IDEAS home Printed from https://ideas.repec.org/a/prs/reveco/reco_0035-2764_1975_num_26_5_408227.html
   My bibliography  Save this article

Offre de crédit et offre de monnaie

Author

Listed:
  • Jacques Mélitz

Abstract

[eng] Supply of credit and supply of money. . The suppty of commercial bank credit, the demand for borrowed reserves, and the supply of money are highly interrelated. Our object is to clarify the relationship between the three and to provide estimates of the supply of bank credit and the supply of money in France (according to various measures of money) based on quarterly data for 1959-71. The estimates confirm a number of detailed hypotheses about French commercial bank behavior. We are able to show the positive effect of the interest rate on commercial bank loans, the negative effect of the rediscount rate, the négative effect of the legal reserve requirement and the wider reserve-loss coefficient of which the legal reserve requirement is a part, the positive effect of foreign reserves, the positive effect of budget deficits, and the positive effect of conversions of currency, postal checking accounts and accounts at the savings banks into commercial bank deposits. [fre] Offre de crédit, demande de refinancement, et offre de monnaie sont étroitement interdépendantes. Mais les trois fonctions ne sont pas identiques. Nous nous proposons d'expliciter les relations entre les trois, et d'estimer séparément l'offre de crédit bancaire et l'offre de monnaie en France (selon les différentes mesures principales de la monnaie). Les ajustements confirment l'effet positif du taux débiteur bancaire, l'effet dissuasif du taux d'intervention de la Banque de France, l'effet dissuasif des coefficients de réserves obligatoires et des coefficients de pertes de réserves qu'il s'agisse des espèces, des comptes chèques postaux, ou des caisses d'épargne, l'effet positif des entrées d'or et de devises de l'étranger, l'effet positif des déficits budgétaires, et l'effet positif des conversions des espèces, des CCP, et des dépôts auprès des caisses d'épargne en dépôts auprès des banques. Il s'avère donc qu'il existe en France des régularités de comportement bancaire très importantes.

Suggested Citation

  • Jacques Mélitz, 1975. "Offre de crédit et offre de monnaie," Revue Économique, Programme National Persée, vol. 26(5), pages 705-733.
    • Handle: RePEc:prs:reveco:reco_0035-2764_1975_num_26_5_408227
    DOI: 10.3406/reco.1975.408227
    Note: DOI:10.3406/reco.1975.408227
    as

