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Asymétrie des Monnaies : Quel Effet sur la Dette Publique des pays membres de la CEMAC ?

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  • Scott Regifère MOUANDAT

Abstract

Objet : L’asymétrie des monnaies est un phénomène qui touche les pays en développement en raison de leur dépendance à l’emprunt international libellé en devises et de la faiblesse de leurs monnaies. Une telle situation pourrait avoir des effets négatifs aussi bien dans la sphère privée que publique. Le présent article a alors pour objet de vérifier si un tel phénomène affecte la dette publique dans les pays en développement, membres d’une union monétaire telle que la CEMAC. Méthodologie : Nous utilisons une modélisation en panel dynamique fondée sur l’estimateur des moindres carrés dynamiques à correction d'erreur sur la période 1980-2017. Résultats : nous trouvons que ce phénomène accroît le coût de la dette dans les pays membres de la CEMAC seulement à court-terme et est neutre à long-terme. Nous pensons que ce résultat pourrait trouver son explication à travers deux canaux, celui des primes de risque, d’une part, et celui du taux de change, d’autre part. Une gestion rigoureuse de la dette publique devrait ainsi tenir compte d’un tel phénomène afin de minimiser ses effets néfastes. Originalité de l’article : L’originalité de l’article est double. D’une part, nous utilisons une nouvelle mesure de l’asymétrie des monnaies fondée sur les données des gouvernements. D’autre part, l’étude d’une telle relation n’a jamais été élaborée dans le cadre des pays membres de la CEMAC.

Suggested Citation

  • Scott Regifère MOUANDAT, 2022. "Asymétrie des Monnaies : Quel Effet sur la Dette Publique des pays membres de la CEMAC ?," Journal of Academic Finance, RED research unit, university of Gabes, Tunisia, vol. 13(1), pages 62-83, June.
    • Handle: RePEc:jaf:journl:v:13:y:2022:i:1:n:408
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    More about this item

    Keywords

    Asymétrie des monnaies; péché originel; dette publique; taux de change; prime de risque.; Currency mismatches; original sin; public debt; exchange rate; risk premium.;
    All these keywords.

    JEL classification:

    • M1 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration
    • N8 - Economic History - - Micro-Business History
    • G3 - Financial Economics - - Corporate Finance and Governance

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