| Titre | Comportement vis-à-vis de la liquidité et instabilité conjoncturelle : une réflexion sur la préférence pour la liquidité | |
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| Auteur | Olivier Brossard | |
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Revue | Cahiers d'économie politique |
| Numéro | no 30-31, pintemps 1998 Keynes : économie et philosophie | |
| Page | 123-146 | |
| Résumé anglais |
An important financial and real instability has been generated by the emergence of new types of liquidity behaviours which are connected with financial deregulation. The liquidity preference of J. M. Keynes constitutes the theoretical base of such a point of view. Nevertheless it is necessary to reconsider this notion. In the present paper we first show that this concept has to be considered as a theory of the influence of anticipated asset prices on financing availability. We argue secondly that the precaution motive is then very important.
Comparing the role of banks and financial markets in liquidity dynamics, we can then propose an explanation of economic instability which is financial and endogenous. We show that this requires to consider that both the quantity of money and some interest rates are endogenous. Source : Éditeur (via Persée) |
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| Article en ligne | http://www.persee.fr/web/revues/home/prescript/article/cep_0154-8344_1998_num_30_1_1216 |
