Les effets des variations de taux d'intérêt dans le nouvel environnement financier français

Christian Bordes, Eric Girardin () and Velayoudom Marimoutou

Revue Économique, 1995, vol. 46, issue 3, 635-644

Abstract: [eng] The effects of interest rate changes in the new french financial environment. We study to what extent the effects of changes in short and long term interest rates on the components of aggregate demand were modified in France by financial deregulation in the mid-eighties. The use of a Bayesian VAR model enables to remedy to the short len-ght of the sample subsequent to financial liberalization. In broad terms this deregulation seems to have reduced the ability of interest rate policy to generate a change in GDP. By contrast investment by household and firms would have become more sensitive to inte­rest rate changes. [fre] Nous étudions dans quelle mesure les effets des variations de taux intérêt court terme ou long terme sur les composantes de la demande globale se sont trouvés modifiés en France par la déréglementation financière du milieu des années quatre-vingt utilisation un modèle VAR bayes/en permet de remédiera la faible longueur de échantillon postérieur la libéralisation financière Globale ment cette déréglementation semble avoir réduit la capacité de la politique de taux intérêt engendrer une variation du PIB inverse investissement des ménages et des sociétés serait devenu nettement plus sensible aux variations de taux.

Date: 1995
Note: DOI:10.3406/reco.1995.409672
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