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Financer les PME en France : encore un « papier » !

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  • Jean-Paul Betbèze

Abstract

How can we understand what is going on in the way SMEs are financed in Europe and more precisely in France? Polls tell us that everything works smoothly, but those polls are made by banks and credit hardly grows and companies do complain, especially if they are young and tiny. Many reasons can account for this situation: Basel regulation, European regulation and Banking union, competition among banks concur to make credit more complex, with tighter margins. And, by the same time, securitization and disintermediation do grow. This evolution is both permitted by new technologies, looked after by investors (in asset management and insurance companies), promoted by regulators and central bankers and finally favoured by bankers themselves. So this new channel should grow, with a higher interest rate we must admit, and we all have to be prepared to it. Classification JEL: G21, G23, G28, L25.

Suggested Citation

  • Jean-Paul Betbèze, 2014. "Financer les PME en France : encore un « papier » !," Revue d'économie financière, Association d'économie financière, vol. 0(2), pages 31-38.
    • Handle: RePEc:cai:refaef:ecofi_114_0031
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    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance

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