Long-Term Investors, Financial Regulation and Sustainable Growth

Investisseurs à long terme, régulation financière et croissance soutenable

Michel Aglietta () and Sandra Rigot ()
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Michel Aglietta: EconomiX - EconomiX - UPN - Université Paris Nanterre - CNRS - Centre National de la Recherche Scientifique

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Abstract: To resolve the euro zone crisis, a growth model mobilizing a European-wide generic innovation is needed. Environment conservation and adaptation to climate change nurture such principle if the European Community agrees upon a social value of carbon enabling the creation of carbon assets. Then potentially profitable investments must be financed. However investors are impeded by risk aversion, regulations and accounting standards. To overcome the dilemma, we show that regulations and standards must be adjusted so that investors get incentives to buy long-term assets. We also point out that a financial intermediation involving the central bank and a Green Fund may help diversification of investors in financing carbon assets.

Date: 2012
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Published in Revue d'économie financière, 2012, 108 (4), pp.189. ⟨10.3917/ecofi.108.0189⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-01449917

DOI: 10.3917/ecofi.108.0189

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