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Systèmes financiers et régimes de croissance

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  • Michel Aglietta

Abstract

[fre] Cette réflexion met en perspective l’impact de la mondialisation financière sur le capitalisme contemporain. Trois angles d’attaque sont étudiés : le premier concerne l’incidence de la mondialisation des marchés sur les entreprises, le deuxième sur la logique des systèmes financiers et le troisième sur la dynamique des régimes de croissance. La mondialisation et la mobilité des facteurs de production ont rendu possible le contrôle par la finance et ont remodelé le pouvoir à l’intérieur de la firme. Par ailleurs, la mondialisation a mué la finance dirigée par les banques en une finance de marchés gouvernée par les investisseurs institutionnels. En régime de croissance patrimonial, le taux d’intérêt est une variable clef. Or les marchés financiers globalisés ont transformé la conduite de la politique monétaire en un jeu stratégique entre la Banque centrale et les marchés. . Classification JEL : G15, G32 [eng] Financial systems and growth. This article deals with the effect of the financial globalisation on the contemporary capitalism. Three points are studied : the effect of market globalisation on firms, on financial systems and on dynamic of growth. With globalisation and factor’s mobility, finance supervises the firm. Banking finance becomes moreover a market finance managed by institutional investors. Interest rate is the most important variable in patrimonial growth. But global financial markets have changed policy monetary into a strategic game between markets and central bank. . JEL classifications : G15, G32

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  • Michel Aglietta, 2001. "Systèmes financiers et régimes de croissance," Revue d'Économie Financière, Programme National Persée, vol. 61(1), pages 83-115.
    • Handle: RePEc:prs:recofi:ecofi_0987-3368_2001_num_61_1_3882
    DOI: 10.3406/ecofi.2001.3882
    Note: DOI:10.3406/ecofi.2001.3882
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    References listed on IDEAS

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    1. Richard B. Freeman, 2000. "Single Peaked Vs. Diversified Capitalism: The Relation Between Economic Institutions and Outcomes," NBER Working Papers 7556, National Bureau of Economic Research, Inc.
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    More about this item

    JEL classification:

    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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