Endettement et défaillances d'entreprises en France

Christian Bordes and Jacques Melitz

Annals of Economics and Statistics, 1992, issue 28, 89-106

Abstract: On the basis on quarterly data in 1977-1987, we find that real and financial factors, insolvency and illiquidity, are all important, separate influences on the defaults of French firms. We capture the effects of illiquidity by constructing stationary series for cyclical departures of output form normal levels and for excessive volatility of financial prices. We reflect the impact of financial factors on insolvency by using real interest rates and properly adjuster debt-output ratios. Recent fears that rising debt-output ratios mean weaker firms receive confirmation in these tests.

Date: 1992
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Persistent link: https://EconPapers.repec.org/RePEc:adr:anecst:y:1992:i:28:p:89-106

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