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La concurrence imparfaite entre les intermédiaires financiers est-elle toujours néfaste à la croissance économique ?

  • Jean-Bernard Chatelain

    ()

    (CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique)

  • Bruno Amable

    ()

    (CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique)

Les performances économiques de l'Allemagne et du Japon laissent supposer qu'une faible concurrence entre les intermédiaires financiers n'est pas nécessairement un obstacle à la croissance. Cet article présente un modèle de croissance endogène ne comportant un secteur d'intermédiation financière en concurrence imparfaite. Une forte concentration du secteur bancaire implique un marge d'intermédiation financière importante. Elle exerce un effet négatif sur la croissance par une baisse de la rémunération de l'épargne et une hausse du coût du capital. Mais les désavantages de la concurrence imparfaite peuvent être plus que compensés par l'accroissement de la productivité des investissements des entreprises provenant de l'expertise et du contrôle exercés par des banques universelles.

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File URL: https://halshs.archives-ouvertes.fr/halshs-00009024v2/document
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Paper provided by HAL in its series Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) with number halshs-00009024.

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Date of creation: 1996
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Publication status: Published in Revue Economique, Presses de Sciences Po, 1996, 3, pp.765-775
Handle: RePEc:hal:cesptp:halshs-00009024
Note: View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-00009024v2
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  1. Mayer, Colin, 1987. "New Issues in Corporate Finance," CEPR Discussion Papers 181, C.E.P.R. Discussion Papers.
  2. Romer, Paul M, 1986. "Increasing Returns and Long-run Growth," Journal of Political Economy, University of Chicago Press, vol. 94(5), pages 1002-37, October.
  3. Levine, Ross & Renelt, David, 1992. "A Sensitivity Analysis of Cross-Country Growth Regressions," American Economic Review, American Economic Association, vol. 82(4), pages 942-63, September.
  4. Jean-Claude Berthélemy & Aristomène Varoudakis, 1994. "Intermédiation financière et croissance endogène," Revue Économique, Programme National Persée, vol. 45(3), pages 737-750.
  5. Bruno Amable & Jean-Bernard Chatelain, 1995. "Efficacité des systèmes financiers et développement économique," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-00825622, HAL.
  6. King, Robert G. & Levine, Ross, 1993. "Finance and growth : Schumpeter might be right," Policy Research Working Paper Series 1083, The World Bank.
  7. Yafeh, Y. & Yosha, O., 1995. "The Strategic Use of Relationship Banking," Papers 38-95, Tel Aviv.
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