L'inflation et les entreprises

Thierry Chauveau

Revue Économique, 1983, vol. 34, issue 5, 897-925

Abstract: [eng] About firms and inflation . Thierry Chauveau. This study deals with the following question : is inflation profitable to firms ? From a microeconomic point of view, an enterprise following a regular growth is characterized by a ratio debt/capital growing with inflation more quickly than the corresponding ratio that lenders are expected to require so as to avoid defailli of payment. A few exceptions must be mentionned : low rates of growth and some industrial sectors. Moreover a macroeconomic study suggests that, as far as economic agents behave rationnaly, firms should oppose themselves to a reduction of inflation unless economic growth is moderate. [fre] Cette étude porte d'abord sur la question du gain que peut retirer de l'inflation une entreprise poursuivait une croissance régulière et astreinte à une contrainte de financement. Exception faite d'une minorité de branches et du cas de faibles taux de croissance, le ratio d'endettement nécessaire à la poursuite de la croissance, croît plus vite avec l'inflation que le ratio correspondant que les prêteurs sont susceptibles d'exiger pour clés raisons de risque. L'analyse macro-économique confirme l'analyse micro-économique si les agents se comportent rationnellement. Les entreprises rssquent donc de s'opposer à la désinflation sauf si la croissance est faible.

Date: 1983
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