The Radical Change of French Firms’ Financial Characteristics. Macroeconomic Consequences and Lessons for Political Economics / Die französische Finanzrevolution. Die Folgen für die Finanzstruktur der Unternehmen

Cieply Sylvie ()
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Cieply Sylvie: Maitre de Conferences, Caen University, Member of the GEMMA (Groupe d’Etudes en Mathematique et Microeconomie Appliquee), Universite de Caen, Esplanade de la Paix, F-14 032 Caen cedex, France

Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), 2001, vol. 221, issue 5-6, 556-576

Abstract: The French financial system has undergone major changes in the last twenty years. Until the beginning of the eighties, the French financial system was a State credit based system. This system was overhauled in the mid eighties under the pressure of French budget deficits in the context of the European Integration process. The more visible consequence of this wave of reforms was the transformation of French firms’ financial structure and their relationships with banks. This article deals with this transformation. It elaborates on its consequences from a macroeconomic point of view and justifies new initiatives taken in France to promote the financing of small and medium sized enterprises.

Keywords: Financial structure; bank relationships; flight to quality; small business capital gap; Finanzzwänge; Kreditrationierung; Beziehungen zwischen Banken und Unternehmen (search for similar items in EconPapers)
Date: 2001
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Persistent link: https://EconPapers.repec.org/RePEc:jns:jbstat:v:221:y:2001:i:5-6:p:556-576

DOI: 10.1515/jbnst-2001-5-607

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