The growth regime which prevailed in France since the middle of the 1980s is characterised by a recovery of profitability without durable resumption of growth or accumulation of productive capital. The financialization of this growth regime can be read in firms' balance sheet structure with...

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...

French Abstract: La crise de la zone euro illustre les carences des mécanismes d'ajustements dans une union monétaire caractérisée par une forte hétérogénéité. Cette situation reflète un diagnostic simple. Au niveau de l'ensemble de la zone, l'euro est proche de son taux d'équilibre....

The euro zone crisis illustrates the insufficiency of adjustment mechanisms in a monetary union characterized by a large heterogeneity. Firstly, the paper gives an evaluation of exchange rate misalignments inside the euro zone, using a FEER approach (Jeong, Mazier and Saadaoui, 2010). Using...

The article examines the sensibility of economic growth to macroeconomic volatility, and the impact of financial development on volatility for a sample of 85 countries and OECD countries over two periods covering 1975 to 2006. In that purpose, we implented nonstationary panel techniques that...

Since the early eighties, the emergent economies, as the majority of the OECD members have implemented a broad financial liberalization process. The changes occur in coordination mode related to the liberalization were accompanied by a strong banking instability which reveals the major role...

Les institutions ont longtemps été tenues à l'écart du paradigme dominant en économie. Elles ont fait apparemment un retour triomphal dans les discours et les travaux académiques après les échecs des politiques d'austérité menée par les institutions de Bretton Woods durant les...

The absence of specifically dedicated method to represent financialized capitalism constitutes a significant gap in contemporary macroeconomic modelling considering the impact of finance on the rules of wealth production and distribution. From both the lessons of Regulation theory in terms of...

We analyze, in a unified theoretical framework, the two main models for equilibrium exchange rate, namely, the BEER and the FEER approaches. In order to understand the interactions between them, we study in detail the temporal links between these two measures. Our results show that, in average,...

Since the mid-1990s, we observe an increase of world current account imbalances. These imbalances have only been partially reduced since the burst of the crisis in 2007. They reflect, to some extent, exchange rate misalignments, an issue which has been frequently studied in the literature....