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Déréglementation financière, cycle et croissance

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  • Corinne Le Gallic

Abstract

[fre] Déréglementation financière, cycle et croissance. . La déréglementation financière est le plus souvent présentée comme un phénomène bénéfique à la croissance. En effet, on en attend une amélioration de l'efficience des marchés et des intermédiaires financiers, ce qui en faciliterait le financement. Ce texte présente certains arguments théoriques qui remettraient en question ce point de vue largement répandu.. En effet, les études traditionnelles analysant l'impact des cycles d'activité réels sur la croissance concluent à leur neutralité à long terme. Cependant, certains articles récents tendraient à mettre en évidence un impact négatif des cycles du crédit sur la croissance. Or la déréglementation financière semble avoir réactivé le cycle du crédit. Nous présentons donc ici une analyse des liens théoriques entre déréglementation financière, cycle du crédit et croissance. [eng] Financial deregulation, business cycles and economic growth . . People often hold financial deregulation has a positive influence on economic growth. An improvement of markets and financial intermediaries efficiency is expected, which would promote growth financing. This paper states some theoretical arguments for reconsidering this widely held opinion.. Traditionnal studies analysing the impact of real business cycles on growth conclude to a long-term neutrality. However, some recent papers seem to point out a negative impact of credit cycles on growth. Now, financial deregulation seems to have restart credit cycles. We try to analyse here theoretical links between financial deregulation, credit cycle, and economic growth.

Suggested Citation

  • Corinne Le Gallic, 1995. "Déréglementation financière, cycle et croissance," Revue Économique, Programme National Persée, vol. 46(2), pages 255-281.
    • Handle: RePEc:prs:reveco:reco_0035-2764_1995_num_46_2_409642
    DOI: 10.3406/reco.1995.409642
    Note: DOI:10.3406/reco.1995.409642
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