The role of banks and the State in the shaping of the French fund industry
| Autor: | Caroline Granier, Nicolas Bedu |
|---|---|
| Přispěvatelé: | Lille économie management - UMR 9221 (LEM), Université d'Artois (UA)-Université catholique de Lille (UCL)-Université de Lille-Centre National de la Recherche Scientifique (CNRS), Université d'Artois (UA) |
| Jazyk: | angličtina |
| Rok vydání: | 2019 |
| Předmět: |
Economics and Econometrics
Sociology and Political Science media_common.quotation_subject Role of the State 050601 international relations [SHS]Humanities and Social Sciences MESH: Hybridization hybridizationH State (polity) Banks MESH: Role of the State 050602 political science & public administration MESH: Fund management media_common Finance business.industry 05 social sciences UCITS 16. Peace & justice [SHS.ECO]Humanities and Social Sciences/Economics and Finance 0506 political science Investment management MESH: France Political Science and International Relations France business MESH: UCITS Fund management |
| Zdroj: | Review of International Political Economy Review of International Political Economy, Taylor & Francis (Routledge), 2019, 26 (4), pp.573-603. ⟨10.1080/09692290.2019.1596146⟩ Review of International Political Economy, 2019, 26 (4), pp.573-603. ⟨10.1080/09692290.2019.1596146⟩ |
| ISSN: | 0969-2290 1466-4526 |
| DOI: | 10.1080/09692290.2019.1596146⟩ |
| Popis: | International audience; 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 State’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 State’s and banks’ interests have driven the hybridization process of the fund sector and that the fund sector serves primarily the State’s interests and the funding needs of the financial sector at the expense of the real economy. |
| Databáze: | OpenAIRE |
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