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Une note sur les liens entre croissance et taux d'intérêt

  • Taoufik Rajhi
  • Michel Guillard

[eng] A note on growth and interest rate This paper analyses the link between interest rates and economic performance in a sto-chastic endogeneous growth framework. The theoritical background is an overlapping generation model with production externality and incomplete financial diversification. We shaw, in this setting, that the growth rate of output is negatively correlated with the risk-free interest rate. Then, we compare two different economic policies : a primary budjet deficit control and an interest rate control. The later policy is more stabilizing than the former. [fre] Une note sur les liens entre croissance et taux d'intérêt L'ambition de cène note est de proposer des fondements théoriques susceptibles d'expliquer l'existence d'une corrélation négative entre taux d'intérêt et taux de croissance. On développe pour ce faire un modèle à générations imbriquées où le taux de croissance d'équilibre est endogène. L'hypothèse d'un choc macro­économique agrégé permet d'introduire une fonction d'offre de fonds prêtables qui traduit le caractère imparfait de la diversification financière. L'investissement privé et, à terme, le taux de croissance sont dès lors sensibles aux variations du taux d'intérêt certain. On montre alors que l'impact d'un choc macroéconomique sur la croissance est plus important lorsque le gouvernement adopte une politique de contrôle du déficit budgétaire que lorsqu'il contrôle le taux d'intérêt.

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Article provided by Programme National Persée in its journal Revue économique.

Volume (Year): 45 (1994)
Issue (Month): 3 ()
Pages: 751-766

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Handle: RePEc:prs:reveco:reco_0035-2764_1994_num_45_3_409565
Note: DOI:10.3406/reco.1994.409565
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