Ajustement des entreprises et distribution du crédit pendant la transition: une comparaison de quatre pays d'Europe centrale et orientale

Jérôme Sgard

Revue Économique, 1995, vol. 46, issue 3, 787-796

Abstract: [eng] Enterprise adjustment and the distribution of credit during transition. a comparison of four central european countries. . On the basis of monetary and banking statistical series, this article highlights the very large ex post divergences between credit policies in four transitional economies (Bulgaria, Hungary, Poland, the Czech and Slovak Republics). These national patterns are then interpreted as the result of different paths of evolution in the credit relationship, between banks and enterprises, since 1990. Three main categories of variables are identified as decisive in this process : macroeconomic constraints (esp. public deficits and foreign debt), public intervention in the banking sector i.a. under the form of recapitalisation programs ; then the conditions under which accumulated stocks of assets and liabilities have been either preserved or drastically run down during the early months of remoneti-sation. [fre] À partir d'une série d'indicateurs bancaires et monétaires, cet article met en valeur la très grande diversité ex-post des politiques de crédit suivies depuis 1990 dans quatre économies en transition. On montre que cette divergence est liée à des profils divergents d'ajustement de la relation de crédit entre banques et entre­prises, sous l'impact lui-même variable de trois catégories de facteurs: les contraintes macro-économiques (déficit public et dette extérieure en particulier), les interventions publiques dans le secteur bancaire (notamment les recapitalisa­tions), enfin les conditions dans lesquelles les stocks de dettes constitués avant la transition ont été ou non préservés pendant les premiers mois de la transition.

Date: 1995
Note: DOI:10.3406/reco.1995.409689
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