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Crise des marchés de dette ? Caveat emptor !

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  • François Meunier

Abstract

[fre] « Une crise est un événement trop grave [ dit l’économiste Paul Romer] pour être gaspillée ». La crise ouverte à l’été 2007 sur les marchés financiers est un événement à la fois grave et multiforme. Pour se limiter à un seul de ses aspects, elle interroge en profondeur le fonctionnement des marchés du crédit. Cet article cherche à montrer que la crise et son ampleur résultent largement d’un sous-investissement massif de l’industrie financière dans la gestion des risques de crédit. Certes, le démarrage de la crise et sa diffusion tiennent à d’autres facteurs, occasionnels pour certains (crise immobilière, choc de liquidité, etc.) ou, pour d’autres, liés à la dimension internationale des marchés. Mais il a manqué depuis longtemps des investisseurs puissants, avertis et «impliqués» dans les produits de dette, sur le modèle - finalement bien plus solide - des investisseurs en actions.

Suggested Citation

  • François Meunier, 2008. "Crise des marchés de dette ? Caveat emptor !," Revue d'Économie Financière, Programme National Persée, vol. 7(1), pages 243-249.
    • Handle: RePEc:prs:recofi:ecofi_0987-3368_2008_hos_7_1_5213
    DOI: 10.3406/ecofi.2008.5213
    Note: DOI:10.3406/ecofi.2008.5213
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