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Efficacité des systèmes financiers et développement économique

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  • Bruno Amable

    (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, UP1 - Université Paris 1 Panthéon-Sorbonne)

  • Jean-Bernard Chatelain

    (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, UP1 - Université Paris 1 Panthéon-Sorbonne)

Abstract

This paper surveys the theoretical and empirical relationship between economic growth and financial systems. Firstly, the existence of financial systems has a positive effect on growth because it increases the insurance against the illiquidity of real investment, the diversification of technological risk and the informations on investment projects. But informational asymmetries creates market imperfections which decreases economic growth. The costs and benefits for fostering growth of financial intermediation versus financial markets are also investigated, in particular, for their ability to control investment projects and to avoid a potential bias for short term projects. Finally, the econometric evaluations of the relationship between growth and finance are presented.

Suggested Citation

  • Bruno Amable & Jean-Bernard Chatelain, 1995. "Efficacité des systèmes financiers et développement économique," Post-Print hal-00825622, HAL.
    • Handle: RePEc:hal:journl:hal-00825622
    Note: View the original document on HAL open archive server: https://hal.science/hal-00825622
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    1. repec:jle:journl:167 is not listed on IDEAS
    2. denise Gisèle MEGNIGANG, 2021. "Développement du système financier et croissance économique," Journal of Academic Finance, RED research unit, university of Gabes, Tunisia, vol. 12(2), pages 50-72, December.
    3. Bouzid AMAIRA, 2016. "Financial liberalization and economic growth: Evidence from Tunisia," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania / Editura Economica, vol. 0(4(609), W), pages 243-262, Winter.
    4. 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.
    5. Alexandre Minda, 1997. "Marchés boursiers émergents et financement des infrastructures en Amérique Latine," Revue Économique, Programme National Persée, vol. 48(2), pages 295-320.
    6. Bruno Amable & Jean-Bernard Chatelain & Olivier De Bandt, 1997. "Confiance dans le système bancaire et croissance économique," Revue Économique, Programme National Persée, vol. 48(3), pages 397-407.
    7. Bouzid AMAIRA, 2016. "Financial liberalization and economic growth: Evidence from Tunisia," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania - AGER, vol. 0(4(609), W), pages 243-262, Winter.

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