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Les perspectives du marché américain des capitaux conduisent-elles à une crise durable en Europe?

Listed author(s):
  • Jacques Régniez
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    [eng] Jacques Régniez Can the financial disequilibria in United- States bring about a durable crisis in Europe ? Federal public finances, net exterior position, bad risks accumulated in US banks are causes of worry, stressed by the recession appeared in 1990. The recent financial disequilibria are the results of a long evolution and may be regarded as consequences of economic policies led for 20 years in the US. However, in the net future, US monetary policy — regarding interest rates and dollar — appears able to avoid a durable recession. As far as Europe is concerned, the risk of a durable crisis is still lower because of European domestic growth factors. [fre] La situation des finances publiques fédérales, la position nette extérieure débitrice, l'accumulation de mauvais risques dans les bilans bancaires aux Etats-Unis sont des sources d'inquiétude aggravées par la récession apparue en 1990. Les déséquilibres financiers actuels sont le fruit d'une évolution longue et peuvent être regardés comme les conséquences inéluctables des politiques économiques menées depuis vingt ans aux Etats Unis. Cependant, pour le proche avenir la politique monétaire américaine, tant dans sa composante taux d'intérêt que dans sa composante dollar, semble en mesure d'éviter que la récession soit longue. Pour ce qui concerne l'Europe, un risque de crise durable est encore moins probable du fait des facteurs autonomes de croissance qu'elle recèle.

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    Article provided by Programme National Persée in its journal Revue française d'économie.

    Volume (Year): 6 (1991)
    Issue (Month): 1 ()
    Pages: 3-20

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    Handle: RePEc:prs:rfreco:rfeco_0769-0479_1991_num_6_1_1271
    Note: DOI:10.3406/rfeco.1991.1271
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