Une nouvelle mesure du taux d'intermédiation financière : L'approche en volume

Following former studies, the financial disintermediation observed in France in the 1980's was only due to important changes in the activities of financial institutions. This assertion is mainly based on the distinction between the intermediation rates in terms of demand and in terms of supply. But when fields and methods are comparable, these two approaches lead to identical conclusions: trends in the financial disintermediation seem confirmed in both cases, even if, by definition, the level of the intermediation rate is highest when it is considered from a financial establishment point of view. Yet, it seems wrong to believe that the deep changes which have affected the financial sphere during 1980's (new technologies, financial innovations, deregulation) have had a deciding influence on the behaviour of non-financial agents in France (to the notable exception of the State). The valorization of stock amplifies trends to financial disintermediation in the French economy. This article therefore proposes an original measure for the intermediation rate: the method consists of using stock data, correct by valorization phenomena, this retaining, within the increase of market capitalization, only the "new financing" aspect. This approach, translated into the calculation of a rate of intermediation in volume, exceeds the traditional cleavage, which opposes the intermediation rate in terms of demand and that in terms of supply. Based on the period 1980-1996, the intermediation rate of the French economy corrected by valorization phenomena is then relatively stable