Anatomie de la croissance molle
Abstract[eng] The future of growth Jean-Paul Fitoussi Since the beginning of the 90s, growth has been particularly weak in Europe, 1,3% on average (1,1% for France). It is the worst performance for a five years period since WW2. This paper tries to study the mechanisms which generate soft growth in our countries, and to answer the question of their likely duration. The process of soft growth is seen as a consequence of a change in the balance of powers on several markets. Domination of creditors on financial markets, and of firms on labour markets are characteristics of our time. They are the consequence of both financial markets' globalization and of, until recently, too restrictive monetary policies. Employment and investment are then the main adjustment's variables for the firms which are constrained to reduce their indebtness. Both the weakness of investment and mounting unemployment lead to increased public and social deficits and to increased public debt. Thus the tutelage by financial markets on economic policy became stronger. But this change in the balance of powers is not irreversible and it does not imply that we look for solutions of resignation, neither that we give up our system of social protection. It is possible to devise policies to reestablish a balance of powers, which is more consistent with market democracy, system that the paper try to define. [fre] Depuis le dÃ©but des annÃ©es quatre-vingt-dix, la croissance fut particuliÃ¨rement faible en Europe, 1,3% en moyenne (1, 1 % pour la France). C'est la plus mauvaise performance, pour une pÃ©riode de cinq ans, depuis la seconde guerre mondiale. Cet article est consacrÃ© Ã une analyse des mÃ©canismes qui produisent une croissance molle en nos pays et Ã la question de leur pÃ©rennitÃ©. Le processus de la croissance faible est engendrÃ© par une modification des rapports de forces entre acteurs sur les marchÃ©s, dont le premier signe fut une Ã©lÃ©vation brutale et durable des taux d'intÃ©rÃªt rÃ©els longs. Do
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Bibliographic InfoArticle provided by Presses de Sciences-Po in its journal Revue de l'OFCE.
Volume (Year): n° 59 (1996)
Issue (Month): 4 ()
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Web page: http://www.cairn.info/revue-de-l-ofce.htm
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- Andrew Abel & Gregory N. Mankiw & Lawrence H. Summers & Richard Zeckhauser, .
"Assessing Dynamic Efficiency: Theory and Evidence,"
Rodney L. White Center for Financial Research Working Papers
14-88, Wharton School Rodney L. White Center for Financial Research.
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