Author
Abstract
[eng] Financing systems comparative trend : RFA, UK and Japan . Comments on the recent burst of capital markets often include some favourable judgements, in particular on the economic effect of the transformation of the funding methods. Most of the time, the market development is viewed as propitious for a greater efficiency in the financial resources allocation. But a comparative study of the trends in the funding methods of businesses in UK, RFA and Japan since World war II induces to modify a bit this opinion. In the postwar strong growth era, the noteworthy performance of the Japanese economy, and in a lower degree of the German one, rested mainly on bank credit. Conversely, the British economy — where external funding is traditionally supplied by the markets — was not able to break out of stagnation and of prewar demise. Since the seventies, the ranking of the economic performance of the three countries does not seem to have been seriously overturned by the fast development of capital markets. [fre] Les commentaires concernant la récente explosion des marchés financiers comportent souvent des jugements favorables, notamment sur l'impact économique de cette transformation des modes de financement. On considère la plupart du temps que le développement des marchés permet une meilleure efficience de l'allocation des ressources financières. Mais l'étude de l'évolution comparée des modes de financement des entreprises au Royaume-Uni, en Allemagne et au Japon depuis la Seconde Guerre mondiale conduit à nuancer fortement cette opinion. Dans la période de forte croissance, les remarquables performances de l'économie japonaise — et dans une moindre mesure allemande — se sont largement appuyées sur le crédit bancaire, tandis qu'à l'inverse, l'économie britannique — où la finance externe est traditionnellement dominée par les marchés — n'a pu sortir de la stagnation et d'un déclin déjà amorcé avant la guerre. À partir des années soixante-dix, la rapide expansion des marchés financiers ne semble pas avoir profondément bouleversé la hiérarchie des performances économiques des trois pays.
Suggested Citation
André Straus, 1988.
"Évolution comparée des systèmes de financement: RFA, Royaume-Uni et Japon,"
Revue d'Économie Financière, Programme National Persée, vol. 5(2), pages 44-66.
Handle:
RePEc:prs:recofi:ecofi_0987-3368_1988_num_5_2_4642
DOI: 10.3406/ecofi.1988.4642
Note: DOI:10.3406/ecofi.1988.4642
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