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La concurrence imparfaite entre les intermédiaires financiers est-elle toujours néfaste à la croissance économique ?

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  • Bruno Amable
  • Jean-Bernard Chatelain
  • Claude Jessua

Abstract

[fre] Les performances économiques de l'Allemagne et du Japon laissent supposer qu'une faible concurrence entre les intermédiaires financiers n'est pas nécessaire­ment un obstacle à la croissance. Cet article présente un modèle de croissance endogène comportant un secteur d'intermédiation financière en concurrence imparfaite. Une forte concentration du secteur bancaire implique une marge d'inter­médiation financière importante. Elle exerce un effet négatif sur la croissance par une baisse de la rémunération de l'épargne et une hausse du coût du capital. Mais les désavantages de la concurrence imparfaite peuvent être plus que compensés par l'accroissement de la productivité des investissements des entreprises prove­nant de l'expertise et du contrôle exercé par des banques « universelles ». [eng] This paper presents a model of endogenous growth with an imperfectly com­petitive financial intermediation sector. A concentrated banking sector implies a higher level of intermediation margin, which exerts a depressive influence on savings and investment. This prediction alone would suggest that the high growth performance of Germany and Japan are not related to the particular features of their financial sectors. However, if large financial institutions exert a positive influence on the productivity of industrial investment, thanks to their expertise and ability to advise entrepreneurs, the disadvantages of imperfect competition in terms of growth may be more than offset by the increase in productivity. The paper shows that this can be the case in a simple model of endogenous growth.

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  • Bruno Amable & Jean-Bernard Chatelain & Claude Jessua, 1996. "La concurrence imparfaite entre les intermédiaires financiers est-elle toujours néfaste à la croissance économique ?," Revue Économique, Programme National Persée, vol. 47(3), pages 765-775.
    • Handle: RePEc:prs:reveco:reco_0035-2764_1996_num_47_3_409814
    DOI: 10.3406/reco.1996.409814
    Note: DOI:10.3406/reco.1996.409814
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