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

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  • Taoufik Rajhi
  • Michel Guillard

Abstract

[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.

Suggested Citation

  • Taoufik Rajhi & Michel Guillard, 1994. "Une note sur les liens entre croissance et taux d'intérêt," Revue Économique, Programme National Persée, vol. 45(3), pages 751-766.
  • Handle: RePEc:prs:reveco:reco_0035-2764_1994_num_45_3_409565
    Note: DOI:10.3406/reco.1994.409565
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    References listed on IDEAS

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    1. Romer, Paul M, 1986. "Increasing Returns and Long-run Growth," Journal of Political Economy, University of Chicago Press, vol. 94(5), pages 1002-1037, October.
    2. Sims, Christopher A, 1980. "Comparison of Interwar and Postwar Business Cycles: Monetarism Reconsidered," American Economic Review, American Economic Association, vol. 70(2), pages 250-257, May.
    3. Bernanke, Ben S & Blinder, Alan S, 1992. "The Federal Funds Rate and the Channels of Monetary Transmission," American Economic Review, American Economic Association, vol. 82(4), pages 901-921, September.
    4. Barro, Robert J, 1990. "Government Spending in a Simple Model of Endogenous Growth," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages 103-126, October.
    5. Helpman, Elhanan, 1992. "Endogenous macroeconomic growth theory," European Economic Review, Elsevier, vol. 36(2-3), pages 237-267, April.
    6. Robert J. Barro & Xavier Sala-I-Martin, 1992. "Public Finance in Models of Economic Growth," Review of Economic Studies, Oxford University Press, vol. 59(4), pages 645-661.
    7. Patrick Artus & Moncef Kaabi, 1993. "Dépenses publiques, progrès technique et croissance," Revue Économique, Programme National Persée, vol. 44(2), pages 287-318.
    8. Stock, James H. & Watson, Mark W., 1989. "Interpreting the evidence on money-income causality," Journal of Econometrics, Elsevier, vol. 40(1), pages 161-181, January.
    9. Michel Guillard, 1992. "Diversification incomplète et rationnements financiers," Revue Économique, Programme National Persée, vol. 43(2), pages 327-362.
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    Cited by:

    1. Nabi, Mahmoud Sami & Rajhi, Taoufik, 2002. "The Effect of Financial Liberalization on the Economic Development Process in case of Inefficient Banking," MPRA Paper 24514, University Library of Munich, Germany.
    2. Nabi, Mahmoud Sami & Rajhi, Taoufik, 2002. "Banking Efficiency and the Economic Transition Process," MPRA Paper 24496, University Library of Munich, Germany.
    3. Florence Legros & Mohamed Najib Sassenou, 1998. "Croissance et mode de financement : Analyse économétrique sur données de panel," Revue Économique, Programme National Persée, vol. 49(1), pages 207-222.

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