Title :

The (Over)Cost of Capital: Financialization and Nonfinancial Corporations in France (1961–2011)

Author(s) :

Cordonnier, Laurent [Auteur]
Centre Lillois d’Études et de Recherches Sociologiques et Économiques - UMR 8019 [CLERSÉ]
Dallery, Thomas [Auteur]
Centre Lillois d’Études et de Recherches Sociologiques et Économiques - UMR 8019 [CLERSÉ]
Duwicquet, Vincent [Auteur]
Centre Lillois d’Études et de Recherches Sociologiques et Économiques - UMR 8019 [CLERSÉ]
Melmies, Jordan [Auteur]
Centre Lillois d’Études et de Recherches Sociologiques et Économiques - UMR 8019 [CLERSÉ]
Van De Velde, Franck [Auteur]
Centre Lillois d’Études et de Recherches Sociologiques et Économiques - UMR 8019 [CLERSÉ]

Journal title :

Review of Political Economy

Abbreviated title :

Review of Political Economy

Volume number :

31

Pages :

407-429

Publisher :

Informa UK Limited

Publication date :

2019-07-03

English keyword(s) :

Capital accumulation
cost of capital
theory of the firm
financialization

HAL domain(s) :

Sciences de l'Homme et Société/Economies et finances

English abstract : [en]

The term ‘financialization’ is often used to describe the major changes that occurred in the macroeconomic regimes of most developed and, to a lesser extent, emerging economies since the beginning of the 1980s. In the ...
Show more >The term ‘financialization’ is often used to describe the major changes that occurred in the macroeconomic regimes of most developed and, to a lesser extent, emerging economies since the beginning of the 1980s. In the present paper, we propose a reappraisal of the notion of the cost of capital and subsequently argue that financialization in France has increased the cost of capital for nonfinancial corporations with new standards of financial profitability. We introduce a measurement for what could be called the over-cost of capital and describe how the evolution of this additional financial burden may explain the slowdown in the pace of capital accumulation, and thus the drop in French macroeconomic performance observed for the past 30 years.Show less >

Language :

Anglais

Audience :

Non spécifiée

Administrative institution(s) :

Université de Lille
CNRS
Univ. Littoral Côte d’Opale

Collections :

• Centre Lillois d'Études et de Recherches Sociologiques et Économiques (CLERSE) - UMR 8019

Submission date :

2020-04-29T10:23:31Z
2020-04-29T12:03:03Z