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Systèmes financiers et croissance en Méditerranée : une analyse comparative

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  • Sophie Brana

Abstract

[eng] Financial systems and growth in Mediterranean area : a comparative analysis . Theoretical and empirical analysis highlight the decisive role of capital accumulation in income growth. This accumulation can be improved by developing and strengthening the financial system. The purpose of this paper is to review the situation of Mediterranean countries, from an accumulation and growth point of view, and to study their degree of financial development. We conclude that Mediterranean countries exhibit an interesting financial potential, although not exploited enough. Despite high financial development, rate of growth and quality of capital accumulation remain low, which reveals financial intermediation efficiency problems. These inefficiencies, partly caused by financial repression, do not enable high rate of growth and prevent integration of Mediterranean economies into world financial markets from happening. [fre] Les analyses, théoriques comme empiriques, basées sur l’expérience des PVD, mettent en évidence le rôle décisif de l’accumulation du capital dans l’essor des revenus. Cette accumulation passe par le développement d’un secteur financier performant et fonctionnant sans entraves autres que prudentielles. L’objet de cet article est de situer les pays méditerranéens dans cette perspective de croissance et d’accumulation et d’étudier le degré de développement du système financier et plus particulièrement bancaire. L’analyse révèle que les pays méditerranéens ont globalement un potentiel financier important mais qui n’est pas pleinement exploité. Malgré des indicateurs financiers élevés, les taux de croissance et la qualité de l’accumulation restent faibles, ce qui traduit des inefficiences du système financier. Ces inefficiences, en partie dues aux politiques de répression financière, empêchent le maintien de taux de croissance élevés et une réelle intégration financière internationale.

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Bibliographic Info

Article provided by Programme National Persée in its journal Revue d'économie financière.

Volume (Year): 52 (1999)
Issue (Month): 2 ()
Pages: 207-233

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Handle: RePEc:prs:recofi:ecofi_0987-3368_1999_num_52_2_3539

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Web page: http://www.persee.fr/web/revues/home/prescript/revue/ecofi

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  1. Ángel de la Fuente & José M. Marín, 1994. "Innovation, "bank" monitoring and endogenous financial development," Economics Working Papers 59, Department of Economics and Business, Universitat Pompeu Fabra.
  2. Easterly, William, 1993. "How much do distortions affect growth?," Journal of Monetary Economics, Elsevier, vol. 32(2), pages 187-212, November.
  3. Jose Martelino & S. Nuri Erbas & Adnan Mazarei & Sena Eken & Paul Cashin, 1995. "Economic Dislocation and Recovery in Lebanon," IMF Occasional Papers 120, International Monetary Fund.
  4. repec:imf:imfpdp:9811 is not listed on IDEAS
  5. King, Robert G. & Levine, Ross, 1993. "Finance and growth : Schumpeter might be right," Policy Research Working Paper Series 1083, The World Bank.
  6. King, Robert G. & Levine, Ross, 1993. "Finance and growth : Schumpeter might be right," Policy Research Working Paper Series 1083, The World Bank.
  7. Bencivenga, V.R. & Smith, B.D., 1988. "Financial Intermediation And Endogenous Growth," RCER Working Papers 124, University of Rochester - Center for Economic Research (RCER).
  8. Fischer, Stanley, 1993. "The role of macroeconomic factors in growth," Journal of Monetary Economics, Elsevier, vol. 32(3), pages 485-512, December.
  9. Nouriel Roubini & Xavier Sala-i-Martin, 1991. "Financial Repression and Economic Growth," NBER Working Papers 3876, National Bureau of Economic Research, Inc.
  10. De Gregorio, Jose & Guidotti, Pablo E., 1995. "Financial development and economic growth," World Development, Elsevier, vol. 23(3), pages 433-448, March.
  11. Atje, Raymond & Jovanovic, Boyan, 1993. "Stock markets and development," European Economic Review, Elsevier, vol. 37(2-3), pages 632-640, April.
  12. Jung, Woo S, 1986. "Financial Development and Economic Growth: International Evidence," Economic Development and Cultural Change, University of Chicago Press, vol. 34(2), pages 333-46, January.
  13. Pagano, Marco, 1993. "Financial markets and growth: An overview," European Economic Review, Elsevier, vol. 37(2-3), pages 613-622, April.
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