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L’impact des chocs boursiers sur le crédit en France depuis le milieu des années quatre-vingt-dix

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  • Baude, J.

Abstract

This study attempts to distinguish, in the impact on credit in France, between the effects of stock market shocks occurred since the mid-1990s and more traditional effects, stemming from the business cycle. To do so, it uses a model focused on two financial assets: loans and equities. According to the simulations of this model, companies in France appear much more sensitive than households to stock market shocks. Wealth effects seem to have a fairly limited impact on loans to households. However, the balance sheet structure effect appears to be largely responsible for the expansion of loans to companies. The rise in stock prices in the latter half of the 1990s seems to have sharply increased companies' equity capital, thus allowing them to increase their leverage. The bursting of the equity bubble as of mid-2000 then appears to have contracted this positive credit gap but it was not entirely offset in 2004.

Suggested Citation

  • Baude, J., 2005. "L’impact des chocs boursiers sur le crédit en France depuis le milieu des années quatre-vingt-dix," Working papers 132, Banque de France.
  • Handle: RePEc:bfr:banfra:132
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    More about this item

    Keywords

    Credit ; Shares ; Stock market shocks.;

    JEL classification:

    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions

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