A tale of dualization: accounting for the partial marketization of regulated savings in France

Elsa Massoc and Cyril Benoît ()
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Elsa Massoc: HSG - University of St.Gallen
Cyril Benoît: CEE - Centre d'études européennes et de politique comparée (Sciences Po, CNRS) - Sciences Po - Sciences Po - CNRS - Centre National de la Recherche Scientifique

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Abstract: As in other countries, regulated savings in France are intricately woven into dense regulatory frameworks driven by explicit governmental objectives. the anticipated marketization of the French economy should have eradicated them; however, a substantial portion of regulated savings has managed to evade this process. is this phenomenon attributable to the tenacious grip of the French state-led tradition? Not entirely, as another subset of these savings has indeed undergone marketization. the landscape of French regulated savings is notably distinguished by a growing dichotomy: on one side, non-marketized products offered by banks, and on the other, increasingly marketized products provided by insurers. Drawing upon process tracing, we contend that these ostensibly conflicting developments emanate from the distinct and precise institutional dependencies between state and private actors in which these products are enmeshed. the prevailing status quo within the banking sector is owed to banks' engagement in a mutually advantageous, long-term exchange of favors with state actors. Faced with the trade-off between offering less lucrative products and risking the endangerment of this relationship, banks have opted for the former. in contrast, an assertive strategy has gained traction in the insurance industry. Yet, strategies for the marketization of regulated savings aligned with state priorities have been implemented, even when insurers expressed opposition.

Keywords: Regulated savings; marketization; dualization; insurance; banks; state capitalism (search for similar items in EconPapers)
Date: 2023
New Economics Papers: this item is included in nep-ban
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Published in Review of International Political Economy, inPress, ⟨10.1080/09692290.2023.2246989⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04220435

DOI: 10.1080/09692290.2023.2246989

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