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Le placement des obligations du trésor : l'Etat doit-il discriminer ?

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  • Florence Naegelen

Abstract

[fre] Cet article analyse les procédures de placement des obligations du Trésor à la lumière des enseignements récents de la théorie des enchères. Les O.A.T. sont actuellement émises en France en recourant à la technique de l'adjudication à la hollandaise, qui implique un prix payé différent selon les offreurs. Un certain nombre d'arguments plaident toutefois en faveur de procédures à prix uniforme. Cet article présente les arguments théoriques permettant d'apprécier les différentes procédures de plusieurs points de vue: revenu et coût pour l'Etat, stratégie des offreurs, possibilités de manipulation (accaparement du marché, ententes)... [eng] This article analyzes the Treasury's securities selling procedures in the theoretical framework of auction theory. The French Treasury actually uses a discriminatory dutch auction to sell O.A.T., which implies that different prices are payed by the buyers. Some arguments can however be considered in favour of a single price auction. Several theoretical arguments are developed in this article to compare the procedures according different points of view: selling cost and revenue for the Treasury, buyers' strategies, individual and collective manipulation possibilities...

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File URL: http://dx.doi.org/10.3406/rfeco.1995.984
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File URL: http://www.persee.fr/articleAsPDF/rfeco_0769-0479_1995_num_10_3_984/rfeco_0769-0479_1995_num_10_3_984.pdf?mode=light
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Bibliographic Info

Article provided by Programme National Persée in its journal Revue française d'économie.

Volume (Year): 10 (1995)
Issue (Month): 3 ()
Pages: 45-79

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Handle: RePEc:prs:rfreco:rfeco_0769-0479_1995_num_10_3_984

Note: DOI:10.3406/rfeco.1995.984
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Web page: http://www.persee.fr/web/revues/home/prescript/revue/rfeco

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