No abstract

* We are grateful to Farid Toubal and Matthieu Bussière, as well as participants at the Banque de France internal seminar for valuable comments and suggestions. Previous versions of the paper benefited from comments from participants at the 61 AFSE Annual Congress and the 2011 Multilateral Seminar on "Financing of the economy in European countries in the catching-up phase". Nathalie Raveau provided excellent research assistance. The views expressed in this paper are those of the authors only and do not necessarily reflect the views of Banque de France.

No abstract

* We are grateful to Farid Toubal and Matthieu Bussière, as well as participants at the Banque de France internal seminar for valuable comments and suggestions. Previous versions of the paper benefited from comments from participants at the 61 AFSE Annual Congress and the 2011 Multilateral Seminar on "Financing of the economy in European countries in the catching-up phase". Nathalie Raveau provided excellent research assistance. The views expressed in this paper are those of the authors only and do not necessarily reflect the views of Banque de France.