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• Patrick Lenain

An unprecedented “boom and bust” investment cycle occurred in the high-tech industries at the turn of the century, in particular in the telecommunications sector. Regulatory reforms and technological innovation fuelled expectations of robust growth in traffic, revenue and earnings. Eventually, however, the volume of traffic expanded less than anticipated. Faced with severe financial difficulties, telecommunication firms sharply curtailed their investment and embarked on restructuring. The impact of such restructuring on the overall economy has been relatively small, but it has had severe upstream effects on equipment suppliers and technology firms. Confidence is now slowly returning to the sector thanks to the efforts of companies to strengthen their balance sheets and to renegotiate their debts. Although the necessary restructuring now underway in the industry is painful, governments and regulators should resist the temptation to provide relief to companies by easing competition ...

Après la bulle des télécommunications

Le changement de siècle a été marqué par un cycle sans précédent d'expansion rapide suivie d'un effondrement de l'investissement dans les industries de haute technologie, notamment dans le secteur des télécommunications. Les réformes de la réglementation et l'innovation technologique ont nourri les anticipations de croissance forte du trafic, des recettes et des bénéfices. Mais finalement, le volume du trafic n'a pas progressé autant qu'on l'espérait. Confrontées à de graves difficultés financières, les entreprises de télécommunications ont fortement réduit leur investissement et elles se sont engagées dans une politique de restructuration. Cette restructuration n'a eu sur l'économie générale qu'une incidence relativement limitée, mais ses effets ont été particulièrement marqués en amont, sur les fournisseurs d'équipements et les entreprises de technologie. La confiance revient maintenant lentement dans le secteur, grâce aux efforts des entreprises pour renforcer leurs bilans et ...

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Paper provided by OECD, Economics Department in its series OECD Economics Department Working Papers with number 361.

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Date of creation: 25 Jun 2003
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Handle: RePEc:oec:ecoaaa:361-en

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Related research

Keywords: auctions; bubbles; regulation; telecommunications; bulle; enchères; réglementation; télécommunications;

Find related papers by JEL classification:
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L5 - Industrial Organization - - Regulation and Industrial Policy
L96 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Telecommunications

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