Book
French
ID: <
10670/1.ksjm37>
Abstract
Finance is a key area for observing the transformation of public policy, or even the ‘paradigm shift’ in public policies. Indeed, the financial systems of all market economy countries have undergone profound upheavals over the last 20 years, which have helped to bring them into line. The general trend is characterised by: State disinvestment, where it was very present as regulator, administrator and/or “player”; a de-segmentation of banking and financial markets through, for example, the abolition of boundaries between traditional credit activities and securities issuance or portfolio management activities; financial disintermediation, which allows large companies to turn directly to capital markets without going through banks for their funding needs. [First paragraph]