance Sheet and the Great Depression," The Journal of Economic History, Cambridge University Press, vol. 38(04), pages 918-937, December.
    3. Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June.
    4. George A. Akerlof, 1970. "The Market for "Lemons": Quality Uncertainty and the Market Mechanism," The Quarterly Journal of Economics, Oxford University Press, vol. 84(3), pages 488-500.
    5. Charles W. Calomiris, 1993. "Financial Factors in the Great Depression," Journal of Economic Perspectives, American Economic Association, vol. 7(2), pages 61-85, Spring.
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    Cited by:

    1. François Facchini, 2010. "2007 : une crise systémique ?," Revue d'Économie Financière, Programme National Persée, vol. 97(2), pages 155-183.
    2. Robert Raymond, 2009. "Vers l'indépendance des banques centrales et une politique monétaire européenne," Revue d'Économie Financière, Programme National Persée, vol. 8(1), pages 21-50.

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