Les infrastructures financières réduisent les coûts d’intermédiation des banques. Elles font diminuer l’imperfection de la concurrence bancaire issue de la différenciation horizontale et le coût du capital et font augmenter le nombre des déposants et l’épargne collectée. Un niveau...

This article presents a particular case of spurious regression, when a dependent variable has a coefficient of simple correlation close to zero with two other variables, which are, on the contrary, highly correlated with each other. In these spurious regressions, the parameters measuring the...

Cet article présente un cas particulier de régression non fondée, lorsqu'une variable dépendante a un coefficient de corrélation simple proche de zéro avec deux autres variables, qui sont en revanche très corrélées entre elles. Dans ce type de régressions, les paramètres mesurant la...

This paper studies under which conditions the share of profit in value-added, financial constraints on investment and capital shortage may foster unemployment and may limit the growth of capital and/or the growth of aggregate demand, in a stock-flow consistent model. The efficiency of...

[eng] Investment and consolidation of firms financial structure.. . This paper stresses the difference between an external finance rationing regime caracterized by a maximal debt/capital ratio and a « consolidation » regime where a debt/capital ratio fall is preferred to investment. This last...

[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...