Ratio optimal de la garantie de crédit
DOI :
https://doi.org/10.18559/rielf.2019.2.4Mots-clés :
garantie de crédit, banqueRésumé
La mise sur place d ' un fond de garantie est une option permettant aux États d ' assurer un financement pérenne des Petites et Moyennes Entreprises (PME). L ' asymétrie d ' information entre les préteurs et emprunteurs et l ' absence de garantie sont entre autre les principales causes du rationnement du crédit. Dans cet article, on s ' intéresse, dans un premier temps, aux facteurs qui explique le ratio optimal de la garantie de crédit. L ' analyse des résultats du modèle théorique montrent que le niveau de la garantie optimale dépend de l ' objet du gouvernement en termes de cible de crédit, de la stabilité financière des banques et de l ' environnement économique. En outre, à partir d ' un Modèle vectoriel à Correction d ' erreur, nous avons cherché la réponse du risque de défaut de crédit suite à un choc non anticipé de la croissance économique, de la dette publique, du taux d ' inflation, de la disponibilité monétaire (masse monétaire), du taux d ' intérêt, des prêts des banques et des fonds propres des banques. Les résultats ont montré un effet positif du risque de défaut suite à un choc sur l ' inflation, sur la croissance de la masse monétaire. L ' effet est négatif suite à un choc sur la croissance économique, des fonds propres, de la dette publique et des prêts.
Téléchargements
Références
Ahlem, S., & Fathi, J. (2013). Micro and macro determinants of non-performings loans. International Journal and Financial Issue, 3, 852-860.
View in Google Scholar
Asian Development Bank (ADB). (2014). Asia SME Finance Monitor 2013. Manila.
View in Google Scholar
Baas, T., & Schroonten, M. (2006). Relationship banking and SMEs : A theoretical analysis, Small Business Economics, 27(2-3), 127-137.
View in Google Scholar
Banque Africaine de Développement (BAD). (2012). Rapport d’évaluation de projet.
View in Google Scholar
Banque Mondiale. (2015). Les petites et moyennes entreprises et la création d’emplois décents et productifs.
View in Google Scholar
Beck, T., Demirguc-Kunt, A., & Maksimovic, V. (2005). Financial and legal constraints to growth: does firm size matter?. Journal of Finance, 60(1), 137-177.
View in Google Scholar
Beck, T., Klapper, L., & Mendoza, J. C. (2008). The typology of partial credit guarantee funds around the world. (World Bank Policy Research Working Paper 4771).
View in Google Scholar
Bester, H. (1987). The role of collateral in credit markets with imperfect information. European Economic Review, 31, 887-899.
View in Google Scholar
Bester, H. (1994). The role of collateral in a model of debt renegotiation. Journal of Money, Credit and Banking, 26(1), 72-86.
View in Google Scholar
Bercoff, J. J., Julian di, G., & Grimard, F. (2002). Argentinean banks, credit growth and the tequila crisis: a duration analysis. Unpublished paper.
View in Google Scholar
Bradshaw, T. K. (2002). The contribution of small business loan guarantees to economic development. Economic Development Quarterly, 16(4), 360-369.
View in Google Scholar
Cardonne-Riportella, C., Laura, P., & Ponce, A. (2015). Factors influencing bank risk in Europe: Evidence from the financial crisis. North American Journal of Economics and Finance, 34, 138-166.
View in Google Scholar
Craig, B. R., Jackson, W. E., & Thomson, J. B. (2008) Credit market failure intervention: Do government sponsored small business credit programs enrich poorer areas?. Small Business Economics, 30(4), 345-360.
View in Google Scholar
Direction des Petites et Moyennes Entreprise. (2014). Rapport enquête nationale des petites et moyennes entreprises. Agence Nationale de la Statistique et de la Démographie, MEF Fédération Japonaise de la Corporation de la Garantie de Crédit. (2014). Credit Guarantee System in Japan. Tokyo.
View in Google Scholar
Fonds de Garantie des Investissements Prioritaires. (2016). Rapport annuel d’activité. Greenidge, K., & Grosvenor, T. (2010). Forecasting non-performing loans in Barbados. Journal of Business, Finance and Economics in Emerging Economies, 5, 80-107.
View in Google Scholar
Kang, J. W., & Heshmati, A. (2008). Effect of credit guarantee policy on survival and per- formance of SMEs in Republic of Korea. Small Business Economics, 31(4), 445-462.
View in Google Scholar
Pettit, R. R., & Singer, R. F. (1985). Small business finance: A research agenda. Financial Management, 14(3), 47-60.
View in Google Scholar
Riding, A. L., & Haines, G., Jr. (2001). Loan guarantees: Costs of default and benefits to small firms. Journal of Business Venturing, 16(6), 595-612.
View in Google Scholar
Salas, V., & Saurina, J. (2002). Credit risk in two institutional regimes : Spanish commercial and savings banks. Journal of Financial Services Research, 22(3), 203-224.
View in Google Scholar
Saldana, C. (2000, September). Assessing the economic value of credit guarantees. Journal of Philippine Development, 49(1).
View in Google Scholar
Shim, I. (2006, December). Corporate credit guarantees in Asia. BIS Quarterly Review, 85-98. Stiglitz, J. E., & Weiss, A. (1981). Credit rationing in markets with imperfect information. The American Economic Review, 71(3), 393-410.
View in Google Scholar
Tirole, J. (2006). The theory of corporate finance. Princeton : Princeton University Press.
View in Google Scholar
Tunahani, H., & Dizkirici, A. (2012, May, special issue). Evaluating the credit guarantee fund of Turkey as a partial guarantee program in the light of international practices. International Journal of Business and Social Science, 3(10), 79-82.
View in Google Scholar
Vasiliki, M., Athanasios, T., & Athanasios, B. (2013). Determinants of non-performing loans: The case of Eurozone. Panaeconomicus, 2, 196-206.
View in Google Scholar
Yoshino, N., & Taghizadeh-Hesary, F. (2016). Optimal credit guarantee ratio for Asia. (ADBI Working Paper No. 586). Tokyo: Asian Development Bank Institute.
View in Google Scholar
Yoshino, N., Taghizadeh-Hesary, F., Hassanzadeh, A., & Prasetyo, A. D. (2014). Response of stock markets to monetary policy : The Tehran stock market perspective. Journal of Comparative Asian Development, 13(3), 517-545.
View in Google Scholar
Yoshino, N., & Hirano, T.. (2011). Pro-cyclicality of the Basel capital requirement ratio and its impact on banks. Asian Economic Papers, 10(2), 22-36.
View in Google Scholar
Williamson, S. D. (1994). Do informational frictions justify federal credit programs?. Journal of Money, Credit and Banking, 26(3), 523-544.
View in Google Scholar
Zander, R., Miller, C., & Mhlanga, N. (2013). Credit guarantee systems for agriculture and rural enterprise development. Rome: Food and Agriculture Organization of the United Nations.
View in Google Scholar
Téléchargements
Publiée
Numéro
Rubrique
Licence
(c) Copyright Poznań University of Economics and Business 2019
Ce travail est disponible sous la licence Creative Commons Attribution 4.0 International .
