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La crise immobilière aux Etats-Unis : l'éclatement de la bulle

Author

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  • Christine Rifflart

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)

Abstract

La crise financière qui s'est déclenchée l'été dernier sur l'ensemble des marchés est partie du segment le plus à risque du crédit hypothécaire américain. Prenant appui en 2002 sur un marché déjà tendu, le dernier cycle de l'immobilier a bénéficié de conditions exceptionnelles pour prolonger son essor. L'abondance de liquidité a dopé l'innovation financière et conduit les organismes prêteurs à une prise de risque de crédit élevée en offrant des produits attrayants à des populations pas toujours solvables. Mais, si ces organismes ont réussi à reporter le risque sur une large gamme d'investisseurs, les ménages ont dû faire face à leurs propres engagements financiers dès lors que la hausse des prix s'est terminée et que, surtout, les conditions de prêt se sont normalisées.

Suggested Citation

  • Christine Rifflart, 2008. "La crise immobilière aux Etats-Unis : l'éclatement de la bulle," Post-Print hal-01022387, HAL.
    • Handle: RePEc:hal:journl:hal-01022387
    Note: View the original document on HAL open archive server: https://sciencespo.hal.science/hal-01022387
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