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A Characterization of the French Financial System


  • Cobham, David
  • Serre, Jean-Marin


Data on the net sources of finance for France are used to argue that the French financial system was never an economie d'endettement, and to question the idea that France has converged on the Anglo-Saxon model under the impact of financial innovation and deregulation since the early 1980s. These data and additional qualitative information suggest that in the French financial system firms and their managers have more autonomy and more control over the allocation of financial resources than their counterparts in the Anglo-Saxon countries or Japan, and the French system should not therefore be seen as a mere "halfway-house" between these two polar types. Copyright 2000 by Blackwell Publishers Ltd and The Victoria University of Manchester

Suggested Citation

  • Cobham, David & Serre, Jean-Marin, 2000. "A Characterization of the French Financial System," Manchester School, University of Manchester, vol. 68(1), pages 44-67, January.
  • Handle: RePEc:bla:manchs:v:68:y:2000:i:1:p:44-67

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    References listed on IDEAS

    1. Diebold, Francis X & Rudebusch, Glenn D, 1992. "Have Postwar Economic Fluctuations Been Stabilized?," American Economic Review, American Economic Association, vol. 82(4), pages 993-1005, September.
    2. Sensier, M. & van Dijk, D.J.C., 2001. "Short-term volatility versus long-term growth: evidence in US macroeconomic time series," Econometric Institute Research Papers EI 2001-11, Erasmus University Rotterdam, Erasmus School of Economics (ESE), Econometric Institute.
    3. Romer, Christina D., 1994. "Remeasuring Business Cycles," The Journal of Economic History, Cambridge University Press, vol. 54(03), pages 573-609, September.
    4. Chauvet, Marcelle, 1998. "An Econometric Characterization of Business Cycle Dynamics with Factor Structure and Regime Switching," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 39(4), pages 969-996, November.
    5. Olivier Blanchard & John Simon, 2001. "The Long and Large Decline in U.S. Output Volatility," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 32(1), pages 135-174.
    6. Koop, Gary & Potter, Simon M., 1998. "Bayes factors and nonlinearity: Evidence from economic time series1," Journal of Econometrics, Elsevier, vol. 88(2), pages 251-281, November.
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    Cited by:

    1. Ye Bai & Christopher Green, 2011. "Determinants of cross-sectional stock return variations in emerging markets," Empirical Economics, Springer, vol. 41(1), pages 81-102, August.
    2. Brissimis, Sophocles N. & Magginas, Nicholas S., 2005. "Changes in financial structure and asset price substitutability: A test of the bank lending channel," Economic Modelling, Elsevier, vol. 22(5), pages 879-904, September.
    3. H Lzl, Werner, 2006. "Convergence of financial systems: towards an evolutionary perspective," Journal of Institutional Economics, Cambridge University Press, vol. 2(01), pages 67-90, April.
    4. Cobham, David & Subramaniam, Ramesh, 1998. "Corporate finance in developing countries: New evidence for India," World Development, Elsevier, vol. 26(6), pages 1033-1047, June.

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