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Sorties de capitaux : le vrai peche originel des pays emergents

Author

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  • Rim Ennajar
  • Pierre Laurent

Abstract

Ce travail cherche a mettre en evidence le role joue par les sorties de capitaux dans l’apparition de situations critiques pour les economies emergentes, notamment en regard de leurs besoins de financement externes. Apres avoir degage les faits stylises relatifs aux sorties de capitaux dans les pays emergents, nous procedons a un redecoupage de la balance des paiements. Celui-ci nous permet de definir des agregats a partir desquels nous pouvons observer la contribution de ces sorties a l’accroissement de la dette externe. Nous degageons ensuite les tendances communes qui lient ces sorties a la dynamique de la dette externe publique et privee. Enfin, deux configurations critiques sont mises en evidence et permettent une lecture du role joue par les sorties de capitaux dans les episodes de crises emergentes.

Suggested Citation

  • Rim Ennajar & Pierre Laurent, 2005. "Sorties de capitaux : le vrai peche originel des pays emergents," Economie Internationale, CEPII research center, issue 103, pages 121-153.
  • Handle: RePEc:cii:cepiei:2005-3tf
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    File URL: http://www.cepii.fr/IE/rev103/rev103f.htm
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    Keywords

    Sorties de capitaux; dette externe; crises; marches emergents;

    JEL classification:

    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • O57 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Comparative Studies of Countries

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