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Systèmes financiers et croissance en Méditerranée : une analyse comparative


  • Sophie Brana


[fre] Les analyses, théoriques comme empiriques, basées sur l’expérience des PVD, mettent en évidence le rôle décisif de l’accumulation du capital dans l’essor des revenus. Cette accumulation passe par le développement d’un secteur financier performant et fonctionnant sans entraves autres que prudentielles. L’objet de cet article est de situer les pays méditerranéens dans cette perspective de croissance et d’accumulation et d’étudier le degré de développement du système financier et plus particulièrement bancaire. L’analyse révèle que les pays méditerranéens ont globalement un potentiel financier important mais qui n’est pas pleinement exploité. Malgré des indicateurs financiers élevés, les taux de croissance et la qualité de l’accumulation restent faibles, ce qui traduit des inefficiences du système financier. Ces inefficiences, en partie dues aux politiques de répression financière, empêchent le maintien de taux de croissance élevés et une réelle intégration financière internationale. [eng] Financial systems and growth in Mediterranean area : a comparative analysis . Theoretical and empirical analysis highlight the decisive role of capital accumulation in income growth. This accumulation can be improved by developing and strengthening the financial system. The purpose of this paper is to review the situation of Mediterranean countries, from an accumulation and growth point of view, and to study their degree of financial development. We conclude that Mediterranean countries exhibit an interesting financial potential, although not exploited enough. Despite high financial development, rate of growth and quality of capital accumulation remain low, which reveals financial intermediation efficiency problems. These inefficiencies, partly caused by financial repression, do not enable high rate of growth and prevent integration of Mediterranean economies into world financial markets from happening.

Suggested Citation

  • Sophie Brana, 1999. "Systèmes financiers et croissance en Méditerranée : une analyse comparative," Revue d'Économie Financière, Programme National Persée, vol. 52(2), pages 207-233.
  • Handle: RePEc:prs:recofi:ecofi_0987-3368_1999_num_52_2_3539
    Note: DOI:10.3406/ecofi.1999.3539

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    References listed on IDEAS

    1. Valerie R. Bencivenga & Bruce D. Smith, 1991. "Financial Intermediation and Endogenous Growth," Review of Economic Studies, Oxford University Press, vol. 58(2), pages 195-209.
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    8. Easterly, William, 1993. "How much do distortions affect growth?," Journal of Monetary Economics, Elsevier, vol. 32(2), pages 187-212, November.
    9. Abdelali Jbili, 1997. "Financial Sector Reforms in Algeria, Morocco, and Tunisia; A Preliminary Assessment," IMF Working Papers 97/81, International Monetary Fund.
    10. Pagano, Marco, 1993. "Financial markets and growth: An overview," European Economic Review, Elsevier, vol. 37(2-3), pages 613-622, April.
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