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La convergence vers le « Market based system » : une vue de l’esprit ?

Listed author(s):
  • Dhafer Saïdane

[fre] La déréglementation financière a alimenté un débat en Europe et aux États-Unis entre les partisans et les opposants de la thèse de la convergence des systèmes financiers. L’idée d’un processus de mutation structurelle faisant une plus large place au Market based system est favorisée par l’image d’une désintermédiation croissante. Or, cette désintermédiation ne fait pas l’unanimité pour des raisons de modes de calcul du taux d’intermédiation, mais aussi parce que les grands groupes bancaires internationaux et multispécialisés dominent le paysage financier. L’industrie financière mondiale ne serait donc pas en train de converger vers le Market based system. À défaut d’une convergence des systèmes financiers vers un modèle unique de type « anglo-saxon », n’existerait-il pas plutôt aujourd’hui des systèmes spécifiques à chaque pays dont les caractéristiques dépendent du niveau des restructurations, de la taille et du degré de concentration de leur appareil bancaire ? Classification JEL : E44, F36, G21 [eng] The universal convergence of financial systems towards the Market based system Financial deregulation has strengthened the market as a resource allocation mechanism within the financial system. This evolution generated a debate in Europe and in the United States on the universal convergence of financial systems. Can one assert that the European financial system is converging towards the Anglo-Saxon model based on the financial market ? This hypothesis is suggested by the persisting disintermediation process. However, it is challenged by the various calculation methods leading to different rates of intermediation for the same country and because major banking groups are still dominating the financial landscape worldwide. If the world financial industry is not converging towards the Market based system would it be true that the systems are rather country specific, depending on their restructuring level, their size and the concentration of their banking system. JEL classification : E44, F36, G21

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Article provided by Programme National Persée in its journal Revue d'économie financière.

Volume (Year): 81 (2005)
Issue (Month): 4 ()
Pages: 61-82

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Handle: RePEc:prs:recofi:ecofi_0987-3368_2005_num_81_4_4013
Note: DOI:10.3406/ecofi.2005.4013
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  1. Schmidt, Reinhard H. & Hackethal, Andreas & Tyrell, Marcel, 1999. "Disintermediation and the Role of Banks in Europe: An International Comparison," Journal of Financial Intermediation, Elsevier, vol. 8(1-2), pages 36-67, January.
  2. Michel Boutillier & Agnès Labye & Christine Lagoutte & Nathalie Lévy & Auguste Mpacko Priso & Valérie Oheix & Stéphane Justeau & Bruno Séjourné, 2002. "Placements des ménages en Europe : le rôle des intermédiaires financiers se transforme en profondeur," Économie et Statistique, Programme National Persée, vol. 354(1), pages 85-102.
  3. Jézabel Couppey-Soubeyran & Dhafer Saïdane, 2004. "Ce qu'une économie de marchés de capitaux n'est pas," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00354866, HAL.
  4. La Porta, Rafael & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, 1997. " Legal Determinants of External Finance," Journal of Finance, American Finance Association, vol. 52(3), pages 1131-1150, July.
  5. Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, 1998. "Law and Finance," Journal of Political Economy, University of Chicago Press, vol. 106(6), pages 1113-1155, December.
  6. Gunther Capelle-Blancard & Jézabel Couppey-Soubeyran, 2003. "Le financement des agents non financiers en Europe : le rôle des intermédiaires financiers demeure prépondérant," Économie et Statistique, Programme National Persée, vol. 366(1), pages 63-95.
  7. Dominique Plihon & Jean-Pierre Ponssard & Philippe Zarlowski, 2001. "Quel scénario pour le gouvernement d’entreprise ? Une hypothèse de double convergence," Revue d'Économie Financière, Programme National Persée, vol. 63(3), pages 35-51.
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