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Comprendre la crise du credit structure

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Author Info
Michel Aglietta
Abstract

La crise financiere qui sevit dans les pays occidentaux a quelque chose d’insolite. Comment se fait-il que des difficultes de paiement dans un segment particulier du financement de l’immobilier aux Etats-Unis (subprime mortgage) ait pu degenerer en crise generale du credit qui aurait completement paralyse le marche international de la liquidite bancaire sans l’intervention repetee et massive des banques centrales ? Pour le comprendre, il faut entrer dans les arcanes du modele de financement dit de la titrisation des credits, devenu preponderant aux Etats-Unis a partir de 2001. Des etudes recentes montrent que ce modele a entraine une baisse de l’aversion au risque des preteurs et une sous-evaluation du risque a l’origine des credits. La dissemination du risque, qui est la raison d’etre de la titrisation, s’est accompagnee d’une deperdition d’information sur le risque des credits tout au long de la chaine qui va de l’emprunteur initial aux acheteurs des tranches de credit titrise. Ce modele de financement est devenu une machine a engendrer des pertes.

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File URL: http://www.cepii.fr/francgraph/publications/lettre/resumes/2008/let275.htm
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Publisher Info
Article provided by CEPII research center in its journal La Lettre du CEPII.

Volume (Year): (2008)
Issue (Month): 275 (February)
Pages:
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Handle: RePEc:cii:cepill:2008-275

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Related research
Keywords: Crise financiere

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This page was last updated on 2008-10-1.


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