Faut-il toujours plus limiter la responsabilité et transférer le risque pour financer l'industrie ?
Revue d'économie financière, 2011, vol. N° 104, issue 4, 107-124
This contribution investigates the role played by credit during business cycles as well as financial and economic crises. More specifically, we will focus on credit demand behavior but also on the evolving institutional rules which favour and limit this demand as far as the organization of the financial and banking system is concerned. The theory and the history of business cycles can both be very useful from this standpoint. Credit excesses and the importance of the leverage effect are not new phenomena but they exerted their influences in a majority of business cycles which took place in different parts of the xixth?century. These historical and analytical investigations do provide adequate tools for an analysis of the formation of a collective belief according to which the permanent reinforcement of the limitation of corporate liability and of the risk transfer is the condition of an efficient system of financing and funding. From this standpoint, after having recalled the importance attributed by Cl?ment Juglar to credit in the explanation of business cycles, the contribution focuses on the financial and economic crises of 1866, 1882, 1929 and 2007, and draws some general conclusions allowing a better understanding of the weight of credit excesses in the origin of crises. Classification JEL: E32, G20, G21, K22.
JEL-codes: E32 G20 G21 K22 (search for similar items in EconPapers)
References: Add references at CitEc
Citations: Track citations by RSS feed
Downloads: (external link)
Working Paper: Faut-il toujours plus limiter la responsabilité et transférer le risque pour financer l'industrie ? (2011)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:cai:refaef:ecofi_104_0107
Access Statistics for this article
More articles in Revue d'économie financière from Association d'économie financière
Bibliographic data for series maintained by Jean-Baptiste de Vathaire ().