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Marchés obligataires et crises bancaires dans les pays émergents

Author

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  • Jamel Boukhatem

    (EconomiX - EconomiX - UPN - Université Paris Nanterre - CNRS - Centre National de la Recherche Scientifique)

Abstract

Résumé Ce papier aborde la question de savoir si les pays dont l'activité de financement est axée principalement sur les banques font face à des crises plus coûteuses que ceux où les marchés obligataires sont plus larges et plus développés. En se basant sur les travaux d'Arteta (2005), les résultats des tests empiriques sur un panel de pays émergents suggèrent que les systèmes financiers orientés banque sont associés à des crises légèrement plus coûteuses, alors que le lien entre les marchés obligataires et les coûts des crises est fragile. Mieux encore, les systèmes financiers avec une confiance plus forte dans les marchés obligataires sont associés à une croissance plus élevée de la production, et ce, indépendamment de la présence, oui ou non, des crises. Les prolongements que nous portons aux travaux d'Arteta s'inscrivent dans le cadre de la prise en considération de l'effet conjugué de la libéralisation financière et du cadre institutionnel et réglementaire sur le développement des marchés obligataires. Nos résultats montrent l'importance du sens de la libéralisation financière. Nous rejoignons dans ce sens l'un des aspects les plus importants du > théorisé par McKinnon (1973). De plus, une régulation prudentielle effective tend à réduire de manière significative la probabilité d'occurrence des crises bancaires, et ce, via l'atténuation des effets néfastes de la libéralisation financière.

Suggested Citation

  • Jamel Boukhatem, 2007. "Marchés obligataires et crises bancaires dans les pays émergents," Working Papers hal-04139226, HAL.
    • Handle: RePEc:hal:wpaper:hal-04139226
    Note: View the original document on HAL open archive server: https://hal.science/hal-04139226
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    References listed on IDEAS

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