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L'évolution des taux des certificats de dêpot et la disparité des taux unitaires par emetteurs, indicateur de tensions potentielles ?

Author

Listed:
  • Lascar, J.
  • Prunaux, E.
  • Wilhelm, F.

Abstract

L’évolution du marché des certificats de dépôt (CD) est assez étroitement liée à celle du marché interbancaire. Cet article met en évidence deux régimes de fixation des taux des CD qui peuvent coexister dans une certaine mesure : l’un où c’est le volume d’émission qui gouverne le niveau des rendements ; l’autre où c’est la qualité de la signature de l’émetteur qui est déterminante. Ils correspondent à des modalités différentes de mise en oeuvre de la politique monétaire de l’Eurosystème et corrélativement à des situations de liquidité contrastées sur le marché interbancaire.

Suggested Citation

  • Lascar, J. & Prunaux, E. & Wilhelm, F., 2010. "L'évolution des taux des certificats de dêpot et la disparité des taux unitaires par emetteurs, indicateur de tensions potentielles ?," Bulletin de la Banque de France, Banque de France, issue 182, pages 71-77.
  • Handle: RePEc:bfr:bullbf:2010:182:06
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    More about this item

    Keywords

    certificats de dépôt; liquidité; marché interbancaire; marché monétaire; politique monétaire; taux d’intérêt; titres de créances négociables.;

    JEL classification:

    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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