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Politique des dividendes et stabilité macroéconomique

Published online by Cambridge University Press:  09 January 2015

Sébastien Charles
Sébastien Charles*
Affiliation:
E-mail: sebcharles92@yahoo.fr. Département d’Économie, LED, Université Paris 8
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Résumé

Cet article évalue les effets d'une politique des dividendes endogène dans le cadre d'un modèle cambridgien de croissance et répartition. Dans cette optique, nous prenons en compte les interactions entre le taux de rétention et le niveau d'endettement et mettons en évidence les conditions de la stabilité macroéconomique. Ainsi, nous montrons que l'instabilité financière provient de comportements moins prudents de la part des gestionnaires, concernant le versement des dividendes. Enfin, quelques simulations numériques servent à illustrer les résultats précédents.

Summary

Summary

This article explores the consequences of an endogenous dividend policy in the context of a Cambridge model of growth and distribution. In this logic, we take into account the interactions between the retention ratio and the level of debt and investigate the conditions for macroeconomic stability. Then, we show that financial instability arises from less prudent behaviours from firms' managers with respect to distributed profits. Finally, some numerical simulations illustrate the results previously obtained.

Keywords

endogenous retention rateinstabilitycambridgian modelE12E44G35taux de rétention endogèneinstabilitémodèle cambridgienE12E44G35
Type
Research Article
Information
Recherches Économiques de Louvain/ Louvain Economic Review , Volume 78 , Issue 1 , March 2012 , pp. 75 - 91
Copyright
Copyright © Université catholique de Louvain, Institut de recherches économiques et sociales 2012 

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