Author
Abstract
[eng] Trade-off between Internal and external growth In France. Some people say, that over the next fifteen years, France didn't make enough productive investments and made too many financial ones. We want to show that things weren 't so simple. In fact, investments under State's control decreased, as well as capital intensive investments and investments in buildings and contracts. But investments in durable productive goods kept up. The sharp increase in financial investments was due to an exceptional combination of factors and seems to have been temporary. About mergers and acquisitions, they don't weaken trench economy, but seem, on the contrary, to be a necessary condition to an efficient revival of direct investment as well as to make up for lost time in the beginning of the eighties. In fact, there was more a kind of sound "revolution" in investment practices, causing quite normally disturbances, than a reduction in investments, especially in productive ones. [fre] Selon certains, la France aurait pris un retard important vis-à-vis de ses concurrents en matière d'investissements productifs au profit d'investissements financiers excessifs. En fait, l'évolution a été plus complexe. On a assisté depuis quinze ans à une diminution sensible de l'investissement sous l'égide de l'État, à une baisse de celui à forte intensité capitalistique, ainsi qu'à une réduction de celui du bâtiment et de la construction. Mais l'investissement en biens d'équipement durable s'est maintenu à un niveau élevé, surtout en comparaison avec nos principaux concurrents. L'explosion de l'investissement financier aurait correspondu à une situation exceptionnelle et temporaire. Quant à la croissance externe, loin d'handicaper l'investissement direct, elle en serait une condition indispensable en permettant le nécessaire redéploiement des entreprises françaises et le rattrapage du retard pris au début des années quatre-vingt. On aurait donc beaucoup plus assisté à une « révolution » de l'investissement et à un assainissement accompagnés d'inévitables secousses qu'à une réduction, surtout de l'investissement de compétitivité.
Suggested Citation
Didier Pene, 1988.
"Arbitrage entre croissance interne et externe en France,"
Revue d'Économie Financière, Programme National Persée, vol. 5(2), pages 112-122.
Handle:
RePEc:prs:recofi:ecofi_0987-3368_1988_num_5_2_4646
DOI: 10.3406/ecofi.1988.4646
Note: DOI:10.3406/ecofi.1988.4646
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