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Intermédiation financière et croissance endogène

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  • Aristomène Varoudakis
  • Jean-Claude Berthélemy

Abstract

[fre] Intermédiation financière et croissance endogène. . L'objet de cet article est de présenter un modèle de croissance mettant en relation des facteurs réels de la croissance et des facteurs liés au développement du secteur financier. La croissance endogène, propre au secteur réel, est modélisée à travers l'introduction d'extemalités d'apprentissage. Le secteur financier opère dans des conditions de concurrence monopolistique. Son rôle est d'améliorer l'efficacité de l'accumulation du capital physique, en permettant une meilleure allocation de l'épargne à l'investissement. Le secteur financier doit utiliser pour cela des ressources réelles et il les utilise d'autant plus efficacement que le montant d'épargne intermédiée est élevé. Le modèle met en évidence l'existence d'équilibres multiples de croissance endogène, associés à différents niveaux de développement à long terme du secteur financier. [eng] Financial intermediation and endogenous growth . . This paper examines the relationship between financial development and the factors that determine the long run rate of economie growth. Endogenous growth is modeled through a learning-by-doing effect arising in the real sector. The financial sector is modeled in a monopolistic competition framework. Financial intermediaries improve the allocation of savings to investment and this may increase the long run rate of economie growth. In turn, the size and efficiency of the financial sector is endogenously determined by the model and depend in particular on the volume of savings generated by the real sector. The model exhibits multiple equilibria of endogenous growth, associated with different levels of financial development.

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Bibliographic Info

Article provided by Presses de Sciences-Po in its journal Revue économique.

Volume (Year): n° 45 (1994)
Issue (Month): 3 ()
Pages: 737-750

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Handle: RePEc:cai:recosp:reco_p1994_45n3_0737

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Web page: http://www.cairn.info/revue-economique.htm

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Cited by:
  1. Carton, Christine & Ronquillo, Cely, 2008. "Determinantes del crecimiento económico e intermediación bancaria: un análisis empírico para países latinoamericanos
    [Determinants of economic growth and bank intermediation: empirical analysi
    ," MPRA Paper 15514, University Library of Munich, Germany, revised 25 Nov 2008.
  2. Alomar, Ibrahim, 2005. "الدور التنموي للمصارف والوسطاء الماليين
    [Develpmental Role of Banks and Financial Intermediaries]
    ," MPRA Paper 18798, University Library of Munich, Germany.
  3. Sylviane GUILLAUMONT JEANNENEY & Kangni KPODAR, 2004. "Développement financier, instabilité financière, croissance et pauvreté," Macroeconomics 0407003, EconWPA.
  4. Zaiter Lahimer, Mahjouba, 2011. "L’impact des entrées de capitaux privés sur la croissance économique dans les pays en développement," Economics Thesis from University Paris Dauphine, Paris Dauphine University, number 123456789/7670 edited by Sterdyniak, Henri, September.
  5. Sylviane Guillaumont Jeanneney & Kangni R. Kpodar, 2006. "Développement financier, instabilité financière et croissance économique," Économie et Prévision, Programme National Persée, vol. 174(3), pages 87-111.
  6. Ndikumana, Leonce, 2000. "Financial Determinants of Domestic Investment in Sub-Saharan Africa: Evidence from Panel Data," World Development, Elsevier, vol. 28(2), pages 381-400, February.

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