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La croissance est-elle possible sans spoliation ?

  • Patrick Artus
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    [fre] Le niveau élevé de taux d'intérêt réel réalise un transfert des débiteurs vers les prêteurs, réduit l'investissement des entreprises et freine la croissance en France depuis 3 ans. Durant le début des années quatre- vingt, les taux d'intérêt réels étaient aussi élevés, mais les entreprises bénéficiaient d'un transfert compensateur favorable par la croissance lente du salaire réel. Remontant aux années soixante, on peut s'interroger sur la nature et la taille des transferts avec les ménages, l'Etat, le Reste du Monde dont ont profité ou qu'on subis les entreprises françaises. L'investissement et la croissance nécessitent-ils qu'une catégorie d'agents économiques soit spoliée au profit des entreprises ? [eng] High real interest rates transfer income from borrowers to lenders, and have slowed down investment and growth in France in the last three years. During the beginning of the 80 's, real rates were as high as today, but firms benefitted from offsetting transfers due to the slow growth in the real wage rate. We analyze the nature and size of transfers between households, the public sector, the rest of the world and the corporate sector in France since the 1960's. Do sustained investment and growth require that a group of economic agents has to transfer income to the corporate sector ?

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

    Volume (Year): 7 (1992)
    Issue (Month): 2 ()
    Pages: 31-52

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    Handle: RePEc:prs:rfreco:rfeco_0769-0479_1992_num_7_2_1307
    Note: DOI:10.3406/rfeco.1992.1307
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