Crise de la zone euro, intégration financière et rationnement bancaire

Vincent Duwicquet () and Jacques Mazier

Revue économique, 2015, vol. 66, issue 4, 783-803

Abstract: A ?stock flow consistent? model of a Monetary Union with two countries is proposed. Several results can be underlined. Intra-zone credit has no specific stabilisation effect if the central bank plays the role of lender of last resort. Rising interest rates due to banks? reluctance to supply more credit or buy more Treasury bonds induces a cumulative slowdown. In this context, the use of intra-zone finance (European Stability Mechanism, bank financing or intervention by the central bank) can play a stabilizing role. However, if intra-zone finance is accompanied by fiscal austerity plans, the expected effects prove weak or negative. These results illustrate mechanisms operating in the actual crisis of Southern European countries. Classification JEL : F41, F37, E12

JEL-codes: E12 F37 F41 (search for similar items in EconPapers)
Date: 2015
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