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Les tensions sur le marché du crédit de trésorerie en France dans une perspective historique

Kheira Benhami, Marie Bessec () and Guillaume Gilquin
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Kheira Benhami: AMF - Autorité des marchés financiers - AMF

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Abstract: 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)
Date: 2017
Note: View the original document on HAL open archive server: https://hal.archives-ouvertes.fr/hal-01645409
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Published in Economie et prévision, 2017, 210

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