The Radical Change of French Firms' Financial Characteristics Macroeconomic Consequences and Lessons for Political Economics
The French financial system has undergone major changes in the last twenty years. Until the beginning of the eighties, the French financial system was a State credit based system. This system was overhauled in the mid eighties under the pressure of French budget deficits in the context of the European Integration process. The more visible consequence of this wave of reforms was the transformation of French firms' financial structure and their relationships with banks. This article deals with this transformation. It elaborates on its consequences from a macroeconomic point of view and justifies new initiatives taken in France to promote the financing of small and medium sized enterprises.
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Volume (Year): 221 (2001)
Issue (Month): 5-6 ()
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