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La contribution des inégalités à la crise de l’euro

BRUXELLES – Depuis la grande récession de 2007-2009, la plupart des économistes ont commencé à considérer la finance comme un déterminant clé du cycle économique. Mais la nature précise de cette relation n’est pas encore pleinement comprise.

Par exemple, Amir soufi de l'Université de Chicago et Atif Mian de Princeton soutiennent que l'expansion du crédit conduit à de graves récessions, qui émergent dès que les ménages, pour quelque raison que ce soit, perdent l'accès au financement dont ils ont besoin pour refinancer leurs dettes. Mais cet argument laisse de côté un facteur clé, illustré par la crise de la zone euro.

La création de l'euro a été accompagnée d'une libéralisation financière à grande échelle, y compris la suppression des contrôles de capitaux et l'adaptation du cadre juridique pour permettre à toute banque européenne d’ouvrir des succursales à l'étranger. Ce processus a conduit à une concurrence croissante dans le secteur bancaire et une augmentation progressive du nombre de banques privées par rapport aux banques publiques.

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