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Intermédiation financière et croissance endogène

Author

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  • Jean-Claude Berthélemy
  • Aristomène Varoudakis

Abstract

[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.

Suggested Citation

  • Jean-Claude Berthélemy & Aristomène Varoudakis, 1994. "Intermédiation financière et croissance endogène," Revue Économique, Programme National Persée, vol. 45(3), pages 737-750.
    • Handle: RePEc:prs:reveco:reco_0035-2764_1994_num_45_3_409564
    DOI: 10.3406/reco.1994.409564
    Note: DOI:10.3406/reco.1994.409564
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    Citations

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    Cited by:

    1. LONZO LUBU, Gastonfils & KABWE OMOYI, Fanny, 2015. "Intermediation Financiere Et Croissance Economique En Republique Democratique Du Congo [Financial Intermediation And Economic Growth In Dr Congo]," MPRA Paper 61261, University Library of Munich, Germany.
    2. Bangake, Chrysost & Eggoh, Jude C., 2011. "Further evidence on finance-growth causality: A panel data analysis," Economic Systems, Elsevier, vol. 35(2), pages 176-188, June.
    3. Sylviane GUILLAUMONT JEANNENEY & Kangni KPODAR, 2004. "Développement financier, instabilité financière, croissance et pauvreté," Macroeconomics 0407003, University Library of Munich, Germany.
    4. Jude C. Eggoh & Patrick Villieu, 2013. "Un réexamen de la non-linéarité entre le développement financier et la croissance économique," Revue d'économie politique, Dalloz, vol. 123(2), pages 211-236.
    5. Jean-Claude Berthélemy & Aristomène Varoudakis, 1998. "Développement financier, réformes financières et croissance : une approche en données de panel," Revue Économique, Programme National Persée, vol. 49(1), pages 195-206.
    6. Jean-Claude Berthélemy & Aristomène Varoudakis, 1995. "Clubs de convergence et croissance. Le rôle du développement financier et du capital humain," Revue Économique, Programme National Persée, vol. 46(2), pages 217-235.
    7. repec:jle:journl:167 is not listed on IDEAS
    8. Bouzid AMAIRA, 2016. "Financial liberalization and economic growth: Evidence from Tunisia," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania - AGER, vol. 0(4(609), W), pages 243-262, Winter.
    9. Sylviane Guillaumont Jeanneney & Kangni Kpodar, 2006. "Développement financier, instabilité financière et croissance économique," Economie & Prévision, La Documentation Française, vol. 0(3), pages 87-111.
    10. Carton, Christine & Ronquillo, Cely, 2008. "Determinantes del crecimiento económico e intermediación bancaria: un análisis empírico para países latinoamericanos [Determinants of economic growth and bank intermediation: empirical analysis for," MPRA Paper 15514, University Library of Munich, Germany, revised 25 Nov 2008.
    11. Alomar, Ibrahim, 2005. "الدور التنموي للمصارف والوسطاء الماليين [Develpmental Role of Banks and Financial Intermediaries]," MPRA Paper 18798, University Library of Munich, Germany.
    12. Ndikumana, Leonce, 2000. "Financial Determinants of Domestic Investment in Sub-Saharan Africa: Evidence from Panel Data," World Development, Elsevier, vol. 28(2), pages 381-400, February.
    13. Bouzid AMAIRA, 2016. "Financial liberalization and economic growth: Evidence from Tunisia," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania - AGER, vol. 0(4(609), W), pages 243-262, Winter.
    14. Igue, Charlemagne Babatoundé, 2013. "Intermédiation financière et croissance économique : une approche basée sur le concept d’efficacité-X appliquée à la zone UEMOA," L'Actualité Economique, Société Canadienne de Science Economique, vol. 89(1), pages 7-37, Mars.
    15. Bruno Amable & Jean-Bernard Chatelain & Claude Jessua, 1996. "La concurrence imparfaite entre les intermédiaires financiers est-elle toujours néfaste à la croissance économique ?," Revue Économique, Programme National Persée, vol. 47(3), pages 765-775.
    16. Crettez, Bertrand & Hayek, Naila & Morhaim, Lisa, 2017. "Optimal growth with investment enhancing labor," Mathematical Social Sciences, Elsevier, vol. 86(C), pages 23-36.
    17. Zaiter Lahimer, Mahjouba, 2011. "L’impact des entrées de capitaux privés sur la croissance économique dans les pays en développement," Economics Thesis from University Paris Dauphine, Paris Dauphine University, number 123456789/7670 edited by Sterdyniak, Henri.
    18. Philippe Jean-Pierre, 1997. "Sélection et tests de seuils de convergence," Revue Économique, Programme National Persée, vol. 48(3), pages 429-440.
    19. Tchouassi, Gérard & Tomo, Christian Parfait, 2022. "Modélisation des effets des réformes institutionnelles sur le développement financier pour la croissance économique en zone CEMAC [Modeling the effects of institutional reforms on financial develop," MPRA Paper 113482, University Library of Munich, Germany, revised 17 Jun 2022.

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