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Systèmes financiers et croissance : les effets du "court-termisme"

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  • Bruno Amable
  • Jean-Bernard Chatelain

Abstract

[fre] Dans le cadre d'un modèle de croissance endogène fondé sur l'innovation, cet article compare deux modes de financement de l'économie. Dans un cas, le finan­cement est assuré par une multitude de petits prêteurs, dans l'autre, une seule grande banque fournit l'ensemble des prêts. Il existe deux types de projets d'inno­vation, un de court terme et un de long terme, et deux types d'innovateurs, cer­tains étant efficaces et d'autres non. Le mode de financement par petits prêteurs conduit à écarter les projets d'innovation de long terme, même lorsqu'ils sont pro­fitables, pour privilégier les projets de court terme. À l'inverse, un financement centralisé favorise la réalisation des projets de long terme. Sous certaines condi­tions, les économies à système financier centralisé croissent plus vite que les autres. [eng] Financial systems and growth : the effects of 'short-termism. . This article compares two types of financial systems in the framework of an innovation-based endogenous growth model. In one case, the financial system is represented by a very large numer of small lenders. In another case, one large bank supplies all loans. There are two types of innovation projects, one is a long term project, the other one is short term. There are two types of innovators, the efficient and the inefficient. The financial system based on small lenders leads to the rejection of long term innovation projects, whatever their profitability, in favour of short term projects. On the contrary, a centralised financial system favours long term projects. Under certain conditions, economies with centralised financial systems grow faster than others.

Suggested Citation

  • Bruno Amable & Jean-Bernard Chatelain, 1995. "Systèmes financiers et croissance : les effets du "court-termisme"," Revue Économique, Programme National Persée, vol. 46(3), pages 827-836.
    • Handle: RePEc:prs:reveco:reco_0035-2764_1995_num_46_3_409695
    DOI: 10.3406/reco.1995.409695
    Note: DOI:10.3406/reco.1995.409695
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    1. Valerie R. Bencivenga & Bruce D. Smith, 1991. "Financial Intermediation and Endogenous Growth," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 58(2), pages 195-209.
    2. Ernst-Ludwig von Thadden, 1992. "The Commitment of Finance, Duplicated Monitoring and the Investment Horizon," CEPR Financial Markets Paper 0027, European Science Foundation Network in Financial Markets, c/o C.E.P.R, 33 Great Sutton Street, London EC1V 0DX..
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    4. Bhattacharya Sudipto & Thakor Anjan V., 1993. "Contemporary Banking Theory," Journal of Financial Intermediation, Elsevier, vol. 3(1), pages 2-50, October.
    5. Bencivenga, Valerie R. & Smith, Bruce D., 1993. "Some consequences of credit rationing in an endogenous growth model," Journal of Economic Dynamics and Control, Elsevier, vol. 17(1-2), pages 97-122.
    6. Bruno Amable & Jean-Bernard Chatelain, 1995. "Systèmes financiers et croissance : les effets du "court-termisme"," Revue Économique, Programme National Persée, vol. 46(3), pages 827-836.
    7. Steinherr, A. & Huveneers, Ch., 1994. "On the performance of differently regulated financial institutions: Some empirical evidence," Journal of Banking & Finance, Elsevier, vol. 18(2), pages 271-306, January.
    8. Bebchuk, Lucian Arye & Stole, Lars A, 1993. "Do Short-Term Objectives Lead to Under- or Overinvestment in Long-Term Projects?," Journal of Finance, American Finance Association, vol. 48(2), pages 719-729, June.
    9. Shleifer, Andrei & Vishny, Robert W, 1990. "Equilibrium Short Horizons of Investors and Firms," American Economic Review, American Economic Association, vol. 80(2), pages 148-153, May.
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    1. Amable, Bruno, 1999. "Institutional complementarity and diversity of social systems of innovation and production," Discussion Papers, Research Unit: Economic Change and Employment FS I 99-309, WZB Berlin Social Science Center.
    2. Chatelain, Jean-Bernard & Ralf, Kirsten & Amable, Bruno, 2010. "Patents as Collateral," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 34(6), pages 1094-1104.
    3. repec:jle:journl:167 is not listed on IDEAS
    4. Bouzid AMAIRA, 2016. "Financial liberalization and economic growth: Evidence from Tunisia," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania - AGER, vol. 0(4(609), W), pages 243-262, Winter.
    5. Bouzid AMAIRA, 2016. "Financial liberalization and economic growth: Evidence from Tunisia," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania - AGER, vol. 0(4(609), W), pages 243-262, Winter.
    6. Bruno Amable & Jean-Bernard Chatelain, 1995. "Croissance et capital public dans une économie d'endettement," Revue Économique, Programme National Persée, vol. 46(2), pages 157-167.
    7. Bruno Amable & Jean-Bernard Chatelain, 1995. "Systèmes financiers et croissance : les effets du "court-termisme"," Revue Économique, Programme National Persée, vol. 46(3), pages 827-836.

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