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Les marchés sans mythes

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  • Mathias Emmerich

Abstract

[eng] Along with the increased openness of national economies, financial techniques have become highly sophisticated. This trend, together with events such us huge speculation episodes, momentous krashs, or monetary struggles, has contributed to put capital markets on the front of the public scene. According both to press papers and the language of politicians, capital markets most often appear as a mysterious, irrationnal, pernicious entity, which supposedly is able to restrain severely the autonomy of nations, as well as imposing negative constraints upon the real economy. Now, what is the truth of the matter ? Rather than conducting a thorough economic debate, the present paper aims at refutating the mythical image which is often given of capital markets. By describing the actors, the way they interrelate as well as their main rules of behaviour, it will bring back into focus the real face of the phenomenon, which turns out to be a human one. This does no go very far, might one object ! It seems, however, to be a necessary step when attempting to discuss the role of markets. Indeed, one should first find out what is really happening, instead of seing it as an abstract, devilish entity ; and understand better its way of operating, in order to better master it eventually. [fre] L'ouverture des économies et la sophistication croissante des techniques financières, auxquelles s'ajoutent, de manière plus conjoncturelle, les phénomènes de spéculation massive, les krachs retentissants ou les batailles monétaires, ont placé les marchés sur le devant de la scène publique. Dans la presse ou le discours des hommes politiques, les marchés financiers apparaissent le plus souvent comme une réalité mystérieuse, irrationnelle et néfaste qui diminuerait fortement la souveraineté nationale et contraindrait négativement l'économie réelle. Qu'en est-il véritablement ? Le présent article ne vise pas à épuiser le débat économique, mais à combattre la représentation mythique qui est donnée des marchés. En décrivant les acteurs, leurs interrelations et leurs déterminants principaux de comportement, il redonne au phénomène son vrai visage, c'est-à-dire son visage humain. C'est un peu court, dira- t-on ! C'est en tout cas une étape nécessaire de la discussion sur le rôle des marchés : sortir de la diabolisation abstraite pour découvrir la réalité effective ; mieux comprendre le fonctionnement pour, éventuellement, mieux le maîtriser.

Suggested Citation

  • Mathias Emmerich, 1996. "Les marchés sans mythes," Revue de l'OFCE, Programme National Persée, vol. 57(1), pages 95-134.
  • Handle: RePEc:prs:rvofce:ofce_0751-6614_1996_num_57_1_1423
    Note: DOI:10.3406/ofce.1996.1423
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