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Les grands équilibres économiques de la zone euro

  • Fabrice Pansard
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    [fre] Cet article présente les équilibres macroéconomiques et financiers de la zone euro à la fin des années 1990. La stabilité du taux d’épargne de la zone euro et la légère augmentation de son taux d’investissement se sont traduites par une dégradation continue du compte courant. Cette position quasiment équilibrée se distingue nettement de celles des États-Unis et du Japon. Le compte financier de la zone euro présente en revanche des caractéristiques préoccupantes, en particulier des sorties importantes de capital au titre des investissements directs et des achats d’actions. Le papier s’achève sur des perspectives de long terme : le vieillissement démographique ne devrait pas impacter le volume d’épargne dégagé par les ménages de la zone euro ; en revanche, le rôle de l’innovation financière pourrait exercer une influence significative. . Classification JEL : E10, E20 [eng] Macroeconomic and Financial Balances in the Euro Zone . This paper presents the macroeconomic and financial balances in the euro zone at the end of the years ninety. The stability of the saving rate in the euro zone and the light increase of its investment rate implied during the last years a continuous degradation of the current account. This almost balanced position distinguishes sharply from those of the United States and from Japan. The financial account in the euro zone presents on the other hand some weakened characteristics, more exactly important capital outflows with regard to direct investments and the purchases of shares. The paper ends with some perspectives of long term : the demographic ageing should not modify the volume of saving in the euro zone ; on the other hand, the financial innovation, by allowing a bigger exhibition of the financial assets towards share markets, could exercise a more significant influence (wealth effect). . JEL classifications : E10, E20

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    File URL: http://dx.doi.org/doi:10.3406/ecofi.2001.4947
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    File URL: http://www.persee.fr/articleAsPDF/ecofi_0987-3368_2001_num_64_4_4947/ecofi_0987-3368_2001_num_64_4_4947.pdf?mode=light
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    Article provided by Programme National Persée in its journal Revue d'économie financière.

    Volume (Year): 64 (2001)
    Issue (Month): 4 ()
    Pages: 29-43

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    Handle: RePEc:prs:recofi:ecofi_0987-3368_2001_num_64_4_4947
    Note: DOI:10.3406/ecofi.2001.4947
    Contact details of provider: Web page: http://www.persee.fr/web/revues/home/prescript/revue/ecofi

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    1. Franklin Allen & Anthony M. Santomero, 1999. "What Do Financial Intermediaries Do?," Center for Financial Institutions Working Papers 99-30, Wharton School Center for Financial Institutions, University of Pennsylvania.
    2. Boutillier, M. & Pansard, F. & Sejourne, B., 2000. "Les consequences du vieillissement demographique sur l'epargne des menages en France," Papers 2000-61/ma, Caisse des Depots et Consignations - Cahiers de recherche.
    3. James M. Poterba, 2000. "Stock Market Wealth and Consumption," Journal of Economic Perspectives, American Economic Association, vol. 14(2), pages 99-118, Spring.
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