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Une nouvelle mesure du taux d’intermédiation financière : l’approche en volume

Listed author(s):
  • Gunther Capelle-Blancard

[fre] À en croire les études antérieures, la désintermédiation financière observée en France durant les années 1980 n'est due qu'à un déplacement du champ d'activité des intermédiaires financiers. Cette assertion se fonde principalement sur la distinction entre les taux d'intermédiation en termes de demande et en termes d'offre. Mais lorsque les champs et les méthodes sont comparables, ces deux approches conduisent à des conclusions identiques : les tendances à la désintermédiation semblent confirmées dans les deux cas, même si, par définition, le niveau du degré d'intermédiation est plus élevé lorsque l'on considère le point de vue des établissements financiers. Il semble pourtant erroné de croire que les profonds changements qui ont affecté la sphère financière durant les années 1980 (nouvelles technologies, innovations financières, déréglementation) ont eu, en France, une influence déterminante sur le comportement des agents en matière de financement (à l'exception notable de l'État). La valorisation des encours conduit en effet à amplifier les tendances à la désintermédiation financière de l'économie française. Cet article propose donc une mesure originale du degré d'intermédiation : la méthode consiste à utiliser des séries en encours, corrigées des phénomènes de valorisation, afin de ne retenir, parmi l'augmentation de la capitalisation boursière, que l'aspect « nouveau financement ». Cette approche, qui se traduit par le calcul d'un taux d'intermédiation en volume, dépasse le clivage traditionnel qui oppose le taux d'intermédiation en termes de demande et celui en termes d'offre. Mesuré sur la période 1980-1996, le degré d'intermédiation de l'économie française, corrigé des phénomènes de valorisation, est alors relativement stable. Classification JEL : G1O, G21, G32, G38. [eng] A new measure of the financial intermediation rate : the volume approach Following former studies, the financial disintermediation observed in France in the 1980's was only due to important changes in financial institutions activities. This assertion is mainly based on the distinction between the intermediation rates in terms of demand and in terms of supply. But when fields and methods are comparable, these two approaches lead to identical conclusions : trends in the financial disintermediation seem to be confirmed in both cases, even if, by definition, the level of the intermediation rate is higher when it is considered from the financial intermediaries' point of view. Yet, it seems wrong to believe that the deep changes which affected the financial sphere during 1980' s (new technologies, financial innovations, deregulation) had a deciding influence on the behaviour of agents in France (with the exception of the State). The valorization of stock amplifies trends to financial disintermediation in the French economy. This article therefore proposes an original measure for the intermediation rate. The method consists of using stock data, corrected by valorization phenomena, in order to retain only the « new financing » aspect among the increase of market capitalization. This approach, which leads to the computation of an intermediation rate in volume, exceeds the traditional cleavage, which opposes the intermediation rate in terms of demand and that in terms of supply. Based on the period 1980-1996, the intermediation rate of the French economy corrected by valorization phenomena is then relatively stable. JEL classification : G10, G21, G32, G38

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File URL: http://dx.doi.org/doi:10.3406/ecofi.2000.3697
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File URL: http://www.persee.fr/doc/ecofi_0987-3368_2000_num_59_4_3697
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Article provided by Programme National Persée in its journal Revue d'économie financière.

Volume (Year): 59 (2000)
Issue (Month): 4 ()
Pages: 163-187

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Handle: RePEc:prs:recofi:ecofi_0987-3368_2000_num_59_4_3697
Note: DOI:10.3406/ecofi.2000.3697
Contact details of provider: Web page: http://www.persee.fr/collection/ecofi

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