Crise financiére et crise de l'endettement privé aux Etats-Unis

摘要

Patrick Artus et François Lecointe Financial crises and private indebtedness crisis in the United-States. The recession in the United-States focused attention on private agents overindebtedness and on the fragility of the financial system. In light of recent works, it seems that a cyclical slowdown has more damaging consequences on an economy where agents are heavily indebted where the banking system is disordered. Following the inverse causality, the actual slowdown maybe attributed to the fragility of the financial system. In turn, the banking crisis the United-States is confronted to, is nor only a consequence of réglementation and excessive competitiveness, but also of over ten years of assets underpricing, a less mentionned fact. In the case households, the growth of their assets and debt weakens their financial situation. For non-financial companies empirical evidence shows that a rise in their indebtedness increases their failure rate, which is not necessarily true from a theoretical point of view.