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A characterization of the French financial system

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  • David Cobham
  • Jean‐Marin Serre

Abstract

Data on the net sources of finance for France are used to argue that the French financial system was never anéconomie d’endettement, and to question the idea that France has converged on the Anglo‐Saxon model under the impact of financial innovation and deregulation since the early 1980s. These data and additional qualitative information suggest that in the French financial system firms and their managers have more autonomy and more control over the allocation of financial resources than their counterparts in the Anglo‐Saxon countries or Japan, and the French system should not therefore be seen as a mere ‘halfway‐house’ between these two polar types.

Suggested Citation

  • David Cobham & Jean‐Marin Serre, 2000. "A characterization of the French financial system," Manchester School, University of Manchester, vol. 68(1), pages 44-67, January.
    • Handle: RePEc:bla:manchs:v:68:y:2000:i:1:p:44-67
    DOI: 10.1111/1467-9957.00181
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    Cited by:

    1. Brissimis, Sophocles N. & Magginas, Nicholas S., 2005. "Changes in financial structure and asset price substitutability: A test of the bank lending channel," Economic Modelling, Elsevier, vol. 22(5), pages 879-904, September.
    2. Cobham, David & Subramaniam, Ramesh, 1998. "Corporate finance in developing countries: New evidence for India," World Development, Elsevier, vol. 26(6), pages 1033-1047, June.
    3. Ye Bai & Christopher Green, 2011. "Determinants of cross-sectional stock return variations in emerging markets," Empirical Economics, Springer, vol. 41(1), pages 81-102, August.
    4. Hölzl, Werner, 2006. "Convergence of financial systems: towards an evolutionary perspective," Journal of Institutional Economics, Cambridge University Press, vol. 2(1), pages 67-90, April.
    5. Christopher J. Green & Victor Murinde & Joy Suppakitjarak, 2003. "Corporate Financial Structures in Indiaâ€," South Asia Economic Journal, Institute of Policy Studies of Sri Lanka, vol. 4(2), pages 245-273, September.

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