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Crise financiére et crise de l'endettement privé aux Etats-Unis

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  • Patrick Artus
  • François Lecointe

Abstract

[eng] Patrick Artus et François Lecointe Financial crises and private indebtedness crisis in the United-States. The recession in the United-States focused attention on private agents overindebtedness and on the fragility of the financial system. In light of recent works, it seems that a cyclical slowdown has more damaging consequences on an economy where agents are heavily indebted where the banking system is disordered. Following the inverse causality, the actual slowdown maybe attributed to the fragility of the financial system. In turn, the banking crisis the United-States is confronted to, is nor only a consequence of réglementation and excessive competitiveness, but also of over ten years of assets underpricing, a less mentionned fact. In the case households, the growth of their assets and debt weakens their financial situation. For non-financial companies empirical evidence shows that a rise in their indebtedness increases their failure rate, which is not necessarily true from a theoretical point of view. [fre] Patrick Artus et François Lecointe Crise financière et crise de l'endettement privé aux Etats-Unis. La recession de l'économie américaine pose de façon aiguë la question du surendettement des agents économiques et de la fragilité du système financier des Etats-Unis. A la lumière des travaux les plus récents, il apparaît qu'un ralentissement cyclique de l'activité a des conséquences plus graves sur une économie dont les agents sont fortement endettés et dont le système bancaire est fragilisé. Suivant une causalité inverse, l'actuel ralentissement peut être partiellement imputé à la situation de fragilité financière. Mais la crise bancaire à laquelle font face les Etats-Unis tient plus à des causes autonomes : l'inadaptation de la réglementation et la concurrence excessive, mais aussi — et ce fait est moins signalé — la fixation de prix irréalistes pour les actifs financiers depuis dix ans. Dans le cas des ménages, la croissance simultanée de leurs actifs et de leurs dettes conduit en fait à une fragilisation de leur situation. Enfin, il apparaît empiriquement qu'une hausse de l'endettement fragilise les entreprises et accroît leur taux de défaillance, ce qui n'est pas évident a priori d'un point de vue théorique ; il reste que la progression des faillites dans la décennie quatre-vingt provient plus des politiques monétaires restrictives.

Suggested Citation

  • Patrick Artus & François Lecointe, 1991. "Crise financiére et crise de l'endettement privé aux Etats-Unis," Revue Française d'Économie, Programme National Persée, vol. 6(1), pages 37-85.
  • Handle: RePEc:prs:rfreco:rfeco_0769-0479_1991_num_6_1_1273
    Note: DOI:10.3406/rfeco.1991.1273
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