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Le secteur des télécommunications surfe-t-il de bulle en bulle ?

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  • Mathieu Plane

Abstract

The telecommunication sector has recently undergone a fast development which accelerated from the second half of the 1990s, with the rise of the GSM and the Internet. But the actual growth of the sector turned into a gigantic financial bubble which was at the origin of one of the worst sector-based crises that the modern economies had seen. In this article, we try to identify the factors driving such a financial valuation of the telecommunications companies as well as those leading to the reversal of financial markets. Finally, on the verge of the implementation of the UMTS in France, some elements let us think that a new bubble might appear in the coming years. In the appendices, we simulate the financial profitability of the UMTS and estimate the macroeconomic impact of this project on the constituents of French economic growth.

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  • Mathieu Plane, 2004. "Le secteur des télécommunications surfe-t-il de bulle en bulle ?," Revue de l'OFCE, Presses de Sciences-Po, vol. 88(1), pages 151-184.
    • Handle: RePEc:cai:reofsp:reof_088_0151
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