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Les tensions sur le marché du crédit de trésorerie en France dans une perspective historique


  • Kheira Benhami

    (AMF - Autorité des marchés financiers - AMF)

  • Marie Bessec

    (LEDA-CGEMP - Centre de Géopolitique de l’Energie et des Matières Premières - LEDa - Laboratoire d'Economie de Dauphine - IRD - Institut de Recherche pour le Développement - Université Paris-Dauphine - CNRS - Centre National de la Recherche Scientifique)

  • Guillaume Gilquin


This paper assesses the tensions in the distribution of short-term loans in France over 1994-2013. It is difficult to distinguish if a decrease of granted loans results from a drop in firms' demand due to a slowdown in activity or from a restrictive distribution of credits by banks. This is an essential issue because each scenario calls for different responses in terms of public policy. Using a macro-econometric model, we show that periods of tensions appear in the wake of recessions (in 1994-95 and 2009-10), what could at that time slow down the economic recovery. These episodes are caused by shocks to the supply of credit, due to a sharp increase in bad loans and by a rise in demand of credit in a context of recovery of business activity.

Suggested Citation

  • Kheira Benhami & Marie Bessec & Guillaume Gilquin, 2017. "Les tensions sur le marché du crédit de trésorerie en France dans une perspective historique," Post-Print hal-01645409, HAL.
  • Handle: RePEc:hal:journl:hal-01645409
    Note: View the original document on HAL open archive server:

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