Hétérogénéité du système bancaire et 'credit crunch'

Olivier Bruno and Marc-Antoine Prunier
Additional contact information
Marc-Antoine Prunier: GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis (1965 - 2019) - CNRS - Centre National de la Recherche Scientifique

Post-Print from HAL

Abstract: In a heterogeneous financial system, we study a capital crunch transmission on total investment. We develop a model of endogenous credit allocation in which investors, small and large banks differ according to their level of capital and monitoring technology. In a context of moral hazard, imperfect substitutability between the different sources of external funds explains firms' optimal choice of financing and the credit allocation in the economy. We show that a shock on the capital of the small bank leads to a contraction of credit and total investment larger than a shock of the same strength on the capital of the large bank. This result is explained by imperfect credit reallocation and by an asymmetrical increase of the different banks' interest rate.

Keywords: disponibilité du crédit; capital crunch; hétérogénéité bancaire; expertise; financement des firmes (search for similar items in EconPapers)
Date: 2007
References: Add references at CitEc
Citations:

Published in Revue Economique, 2007, 58 (4), pp.841-862

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-00493821

Access Statistics for this paper

More papers in Post-Print from HAL
Bibliographic data for series maintained by CCSD ().