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Taux d'intérêt réels élevés et financement de l'économie

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  • Patrick Artus

Abstract

[eng] Financing the economy with high real interest rates. . The possible causes of high real interest rates in the 80's are first analysed : ex-ante excess of investment over savings, restrictive monetary policies in Europe, increased interest rates risk, effects on equilibrium returns of the reduction in inflation rates.. The effects of high real rates on the level of activity and on the size of cycles are then examined. [fre] Taux d'intérêt réels élevés et financement de l'économie. . On analyse tout d'abord les causes possibles de la hausse des taux d'intérêt réels dans les années quatre-vingt : excès ex ante de l'investissement sur l'épargne ; politiques monétaires restrictives en Europe ; accroissement du risque de taux et effets sur les rendements d'équilibre de la baisse du taux d'inflation.. On se demande ensuite quels effets les taux réels exercent sur le niveau d'activité et l'amplitude des cycles.

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  • Patrick Artus, 1992. "Taux d'intérêt réels élevés et financement de l'économie," Revue Économique, Programme National Persée, vol. 43(4), pages 671-684.
  • Handle: RePEc:prs:reveco:reco_0035-2764_1992_num_43_4_409383
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