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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
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France; Universite de Paris I - Pantheon- Sorbonne, 12 Place de Pantheon-75005 Paris, France

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