    Download full text from publisher

    File URL: https://doi.org/10.3406/reco.1975.408227
    Download Restriction: Data and metadata provided by Persée are licensed under a Creative Commons "Attribution-Noncommercial-Share Alike 3.0" License http://creativecommons.org/licenses/by-nc-sa/3.0/
    File URL: https://www.persee.fr/doc/reco_0035-2764_1975_num_26_5_408227
    Download Restriction: Data and metadata provided by Persée are licensed under a Creative Commons "Attribution-Noncommercial-Share Alike 3.0" License http://creativecommons.org/licenses/by-nc-sa/3.0/
    File URL: https://libkey.io/10.3406/reco.1975.408227?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Karl Brunner & Allan H. Meltzer, 1968. "Liquidity Traps for Money, Bank Credit, and Interest Rates," Journal of Political Economy, University of Chicago Press, vol. 76, pages 1-1.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Jean-Paul Goulvestre, 1980. "Rationnement du crédit et risque de défaut," Revue Économique, Programme National Persée, vol. 31(3), pages 465-504.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Edward Nelson, 2019. "Karl Brunner and U.K. Monetary Debate," Finance and Economics Discussion Series 2019-004, Board of Governors of the Federal Reserve System (U.S.).
    2. Allan H. Meltzer, 2014. "Slow Recovery with Low Inflation," Book Chapters, in: Martin Neil Baily & John B. Taylor (ed.), Across the Great Divide: New Perspectives on the Financial Crisis, chapter 8, Hoover Institution, Stanford University.
    3. Peter N. Ireland, 2017. "Allan Meltzer’s Model of the Transmission Mechanism and Its Implications for Today," Boston College Working Papers in Economics 938, Boston College Department of Economics.
    4. Nelson, Edward, 2003. "The future of monetary aggregates in monetary policy analysis," Journal of Monetary Economics, Elsevier, vol. 50(5), pages 1029-1059, July.
    5. Marco Gallegati, 2005. "Financial constraints and the balance sheet channel: a re-interpretation," Applied Economics, Taylor & Francis Journals, vol. 37(16), pages 1925-1933.
    6. Manfred Gärtner & Florian Jung, 2009. "The macroeconomics of financial crises: How risk premiums, liquidity traps and perfect traps affect policy options," University of St. Gallen Department of Economics working paper series 2009 2009-15, Department of Economics, University of St. Gallen.
    7. Fase, M. M. G., 1995. "The demand for commercial bank loans and the lending rate," European Economic Review, Elsevier, vol. 39(1), pages 99-115, January.
    8. Akhand Akhtar Hossain, 2009. "Central Banking and Monetary Policy in the Asia-Pacific," Books, Edward Elgar Publishing, number 12777.
    9. Cargill, Thomas F. & Parker, Elliott, 2004. "Price deflation, money demand, and monetary policy discontinuity: a comparative view of Japan, China, and the United States," The North American Journal of Economics and Finance, Elsevier, vol. 15(1), pages 125-147, March.
    10. Peter F. Basile & John Landon-Lane & Hugh Rockoff, 2010. "Money and Interest Rates in the United States during the Great Depression," NBER Working Papers 16204, National Bureau of Economic Research, Inc.
    11. John C. Driscoll & Harumi Ito, 1999. "Sticky Prices, Coordination and Collusion," NBER Working Papers 7165, National Bureau of Economic Research, Inc.
    12. Burton A. Abrams & Russell F. Settle, 2007. "Do Fixed Exchange Rates Fetter Monetary Policy? A Credit View," Eastern Economic Journal, Eastern Economic Association, vol. 33(2), pages 193-205, Spring.
    13. Pradeep Ganguly, 1980. "The Effect of Government Debt on Interest Rates," The American Economist, Sage Publications, vol. 24(1), pages 52-56, March.
    14. Qiao Yu & Ping Xie, 1999. "Money Aggregates Management: Problems And Prospects In China'S Economic Transition," Contemporary Economic Policy, Western Economic Association International, vol. 17(1), pages 33-43, January.
    15. Jakub Janus, 2016. "The Transmission Mechanism Of Unconventional Monetary Policy," Oeconomia Copernicana, Institute of Economic Research, vol. 7(1), pages 7-21, March.
    16. Michael D. Bordo & Harold James, 2009. "The Great Depression Analogy," NBER Working Papers 15584, National Bureau of Economic Research, Inc.
    17. Waters, George A., 2022. "The many faces of the taylor rule for advanced undergraduate macroeconomics," International Review of Economics Education, Elsevier, vol. 41(C).
    18. Robert L. Hetzel, 2004. "How do central banks control inflation?," Economic Quarterly, Federal Reserve Bank of Richmond, vol. 90(Sum), pages 46-63.
    19. Thomas Mayer & Thomas F. Cargill, 2004. "THE EFFECT OF CHANGES IN RESERVE REQUIREMENTS DURING THE 1930s:," Working Papers 317, University of California, Davis, Department of Economics.
    20. Orphanides, Athanasios & Wieland, Volker, 2000. "Efficient Monetary Policy Design near Price Stability," Journal of the Japanese and International Economies, Elsevier, vol. 14(4), pages 327-365, December.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:prs:reveco:reco_0035-2764_1975_num_26_5_408227. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Equipe PERSEE (email available below). General contact details of provider: https://www.persee.fr/collection/reco .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.