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Pour une banque de développement efficace : prêts ou garanties ?

Author

Listed:
  • Eduardo FERNANDEZ-ARIAS
  • Jiajun XU

Abstract

Comment les banques nationales de développement (BND) devraient-elles évaluer la rentabilité de l'utilisation des prêts et des garanties de prêts, afin de choisir le type d'instrument financier le plus approprié pour chaque programme ? Nous constatons que l'impact sur le développement par dollar de ressources fiscales requises par chaque instrument dépend largement du type de défaillance du marché auquel le programme répond. De manière générale, la théorie suggère que l'incapacité du marché à réaliser des projets d'investissement à haut rendement social en raison d'externalités positives nécessite des prêts à taux réduit ou des subventions pour inciter les investisseurs. Tandis qu'une mauvaise application du remboursement des prêts, ou des lacunes du système financier privé pour supporter le risque, favoriserait généralement l'utilisation de garanties de prêts pour améliorer la rentabilité des prêts privés aux emprunteurs jugés non solvables. Les coûts d'agence dans les opérations de second niveau peuvent justifier des opérations de premier niveau avec un champ d'application plus large pour les prêts, y compris un rôle pour les prêts contingents avec une prise de participation afin de réduire la charge fiscale. Cette référence stylisée fournit un point de départ pour analyser les raisons du choix des instruments par les BND et évaluer si les frictions financières réelles sont suffisamment importantes pour justifier des dérogations à ces lignes directrices.Ce papier de recherche est publié dans le cadre des groupes de travail de l'International Research Initiative on Public Development Banks, et à l'occasion de la 14ème conférence internationale de recherche de l’AFD sur le développement.Réaliser le potentiel des banques publiques de développement pour atteindre les objectifs de développement durable, c’est l’ambition du programme de recherche lancé par l'Institut de la nouvelle économie structurelle de l'université de Pékin (INSE), et soutenu par l’Agence française de développement, la Fondation Ford et l’International Development Finance Club (IDFC).Consulter la synthèse pour un aperçu rapide de ce travail et des résultats de rechercheVisionner le pitch vidéo

Suggested Citation

  • Eduardo FERNANDEZ-ARIAS & Jiajun XU, 2020. "Pour une banque de développement efficace : prêts ou garanties ?," Working Paper 2fcdfcfb-d113-44d8-9e02-6, Agence française de développement.
    • Handle: RePEc:avg:wpaper:fr11685
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    References listed on IDEAS

    as
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    JEL classification:

    • Q - Agricultural and Natural Resource Economics; Environmental and Ecological Economics

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