Dualisme financier et développement au Cameroun : une approche néo-braudelienne et systémique
(2010)
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- (en) In many sub-saharan African countries, financial repression is explained by a one principal argument since the works of Mc Kinnon and Show in 1973: That is to say, the state intervention is so huge that it’s not permitting the financial sector to work following markets forces. This situation entails the development of an informal financial sector, where interest rates are higher than in the formal financial sector where they are fixed in authoritarian manner by the state. In the 1980, political adjustment programs decided the improvement of African countries financial sectors, by promoting financial liberalization. In the case of Cameroon, the informal financial system is still very huge and strong more than twenty years after financial liberalization politics. Why? Because, history, culture, diversity of rationality and actors are not pertinent parameters for economy when they are very important for a real development process. With an historical and systemic method, this research show that Mc Kinnon and Show are considering financial repression in a narrow vision which neglect history, institutions dynamic and the level of development where is a state like Cameroon. The comprehension of the real development process, need to take in account many kinds of financial repression in relation with social real development practices along the history. This research put forward many limits of a single economic approach of financial development to finance real development in a low income country like Cameroon. The author show that Cameroon is not obliged, considering his history and institutional path and singularity, to follow a mimetic financial development process and politics. Other orders and forms of institutional arrangements and development are possible in a combination between historical financial institutions and moderns financial institutions. A better way to develop the Cameroonian financial sector in order to improve real development could be a dynamic adaptation of the supply of financial skills and institutions to de demand of financing coming from all the populations’ classes.
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Amougou, T. (2010). Dualisme financier et développement au Cameroun : une approche néo-braudelienne et systémique. https://hdl.handle.net/2078.5/130988