IDEAS home Printed from
MyIDEAS: Login to save this article or follow this journal

La concurrence, frein et moteur de l'investissement

  • Jacky Fayolle
  • Gérard Cornilleau
  • Françoise Milewski

[eng] Competition, as both a brake and an engine of investments OFCE For the past year, the main engine of the european upturn has been the improved exchange rate and liquidity background. European exports are regaining market shares, especially in the case of Germany. The investment plans of European firms are more upbeat, though many larger countries, Germany, France and Italy are lagging. Private consumption growth is still vulnerable to a possible comeback of a cautious stance. Domestic policy-mixes as well as a revival of European coordination bear some responsibility in strengthening the current recovery. Would this responsability be yet fulfilled, a 3 % growth rate could be achieved in 1998 for Europe as a whole. The US growth outlook is consistent with a higher dollar exchange rate, in favour of the European growth (1,9 DM in 1998). American companies ease the growth process through efficient investments raising profits and jobs. During the year 1997 the monetary policy kept supporting growth. A moderate tightening is foreseeable before the end of 1997. The slowdown of growth in 1998 (2,6 % after 3,8 % in 1998) would allow for a better fitting of private behaviours to a credible monetary policy. The Japanese economy has recorded a new drop during the spring of 1997, offsetting the anticipated purchases triggered by the 1st April VAT increase. The monetary easing is, in the short run, unable to balance the effects of the restrictive fiscal policy. The main support of the activity is the yen's depreciation, as it helped stabilize market shares for one year. The limited outcome of the South East Asian financial crisis would not hinder the positive contribution of foreign trade to the 1998 growth (2,5 % after 0,9 % in 1997). In France, economic growth is taking off slowly, mainly thanks to the contribution of the foreign trade. The destocking, a lack-luster private consumption and the setback of investment have dampened the domestic demand. However, the turning

(This abstract was borrowed from another version of this item.)

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL:
Download Restriction: free

File URL:
Download Restriction: free

Article provided by Presses de Sciences-Po in its journal Revue de l'OFCE.

Volume (Year): n° 63 (1997)
Issue (Month): 4 ()
Pages: 5-82

in new window

Handle: RePEc:cai:reofsp:reof_p1997_63n1_0005
Contact details of provider: Web page:

No references listed on IDEAS
You can help add them by filling out this form.

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

When requesting a correction, please mention this item's handle: RePEc:cai:reofsp:reof_p1997_63n1_0005. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Jean-Baptiste de Vathaire)

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.

This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.