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Politique des dividendes et stabilité macroéconomique

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  • Sébastien Charles

Abstract

This article explores the consequences of an endogenous dividend policy in the context of a Cambridge model of growth and distribution. In this logic, we take into account the interactions between the retention ratio and the level of debt and investigate the conditions for macroeconomic stability. Then, we show that financial instability arises from less prudent behaviours from firms? managers with respect to distributed profits. Finally, some numerical simulations illustrate the results previously obtained. JEL classification: E12, E44, G35

Suggested Citation

  • Sébastien Charles, 2012. "Politique des dividendes et stabilité macroéconomique," Recherches économiques de Louvain, De Boeck Université, vol. 78(1), pages 75-91.
    • Handle: RePEc:cai:reldbu:rel_781_0075
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    Keywords

    endogenous retention rate; instability; cambridgian model;
    All these keywords.

    JEL classification:

    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • G35 - Financial Economics - - Corporate Finance and Governance - - - Payout Policy

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