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Les effets ambigus de la libéralisation financière dans les pays en développement Croissance économique ou instabilité financière ?

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  • Saoussen Ben Gamra

    (CEPN - Centre d'économie de l'Université de Paris Nord - CNRS : UMR7115 - Université Paris-Nord - Paris XIII)

  • Mickaël Clévenot

    ()
    (CEPN - Centre d'économie de l'Université de Paris Nord - CNRS : UMR7115 - Université Paris-Nord - Paris XIII)

Abstract

Ce papier tente de comprendre la coexistence d'une littérature favorable à la libéralisation financière et une approche nettement plus critique et tente de concilier les deux courants. Les effets favorables de la libéralisation financière sur la croissance économique et les effets défavorables des crises financières et notamment bancaires sont souvent intiment liées à travers l'existence de cycle financier. L'hypothèse centrale est que la libéralisation accroît l'instabilité financière et que c'est cette relation négative entre les deux phénomènes qui réduit l'apport favorable de la libéralisation sur la croissance. Plusieurs arguments théoriques sont présentés à l'appui de ces relations liant la libéralisation financière, l'instabilité et la croissance, qui sont ensuite testés avec succès sur un échantillon d'une vingtaine de pays « en développement » durant la période (1980-2002). Cette analyse montre qu'une politique de libéralisation financière, destinée à promouvoir le développement financier et la croissance, ne doit pas se faire dans n'importe quel environnement économique et institutionnel et que par delà le respect de ces règles, rarement effectif, ne garantissent pas de pouvoir assurer un contrôle complet de la libéralisation financière ce qui explique a priori la supériorité des effets négatifs de la libéralisation financière dans ce travail.

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Bibliographic Info

Paper provided by HAL in its series Post-Print with number hal-00323334.

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Date of creation: 21 Sep 2008
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Handle: RePEc:hal:journl:hal-00323334

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Keywords: Libéralisation financière; croissance; instabilité financière; pays en développement; panel; GMM;

References

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  1. Arteta, Carlos & Eichengreen, Barry & Wyplosz, Charles, 2001. "When Does Capital Account Liberalization Help More Than it Hurts?," CEPR Discussion Papers 2910, C.E.P.R. Discussion Papers.
  2. Hali J. Edison & Ross Levine & Luca Ricci & Torsten Slok, 2002. "International Financial Integration and Economic Growth," NBER Working Papers 9164, National Bureau of Economic Research, Inc.
  3. Bonfiglioli, Alessandra & Mendicino, Caterina, 2004. "Financial Liberalization, Banking Crises and Growth: Assessing the Links," Working Paper Series in Economics and Finance 567, Stockholm School of Economics.
  4. Chanda, Areendam, 2005. "The influence of capital controls on long run growth: Where and how much?," Journal of Development Economics, Elsevier, vol. 77(2), pages 441-466, August.
  5. Alessandra Bonfiglioli & Caterina Mendicino, 2004. "Financial liberalization, bank crises and growth: Assessing the links," Economics Working Papers 946, Department of Economics and Business, Universitat Pompeu Fabra.
  6. Sebastian Edwards, 2001. "Capital Mobility and Economic Performance: Are Emerging Economies Different?," NBER Working Papers 8076, National Bureau of Economic Research, Inc.
  7. Barry Eichengreen & David Leblang, 2003. "Capital account liberalization and growth: was Mr. Mahathir right?," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 8(3), pages 205-224.
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Cited by:
  1. Carton, Christine & Ronquillo, Cely, 2008. "Determinantes del crecimiento económico e intermediación bancaria: un análisis empírico para países latinoamericanos
    [Determinants of economic growth and bank intermediation: empirical analysi
    ," MPRA Paper 15514, University Library of Munich, Germany, revised 25 Nov 2008.

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