Les tensions sur le marché du crédit de trésorerie en France dans une perspective historique
Marie Bessec () and
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Kheira Benhami: AMF - Autorité des marchés financiers - AMF
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This paper assesses the tensions in the distribution of short-term loans in France over 1994-2013. It is difficult to distinguish if a decrease of granted loans results from a drop in firms' demand due to a slowdown in activity or from a restrictive distribution of credits by banks. This is an essential issue because each scenario calls for different responses in terms of public policy. Using a macro-econometric model, we show that periods of tensions appear in the wake of recessions (in 1994-95 and 2009-10), what could at that time slow down the economic recovery. These episodes are caused by shocks to the supply of credit, due to a sharp increase in bad loans and by a rise in demand of credit in a context of recovery of business activity.
Keywords: Rationnement du crédit; financement des entreprises; modèle de déséquilibre (search for similar items in EconPapers)
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Published in Economie et prévision, 2017, 210
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Journal Article: Les tensions sur le marché du crédit de trésorerie en France dans une perspective historique (2017)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-01645409
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