Manual Système financier et création de valeur (Revue déconomie financière) (French Edition)

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Conclusion : Ce qui est en jeu. Il faut le tarifier convenablement par des primes significatives. La tradition japo-. Aglietta M. Chevalier-Farat T. Clanet S. Eichinger M. Geoff ron P. Guichard S.

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Lacoste O. Thus for instance automobile producers provide financial services to ease the purchase of cars for their customers. This could be seen as a useful practice to help sales, but the problem is that these financial activities have tended to become more profitable than the industrial ones for many firms, implying that in the end the production of goods becomes instrumental to the sale of financial services.

This contributes to the focus on shareholder value maximisation at the expense of long-term investments, namely short-termism of management. The evidence that the financial sector lures high-skilled people who could provide the technical and engineering skills needed in the financial sector illustrates this point. Wages have grown much faster in the financial sector than in the other sectors since the lates onwards.

Restructurations et stratégies dans le secteur financier européen - Persée

In addition, the fastest growing occupations in the financial sector are related to trading of financial assets and to the use of computers and mathematics, at the expense of jobs involving more routine tasks. Financial activities are intangible and not linked to territories. When firms are essentially governed by short-term financial interests, the advantages of rooting their activities in territories and benefitting from social capital become secondary relative to short-term financial imperatives.

More importantly, the financial sector gets increasing distance with important agents of industrial development such as SMEs. The evidence is that SMEs have been particularly affected by the financial crisis in terms of access to finance and investment opportunities EIB, The restructuring in the banking sector in the last decades has been characterised by mergers and acquisitions leading to the creation of large banks and the reduction in small local banks, which have constituted the primary channel for SMEs relationships with the financial sector.

Industrial development is a bottom-up process, whereby firms are created in specific territories, where and when they find appropriate social and institutional networks. The economic geography literature has stressed that point see Boschma, , for a review.

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In addition, current industrial structural changes seem to lead to an increasing importance of territories, which have to mobilise skills and knowledge in order to specialise in specific tasks and strategic phases of production processes in global value chains. For this purpose, regional industrial policy appears to have an important role Bristow and Healy, ; Bianchi and Labory, a. This contrasts with the financial sector, which is global and not place-based.

According to the EIB, in , investment levels are about 17 per cent below their peak in Even before the crisis investment in non-financial activities was low, due to low expected returns compared to financial assets. Figure 4. Gross fixed capital formation by the government, to Source : EIB , p. Figure 5. Source : EIB, Particularly at the turn of the century the importance of intangible assets was highly stressed, in the knowledge-based economy that was argued to be diffusing Bianchi and Labory, b.

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Intangible assets are defined as claims to future benefits, which do not have a financial or physical embodiment, such as human capital, innovation, organisational and social capital. Labory also stressed that industrial policies implemented in the last 10 to 15 years in various countries, including Europe, but also the USA and Japan, have stressed the importance of bottom-up processes, namely industrial development starting in specific poles or territories where particular knowledge and competencies concentrate.

Hence the policy of cluster, especially high tech ones, is another aspect of the new industrial policy. The OECD published different studies on clusters and their role in regional development, particularly in innovation that clusters introduce in the economic system Roeland and den Hertog, ; OCSE, Clusters are systems of firms, especially SMEs, embedded in territories, standing in contrast with the global and place-less financial sector outlined in the last section.

The governance of industrial policy has to be multilevel and participative Bianchi and Labory, a. Participative means that industrial policy is designed taking account of the views of the different stakeholders involved in the industrial development process: business, worker representatives, education institutions, and so on. This has been the case even at European level when business pushed in the lates for the completion of the single market as a policy to promote growth and jobs.

However, industrial development is a bottom-process and firm creation primarily starts at the local level, when a small firm is created and develops thanks to a favourable environment. Even in globalisation and the diffusion of global value chains as production processes, territories have to specialise in specific tasks Bianchi and Labory, Consequently the governance process of industrial policy has to be multilevel, with rules and specific programmes defined at national level but also complemented by regional industrial policy Bianchi and Labory, a.

Rather, they aim at providing the conditions for the competitiveness firms and industries, favouring specific growth path, particularly green growth paths Rodrik, It was argued that the financial sector was likely to draw away resources from the real sector, which could explain the investment crisis in Europe arising even prior to the crisis. Short-termism was a second consequence, contrasting with industrial policy, which has long-term horizon, aiming at favouring structural changes arising through long-term investments and long-term evolutionary processes whereby new knowledge is created and diffuse in the economy, thanks to new human capital which skills take time to adjust, especially when highly-skilled workers are lured by the financial sector and not the real one third consequence.

This is in contrast with the financialisation trends, which imply shrinking territorial dimension. Yet the importance of industrial policy at lower levels than the national one, especially the regional one, has been increasingly stressed, for instance in Italy Cappellin et al.

Systèmes financiers et croissance

The discussion above leads to propose a broad view of productive sectors that would include financial sectors, and policies towards the financial sectors that would provide incentive for financial institutions to focus their financing activities on the real sector rather than on speculative activities. First, financial transaction taxes would help reduce speculation in the financial sector and therefore re-orientate finance towards long-term productive investments.

Second, a separation between commercial and investment banking would help refocus the financial sector on the savings-investment linkages. Third, a restructuring of the banking sector should be promoted to discourage banking activities in derivatives and other financial assets and to favour the channelling of savings to productive investments. The European Commission hence published a communication on industrial policy for manufacturing renaissance in European Commission, However, the discussion in this paper shows that Manufacturing renaissance also means a rebalancing of productive sectors, including a financial sector returning to its primary function of provider of finance to real and long-term activities.

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Formation 24option - Le système financier

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