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Systèmes financiers et croissance: les effets du court-termisme

  • Bruno Amable


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

  • Jean-Bernard Chatelain


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

Dans le cadre d´un modèle de croissance endogène fondé sur l´innovation, cet article compare deux modes de financement de l´économie. Dans un cas, le financement est assuré par une multitude de petits prêteurs, dans l´autre, une seule grande banque fournit l´ensemble des prêts. Il existe deux types de projets d´innovation, un de court terme et un de long terme, et deux types d´innovateurs, certains étant efficaces et d´autres non. Le mode de financement par petits prêteurs conduit à écarter les projets d´innovation de long terme, même lorsqu´ils sont profitables, pour privilégier les projets de court terme. A l´inverse, un financement centralisé favorise la réalisation des projets de long terme. Sous certaines conditions, les économies à systèmes financier centralisé croissent plus vite que les autres.

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Paper provided by HAL in its series Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) with number halshs-00118638.

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Date of creation: 1995
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Handle: RePEc:hal:cesptp:halshs-00118638
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