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The state, banks and financing of investments in France from World War II to the 1970s


This article examines how corporate financing has been adjusted during the high growth period after World War II. First, it discusses how the Ministry of Finance tried on the one hand to liberalise the system after the 1950s, but on the other hand, did not want to undermine the Treasury circuit that allowed its administration to control the economic situation. Secondly, during 1960s, the relationships between state and banking industry became so tight that they strengthened the banking cartel and increased the banking system s contribution to the financial system. The high costs of issuing capital in France contrast with the low interest rates during the period. The French choice of financial system for economic development clearly did not favour markets, but focused on deposit and investment banks, and settled on both a state-based and bank-based system.

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Article provided by Cambridge University Press in its journal Financial History Review.

Volume (Year): 12 (2005)
Issue (Month): 01 (April)
Pages: 63-86

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Handle: RePEc:cup:fihrev:v:12:y:2005:i:01:p:63-86_00
Contact details of provider: Postal: Cambridge University Press, UPH, Shaftesbury Road, Cambridge CB2 8BS UK
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