The role of banks and the State in the shaping of the French fund industry

Bedu, Nicolas

Document type :

Compte-rendu et recension critique d'ouvrage

DOI :

10.1080/09692290.2019.1596146

Title :

The role of banks and the State in the shaping of the French fund industry

Author(s) :

Bedu, Nicolas [Auteur]

Lille économie management - UMR 9221 [LEM]

Journal title :

Review of International Political Economy

Pages :

573-603

Publisher :

Taylor & Francis (Routledge)

Publication date :

2019-07

ISSN :

0969-2290

HAL domain(s) :

Sciences de l'Homme et Société/Economies et finances

English abstract : [en]

The article deals with the issue of the French financial system design based on a historical analysis of the development of the fund management industry. It recounts how the main banks have become leaders in the global ...
Show more >The article deals with the issue of the French financial system design based on a historical analysis of the development of the fund management industry. It recounts how the main banks have become leaders in the global asset management industry. This success relies on a long-term institutional evolution towards a hybrid model and the ongoing close relationships between banks and the State since the end of World War II. The establishment of a friendly institutional framework for the bank intermediation expansion was rooted in the seizure of power by reformist civil servants in the late 1950s and the early 1960s, who would later become heads at the Treasury and the main banks. We also argue that the Stateâ€™s ability to develop new forms of interventions, especially during financial liberalization and European construction, has been crucial in the development of a competitive fund industry. Finally, we show that the Stateâ€™s and banksâ€™ interests have driven the hybridization process of the fund sector and that the fund sector serves primarily the Stateâ€™s interests and the funding needs of the financial sector at the expense of the real economy.Show less >

Language :

Anglais

Popular science :

Non

Collections :

Lille Économie Management (LEM) - UMR 9221

Source :

Harvested from HAL

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