Equity and debt in a financialised economy: the French case
AbstractWhile many studies have been devoted to capital accumulation and rate of profit, the article empirically characterises the financialization at the level of firms' liability, i.e. at the level of debt and equity. In particular, the determinants of non financial firms' indebtedness and equity issuing will be analysed econometrically. The theoretical framework is mainly Post-Keynesian, with the founding role played by Minsky (1986) and with Stock Flow Consistent models proposed by Lavoie and Godley (2001), Godley and Lavoie (2007), Taylor (2004) and Dos Santos and Zezza (2008 )with their analysis of interactions between financial variables and investment. The article is based on the flow of funds accounts of INSEE which provide coherent data in flows and stocks over the period 1978-2007. Thanks to a precise account of financial assets and liabilities and capital gains, these data allow to implement a rigorous analysis of firms' financial behaviour at the macroeconomic level.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by HAL in its series CEPN Working Papers with number hal-00435685.
Date of creation: 15 Nov 2009
Date of revision:
Note: View the original document on HAL open archive server: http://hal.archives-ouvertes.fr/hal-00435685
Contact details of provider:
Web page: http://hal.archives-ouvertes.fr/
finance; investment; portfolio behaviour; growth regime;
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Claudio H. Dos Santos & Gennaro Zezza, 2005.
"A Simplified Stock-Flow Consistent Post-Keynesian Growth Model,"
Economics Working Paper Archive
wp_421, Levy Economics Institute.
- Claudio Dos Santos & Gennaro Zezza, 2005. "A Simplified Stock-Flow Consistent Post-Keynesian Growth Model," Macroeconomics 0504019, EconWPA.
- Emilio Fernandez-Corugedo & Simon Price & Andrew Blake, 2003. "The dynamics of consumers' expenditure: the UK consumption ECM redux," Bank of England working papers 204, Bank of England.
- Davidson, Paul, 1972. "Money and the Real World," Economic Journal, Royal Economic Society, vol. 82(325), pages 101-15, March.
- Micka�l Clevenot & Yann Guy & Jacques Mazier, 2010. "Investment and the rate of profit in a financial context: the French case," International Review of Applied Economics, Taylor & Francis Journals, vol. 24(6), pages 693-714.
- Eugenio Caverzasi & Antoine Godin, 2013. "Stock-flow Consistent Modeling through the Ages," Economics Working Paper Archive wp_745, Levy Economics Institute.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (CCSD).
If references are entirely missing, you can add them using this form.