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Croissance et developpement; le role des rationnements financiers

  • Guillard, M.
  • Rajhi, T.

[fre] Croissance et développement : le rôle des rationnements financiers L'objet de cet article est d'établir un lien entre les performances d'une économie en croissance et l'importance des rationnements financiers. L'introduction d'une hypothèse d'asymétrie informationnelle ex-post entre prêteurs et emprunteurs per­met de construire un modèle de croissance endogène avec rationnement du crédit. Le rythme de développement d'une économie dépend directement de sa capacité à réduire les coûts d'acquisition de l'information. Nous étudions alors les effets d'une politique économique basée sur la mise en place d'un fonds de garantie dont nous étudions les modalités de financement. Nous montrons également qu'une politique de subventions aux emprunteurs, sous la forme de taux bonifiés, est plus efficace qu'un fonds de garantie et permet d'atteindre un taux de croissance supérieur, à financement égal. [eng] Growth and development wtth financial rationing This paper analyses the link between financial rationing and economic performance in a growth framework. The theorical background is an endogenous growth model with credit rationing that stems from an ex-post asymmetric information between lenders and borrowers. The growth rate depends on monitoring costs. Then, we study the consequences of two different policies : the creation of a warrant fund and subsidies to the borrowers. We show that the latter policy is more efficient than the former.

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Paper provided by Université Panthéon-Sorbonne (Paris 1) in its series Papiers d'Economie Mathématique et Applications with number 92.29.

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Length: 30 pages
Date of creation: 1992
Date of revision:
Handle: RePEc:fth:pariem:92.29
Contact details of provider: Postal:
France; Universite de Paris I - Pantheon- Sorbonne, 12 Place de Pantheon-75005 Paris, France

Phone: + 33 44 07 81 00
Fax: + 33 1 44 07 83 01
Web page: http://cermsem.univ-paris1.fr/

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  1. Mark Gertler & Simon Gilchrist, 1991. "Monetary Policy, Business Cycles and the Behavior of Small Manufacturing Firms," NBER Working Papers 3892, National Bureau of Economic Research, Inc.
  2. Townsend, Robert M., 1979. "Optimal contracts and competitive markets with costly state verification," Journal of Economic Theory, Elsevier, vol. 21(2), pages 265-293, October.
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  7. Greenwood, Jeremy & Jovanovic, Boyan, 1988. "Financial Development, Growth, And The Distribution Of Income," Working Papers 88-12, C.V. Starr Center for Applied Economics, New York University.
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  10. Bruce C. Greenwald & Joseph E. Stiglitz & Andrew Weiss, 1989. "Macroeconomic models with equity and credit rationing," Proceedings, Federal Reserve Bank of San Francisco.
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  13. Roger B. Myerson, 1977. "Incentive Compatability and the Bargaining Problem," Discussion Papers 284, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
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  17. Townsend, Robert M., 1988. "Information constrained insurance : The revelation principle extended," Journal of Monetary Economics, Elsevier, vol. 21(2-3), pages 411-450.
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  19. George A. Akerlof, 1970. "The Market for "Lemons": Quality Uncertainty and the Market Mechanism," The Quarterly Journal of Economics, Oxford University Press, vol. 84(3), pages 488-500.
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