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Investment and the rate of profit in a financial context: the French case

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Author Info

  • Micka�l Clevenot
  • Yann Guy
  • Jacques Mazier

Abstract

The growth regime prevailing in France since the middle of the 1980s allowed for a recovery of profitability, yet without durable resumption of growth or accumulation of fixed capital. The financialization of this growth regime shows on both the asset and liability sides of the balance sheets. Following a post-Keynesian framework, we analyse and test the main determinants of real investment and financial capital accumulation for non-financial companies in France, based on data from the flow-of-funds accounts. This analysis points to an arbitrage, prevailing between real and financial accumulation, as a key reason explaining the insufficient recovery of investment.

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File URL: http://www.tandfonline.com/doi/abs/10.1080/02692170903426112
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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal International Review of Applied Economics.

Volume (Year): 24 (2010)
Issue (Month): 6 ()
Pages: 693-714

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Handle: RePEc:taf:irapec:v:24:y:2010:i:6:p:693-714

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Keywords: finance; investment; profit rate; growth regime;

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Cited by:
  1. repec:hal:cepnwp:halshs-00735142 is not listed on IDEAS
  2. repec:hal:wpaper:hal-00188614 is not listed on IDEAS
  3. Vincent Duwicquet & Jacques Mazier & Jamel Saadaoui, 2013. "Désajustements de change, fédéralisme budgétaire et redistribution. Comment s'ajuster en union monétaire," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(1), pages 57-96.
  4. repec:hal:wpaper:hal-00435685 is not listed on IDEAS
  5. Vincent Duwicquet & Jacques Mazier & Jamel Saadaoui, 2012. "Exchange Rate Misalignments, Fiscal Federalism and Redistribution: How to Adjust in a Monetary Union," Post-Print halshs-00848886, HAL.
  6. Saadaoui, Jamel, 2012. "Déséquilibres globaux, taux de change d’équilibre et modélisation stock-flux cohérente
    [Global Imbalances, Equilibrium Exchange Rates and Stock-Flow Consistent Modelling]
    ," MPRA Paper 51332, University Library of Munich, Germany.
  7. repec:hal:cepnwp:hal-00435685 is not listed on IDEAS

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