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Politique des dividendes et stabilité macroéconomique

Author

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  • Sébastien CHARLES

    (Université de Paris 8, Département d’économie, LED)

Abstract

Cet article évalue les effets d’une politique des dividendes endogène dans le cadre d’un modèle cambridgien de croissance et répartition. Dans cette optique, nous prenons en compte les interactions entre le taux de rétention et le niveau d’endettement et mettons en évidence les conditions de la stabilité macroéconomique. Ainsi, nous montrons que l’instabilité financière provient de comportements moins prudents de la part des gestionnaires, concernant le versement des dividendes. Enfin, quelques simulations numériques servent à illustrer les résultats précédents.

Suggested Citation

  • Sébastien CHARLES, 2012. "Politique des dividendes et stabilité macroéconomique," Discussion Papers (REL - Recherches Economiques de Louvain) 2012014, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
    • Handle: RePEc:ctl:louvre:2012014
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    Keywords

    Taux de rétention endogène; Instabilité; Modèle cambridgien;
    All these keywords.

    JEL classification:

    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • G35 - Financial Economics - - Corporate Finance and Governance - - - Payout Policy

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