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Financiarisation, répartition et croissance. Quelques faits stylisés à l'épreuve d'un modèle stock-flux.

Abstract : In this dissertation we try to explain the effects of financialization on income distribution in France since the 80's. We first present the institutional and macroeconomics evolutions in France between 1970 and 2006 and we give a definition of financialization. We observe three main macroeconomic evolutions. First, the wage share decreases form the beginning of the 1980's to the end of the 1990's. However, this recovery of saving has not been followed by a large increase of investment. Finally, distributed dividends by firms increase with a development of corporate governance and “shareholder value” orientation. From a theorical standpoint, we then introduce shareholder growing influence in a kaleckien stock-flow model. We show that an increase in financial profitability norms decreases the wage share and the accumulation rate. The growth slowdown dampens the unemployment rate and then the decrease in the wage share and in consumption. However, the raise in distributed dividends leads to an increase in consumption and then diminishes the negative effects on growth and on the wage share.
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https://tel.archives-ouvertes.fr/tel-00289304
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Submitted on : Friday, June 20, 2008 - 11:44:15 AM
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Célia Firmin. Financiarisation, répartition et croissance. Quelques faits stylisés à l'épreuve d'un modèle stock-flux.. Economies et finances. Université Panthéon-Sorbonne - Paris I, 2008. Français. ⟨tel-00289304⟩

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