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Investment and the rate of profit in a financial context: the French case

Author

Listed:
  • Yann Guy

    (GERME - Groupe d'Etudes sur la Régulation et les Mutations des Economies - UPD7 - Université Paris Diderot - Paris 7)

  • Mickaël Clévenot

    (CEPN - Centre d'Economie de l'Université Paris Nord (ancienne affiliation) - UP13 - Université Paris 13 - CNRS - Centre National de la Recherche Scientifique)

  • Jacques Mazier

    (CEPN - Centre d'Economie de l'Université Paris Nord (ancienne affiliation) - UP13 - Université Paris 13 - CNRS - Centre National de la Recherche Scientifique)

Abstract

The growth regime prevailing in France since the middle of the 1980s allowed for a recovery of profitability, yet without durable resumption of growth or accumulation of fixed capital. The financialization of this growth regime shows on both the asset and liability sides of the balance sheets. Following a post-Keynesian framework, we analyse and test the main determinants of real investment and financial capital accumulation for non-financial companies in France, based on data from the flow-of-funds accounts. This analysis points to an arbitrage, prevailing between real and financial accumulation, as a key reason explaining the insufficient recovery of investment.

Suggested Citation

  • Yann Guy & Mickaël Clévenot & Jacques Mazier, 2010. "Investment and the rate of profit in a financial context: the French case," Post-Print hal-00560949, HAL.
    • Handle: RePEc:hal:journl:hal-00560949
    DOI: 10.1080/02692170903426112
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