IDEAS home Printed from https://ideas.repec.org/p/hal/journl/hal-03459802.html
   My bibliography  Save this paper

Retour de flamme

Author

Listed:
  • Xavier Timbeau

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

  • Christophe Blot

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

  • Marion Cochard
  • Amel Falah
  • Eric Heyer

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

  • Sabine Le Bayon

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

  • Matthieu Lemoine
  • Catherine Mathieu

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

  • Paola Veroni

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

  • Hervé Péléraux

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

  • Mathieu Plane

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

  • Frédéric Reynés
  • Christine Rifflart

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

  • Danielle Schweisguth

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

Abstract

The US subprime mortgage crisis degenerated into a generalized financial turmoil at the end of 2007. The systemic risk has been prevented by the prompt reaction of central banks proceeding to cash injections, repurchase of bad loans and interest rates cuts by the Federal Reserve. The US economy will be the most affected, but the loosening of monetary policy combined with a fiscal stimulus should dam up a recession. Growth in emerging countries will decelerate but only marginally thanks to a solid domestic demand and a cleansed financial situation. The euro zone will be penalized by the appreciation of the euro and negative wealth effects, but growth should remain close to its potential. A credit crunch should be avoided as banks prudential constraints are not saturated at the macro-economic level.

Suggested Citation

  • Xavier Timbeau & Christophe Blot & Marion Cochard & Amel Falah & Eric Heyer & Sabine Le Bayon & Matthieu Lemoine & Catherine Mathieu & Paola Veroni & Hervé Péléraux & Mathieu Plane & Frédéric Reynés &, 2008. "Retour de flamme," Post-Print hal-03459802, HAL.
    • Handle: RePEc:hal:journl:hal-03459802
    DOI: 10.3917/reof.105.0117
    Note: View the original document on HAL open archive server: https://sciencespo.hal.science/hal-03459802
    as

    Download full text from publisher

    File URL: https://sciencespo.hal.science/hal-03459802/document
    Download Restriction: no
    File URL: https://libkey.io/10.3917/reof.105.0117?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    Other versions of this item:

    • Xavier Timbeau & Christophe Blot & Marion Cochard & Amel Falah & Eric Heyer & Sabine Le Bayon & Matthieu Lemoine & Catherine Mathieu & Paola Veroni & Hervé Péléraux & Mathieu Plane & Frédéric Reynés &, 2008. "Retour de flamme," SciencePo Working papers Main hal-03459802, HAL.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hal:journl:hal-03459802. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: CCSD (email available below). General contact details of provider: https://hal.archives-ouvertes.fr/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.