IDEAS home Printed from
   My bibliography  Save this article

Sur les taux d'intérêt en France


  • Mondher Cherif


[eng] Economic theories indicate that long term interest rates correspond to the last and present short interest rates average. This result is a direct consequence of a refeering mechanism made by the financial markets operators, according to their own expectations. The expectation theory as a con- ventionnal explanation of the term structure of interest rates, asserts that short and long interest rates are cointegrated, the interest rates spread is stationnary, when the short and long interest rates contains a unit root. The present study aims at checking these theories match realities, in France and the other countries. [fre] La théorie économique suggère que les taux d'intérêt à long terme sont une moyenne des taux d'intérêt à court terme présents et passés. Ce résultat découle, directement d'un mécanisme d'arbitrage effectué par les agents économiques, en fonction de leurs propres anticipations. La théorie pure des anticipations, en tant qu'explication traditionnelle de la structure par échéances des taux d'intérêt, affirme le caractère cointégré d'ordre 1 des taux longs et courts, le différentiel de ces taux étant stationnaire, alors que les séries elles-mêmes contiennent une racine unitaire. C'est à la vérification de ces prédictions théoriques et à leur confrontation avec les faits en France et dans d'autres pays que se propose le présent travail.

Suggested Citation

  • Mondher Cherif, 1995. "Sur les taux d'intérêt en France," Revue Française d'Économie, Programme National Persée, vol. 10(2), pages 187-209.
  • Handle: RePEc:prs:rfreco:rfeco_0769-0479_1995_num_10_2_981 Note: DOI:10.3406/rfeco.1995.981

    Download full text from publisher

    File URL:
    Download Restriction: no

    File URL:
    Download Restriction: no

    References listed on IDEAS

    1. Bruno, Michael, 1989. "Econometrics and the Design of Economic Reform," Econometrica, Econometric Society, vol. 57(2), pages 275-306, March.
    Full references (including those not matched with items on IDEAS)

    More about this item


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:prs:rfreco:rfeco_0769-0479_1995_num_10_2_981. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Equipe PERSEE). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.