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Surplus d’épargne et déficit d’investissement : quelles solutions ?

Author

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  • François Villeroy de Galhau
  • Pierre Jaillet
  • Jean-Paul Pollin

Abstract

The European economy is facing a real challenge regarding the financing of its growth opportunities. It needs to diversify corporate financing, channel households savings towards long-term and riskier investments and achieve a genuine European capital market. This should be achieved through a real « Investment and Financing Union ». Setting the conditions of an efficient capital allocation of the European financial system is essential to support productive investment. Hence a new significant increase of capital requirements for the banking system must avoided. Increasing equity financing of corporations demands a modification of the saving fiscal rules and the supply of new saving products for households. Financial regulation also has to guarantee a plurality of the different capital financing channels and a better control of the shadow banking institutions is necessary to achieve its stability. Classification JEL: E21, E22, E60, F36, G20.

Suggested Citation

  • François Villeroy de Galhau & Pierre Jaillet & Jean-Paul Pollin, 2016. "Surplus d’épargne et déficit d’investissement : quelles solutions ?," Revue d'économie financière, Association d'économie financière, vol. 0(3), pages 23-32.
    • Handle: RePEc:cai:refaef:ecofi_123_0023
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    More about this item

    JEL classification:

    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • G20 - Financial Economics - - Financial Institutions and Services - - - General

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