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Intermédiation financière et croissance endogène

Listed author(s):
  • Jean-Claude Berthélemy
  • Aristomène Varoudakis

[fre] Intermédiation financière et croissance endogène L'objet de cet article est de présenter un modèle de croissance mettant en relation des facteurs réels de la croissance et des facteurs liés au développement du secteur financier. La croissance endogène, propre au secteur réel, est modélisée à travers l'introduction d'extemalités d'apprentissage. Le secteur financier opère dans des conditions de concurrence monopolistique. Son rôle est d'améliorer l'efficacité de l'accumulation du capital physique, en permettant une meilleure allocation de l'épargne à l'investissement. Le secteur financier doit utiliser pour cela des ressources réelles et il les utilise d'autant plus efficacement que le montant d'épargne intermédiée est élevé. Le modèle met en évidence l'existence d'équilibres multiples de croissance endogène, associés à différents niveaux de développement à long terme du secteur financier. [eng] Financial intermediation and endogenous growth This paper examines the relationship between financial development and the factors that determine the long run rate of economie growth. Endogenous growth is modeled through a learning-by-doing effect arising in the real sector. The financial sector is modeled in a monopolistic competition framework. Financial intermediaries improve the allocation of savings to investment and this may increase the long run rate of economie growth. In turn, the size and efficiency of the financial sector is endogenously determined by the model and depend in particular on the volume of savings generated by the real sector. The model exhibits multiple equilibria of endogenous growth, associated with different levels of financial development.

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Article provided by Programme National Persée in its journal Revue économique.

Volume (Year): 45 (1994)
Issue (Month): 3 ()
Pages: 737-750

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Handle: RePEc:prs:reveco:reco_0035-2764_1994_num_45_3_409564
Note: DOI:10.3406/reco.1994.409564
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