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Le placement des obligations du trésor : l'Etat doit-il discriminer ?


  • Florence Naegelen


[fre] Cet article analyse les procédures de placement des obligations du Trésor à la lumière des enseignements récents de la théorie des enchères. Les O.A.T. sont actuellement émises en France en recourant à la technique de l'adjudication à la hollandaise, qui implique un prix payé différent selon les offreurs. Un certain nombre d'arguments plaident toutefois en faveur de procédures à prix uniforme. Cet article présente les arguments théoriques permettant d'apprécier les différentes procédures de plusieurs points de vue: revenu et coût pour l'Etat, stratégie des offreurs, possibilités de manipulation (accaparement du marché, ententes)... [eng] This article analyzes the Treasury's securities selling procedures in the theoretical framework of auction theory. The French Treasury actually uses a discriminatory dutch auction to sell O.A.T., which implies that different prices are payed by the buyers. Some arguments can however be considered in favour of a single price auction. Several theoretical arguments are developed in this article to compare the procedures according different points of view: selling cost and revenue for the Treasury, buyers' strategies, individual and collective manipulation possibilities...

Suggested Citation

  • Florence Naegelen, 1995. "Le placement des obligations du trésor : l'Etat doit-il discriminer ?," Revue Française d'Économie, Programme National Persée, vol. 10(3), pages 45-79.
  • Handle: RePEc:prs:rfreco:rfeco_0769-0479_1995_num_10_3_984
    Note: DOI:10.3406/rfeco.1995.984

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    Cited by:

    1. Raphaële Préget, 2004. "Adjudications des valeurs du Trésor," Revue Française d'Économie, Programme National Persée, vol. 18(4), pages 63-110.

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