| Titre | La "debt-deflation" selon Irving Fisher, Histoire et actualité d'une théorie de la crise financière | |
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| Auteur | Edouard Challe | |
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Revue | Cahiers d'économie politique |
| Numéro | no 36, printemps 2000 | |
| Page | 7-38 | |
| Résumé anglais |
In 1933, Irving Fisher suggested an original explanation of the Great Depression, based on the interaction between monetary factors (money being made endogenous) and financial factors ; giving a crucial role to borrowers' balance sheet and net worth. In his view, falling prices increased the burden of real debts, lowering net worth and thereby urging borrowers to pay their debts back. This reaction makes credit, money and prices fall, thus causing the process to self-fulfill. This paper aims to address the general consistency of Fisher's debt- deflation theory, while trying to relate it to his previous writings. It also questions the contemporary relevance of his approach given the changing institutional environment ; special attention is paid to the financial crisis that hit most OECD countries at the onset of the decade. Source : Éditeur (via Persée) |
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| Article en ligne | http://www.persee.fr/web/revues/home/prescript/article/cep_0154-8344_2000_num_36_1_1271 |
