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La démutualisation

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  • Stéphane Mottet

Abstract

[eng] The démutualisation . The démutualisation indicates the process by which a mutual company changes its legal status and is transformed into a quoted firm. The 1987 British law facilitated the development of this movement. In France, the verrou juridique prevents from it. However, the status aspect would not be a sufficient explanation, if there are no economic incentive to take advantage of this legal frame. Economic motivations of démutualisation are bound to the recent evolutions of the banking and financial framework. These evolutions are expressed by moving closer at national and international level in the purpose to reach a critical size and to realise economies of scale. This article presents first the dimension of the démutualisation . phenomenon, and analyses its economic reasons. . JEL classifications : G21, G22, L2 [fre] La démutualisation désigne le processus par lequel une société mutuelle change de statut juridique et se transforme en société cotée. La loi britannique de 1987 a probablement facilité l’essor de ce mouvement. A contrario, en France, le « verrou juridique » empêche de démutualiser au sens strict. Cependant, l’aspect réglementaire ne saurait être une explication suffisante, s’il n’existe pas des incitations économiques pour profiter de ce cadre juridique. Les motivations économiques de la démutualisation sont liées aux évolutions récentes du contexte bancaire et financier. Ces évolutions se traduisent par des rapprochements au niveau national et transnational dans le but affiché d’atteindre une taille critique et de réaliser des économies d’échelles. Cet article présente tout d’abord l’ampleur du phénomène de démutualisation, puis, dans un deuxième temps, en analyse les raisons économiques. . Classification JEL : G21, G22, L2

Suggested Citation

  • Stéphane Mottet, 2002. "La démutualisation," Revue d'Économie Financière, Programme National Persée, vol. 67(3), pages 111-120.
    • Handle: RePEc:prs:recofi:ecofi_0987-3368_2002_num_67_3_3576
    DOI: 10.3406/ecofi.2002.3576
    Note: DOI:10.3406/ecofi.2002.3576
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    References listed on IDEAS

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    1. Agnès Labye & Christine Lagoutte & Françoise Renversez, 2002. "Banques mutualistes et systèmes financiers : une analyse comparative Allemagne, Grande-Bretagne, France," Revue d'Économie Financière, Programme National Persée, vol. 67(3), pages 85-109.
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    More about this item

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • L2 - Industrial Organization - - Firm Objectives, Organization, and Behavior
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • L2 - Industrial Organization - - Firm Objectives, Organization, and Behavior

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