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Equity and debt in a financialised economy: the French case

  • Mickaël Clévenot

    ()

    (CEPN - Centre d'Economie de l'Université de Paris Nord (ancienne affiliation) - Université Paris XIII - Paris Nord - CNRS : UMR7115)

  • Yann Guy

    ()

    (GERME - Groupe d'Etudes sur la Régulation et les Mutations des Economies - Université Paris VII - Paris Diderot)

  • Jacques Mazier

    (CEPN - Centre d'Economie de l'Université de Paris Nord (ancienne affiliation) - Université Paris XIII - Paris Nord - CNRS : UMR7115)

While many studies have been devoted to capital accumulation and rate of profit, the article empirically characterises the financialization at the level of firms' liability, i.e. at the level of debt and equity. In particular, the determinants of non financial firms' indebtedness and equity issuing will be analysed econometrically. The theoretical framework is mainly Post-Keynesian, with the founding role played by Minsky (1986) and with Stock Flow Consistent models proposed by Lavoie and Godley (2001), Godley and Lavoie (2007), Taylor (2004) and Dos Santos and Zezza (2008 )with their analysis of interactions between financial variables and investment. The article is based on the flow of funds accounts of INSEE which provide coherent data in flows and stocks over the period 1978-2007. Thanks to a precise account of financial assets and liabilities and capital gains, these data allow to implement a rigorous analysis of firms' financial behaviour at the macroeconomic level.

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File URL: http://hal.archives-ouvertes.fr/docs/00/43/56/85/PDF/Clevenot_Guy_Mazier_2009_-_Equity_and_debt_in_a_financialised_economy.pdf
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Paper provided by HAL in its series CEPN Working Papers with number hal-00435685.

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Date of creation: 15 Nov 2009
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Handle: RePEc:hal:cepnwp:hal-00435685
Note: View the original document on HAL open archive server: http://hal.archives-ouvertes.fr/hal-00435685
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  1. Micka�l Clevenot & Yann Guy & Jacques Mazier, 2010. "Investment and the rate of profit in a financial context: the French case," International Review of Applied Economics, Taylor & Francis Journals, vol. 24(6), pages 693-714.
  2. Davidson, Paul, 1972. "Money and the Real World," Economic Journal, Royal Economic Society, vol. 82(325), pages 101-15, March.
  3. Claudio Dos Santos & Gennaro Zezza, 2005. "A Simplified Stock-Flow Consistent Post-Keynesian Growth Model," Macroeconomics 0504019, EconWPA.
  4. Emilio Fernandez-Corugedo & Simon Price & Andrew Blake, 2003. "The dynamics of consumers' expenditure: the UK consumption ECM redux," Bank of England working papers 204, Bank of England.
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