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Le Rôle des marchés de capitaux dans la croissance et le développement économique

Abstract : The present dissertation attempts to answer to the following questions. (1) How does the development of the financial system favor economic growth, and thereby economic development? (2) What are the drawbacks of the development of the financial system? How to take full advantage of financial system development while minimizing the costs resulting from financial crises? The task consists of two main parts. In the first part, we set up simple endogenous growth models that establish a positive relationship between financial development (i.e. financial intermediaries and stock markets development) and economic growth. We also investigate empirically the relationship in question. In the second part, we investigate the issues of the determinants of banking stability, contagion, and measures to foster financial stability. The main results findings are: (1) There is a positive between finance and economic growth. (2) Financial intermediaries stimulate economic growth if countries have attained a minimum initial level of education. The development of stock markets boosts economic growth if countries have a high level of initial income (threshold effect). (3) The direction of the causality between financial development and economic growth is country specific. It is either unidirectional or bi-directional, with more cases where finance Granger causes economic growth. (4) Banking crises are likely to occur every ten years or so, even if financial system has been stable (i.e. absence of crises) until the year before the crises. (5) The US financial Market appears to be the leader in the world: a shock in US financial market rapidly contaminate other financial markets in the world. whilst Hong Kong and Thailand appear to be the leading markets in Asia. The policy implications are: (a) Developing countries have interest to favor the development of their financial systems by progressively liberalizing their financial markets. (b) Developing countries should invest in education so that financial intermediaries that constitute the main component of their financial systems could foster their economic growth. (c) An international financial coordination in prudential supervision and regulation policies is required in order to minimize the costs of financial crises.
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  • HAL Id : tel-00663447, version 1



Brou Emmanuel Aka. Le Rôle des marchés de capitaux dans la croissance et le développement économique. Economies et finances. Université d'Auvergne - Clermont-Ferrand I, 2005. Français. ⟨NNT : 2005CLF10297⟩. ⟨tel-00663447⟩



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