Equity and debt in a financialised economy: the French case
Yann Guy and
CEPN Working Papers from HAL
While many studies have been devoted to capital accumulation and rate of profit, the article empirically characterises the financialization at the level of firms' liability, i.e. at the level of debt and equity. In particular, the determinants of non financial firms' indebtedness and equity issuing will be analysed econometrically. The theoretical framework is mainly Post-Keynesian, with the founding role played by Minsky (1986) and with Stock Flow Consistent models proposed by Lavoie and Godley (2001), Godley and Lavoie (2007), Taylor (2004) and Dos Santos and Zezza (2008 )with their analysis of interactions between financial variables and investment. The article is based on the flow of funds accounts of INSEE which provide coherent data in flows and stocks over the period 1978-2007. Thanks to a precise account of financial assets and liabilities and capital gains, these data allow to implement a rigorous analysis of firms' financial behaviour at the macroeconomic level.
Keywords: finance; investment; portfolio behaviour; growth regime (search for similar items in EconPapers)
Note: View the original document on HAL open archive server: https://hal.archives-ouvertes.fr/hal-00435685
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1) Track citations by RSS feed
Downloads: (external link)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:hal:cepnwp:hal-00435685
Access Statistics for this paper
More papers in CEPN Working Papers from HAL
Bibliographic data for series maintained by CCSD ().