Ce papier constitue le onzième chapitre de l'"Histoire du marché financier français au 19e siècle" (à paraître en janvier 2007, publications de la Sorbonne). Dans ce chapitre, nous présentons une analyse macroéconomique de la "longue stagnation" de la fin du 19e siècle à partir du marché financier. Nous discutons la thèse de l'éviction de l'investissement privé par les émissions publiques et suggérons que l'organisation imparfaite des marchés financiers a une plus grande responsabilité dans la mauvaise allocation de l'épargne. ### [english abstract: This paper is the eleventh chapter of a book forthcoming in January 2007 under the title "Histoire du marché financier français au 19e siècle" (a history of the French capital market in the 19th century). He discusses the macroeconomics of the "great depression" of the late 19th century from the point of view of the capital markets. He discusses the thesis of a crowding out of private investment by the government and suggests the organization of financial markets had more responsibility in the misallocation of funds to the most productive uses.] ###
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Paper provided by PSE (Ecole normale supérieure) in its series PSE Working Papers with number
2006-43.
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