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Marchés obligataires et stabilité financière: L'expérience asiatique

  • Saoussen Ben Gamra

    ()

    (CEPN - Centre d'Economie de l'Université Paris Nord (ancienne affiliation) - Université 13 - CNRS)

Depuis l'avènement de la crise financière de 1997-98, le développement des marchés obligataires d'Asie est au centre d'intérêt des pouvoirs publics. Cet effort reflète la vision dominante mettant récemment l'accent sur l'importance des marchés obligataires domestiques dans la prévention de la fragilité financière dans un contexte d'ouverture aux flux de capitaux. Cet article se propose d'étudier la nature et les mécanismes des liens entre le développement des marchés obligataires et la stabilité financière. L'analyse se focalise sur l'expérience de 9 pays asiatiques sur la période 1997-2007. Les tests couvrent des dimensions spécifiques de développement des marchés obligataires d'une part, et les indicateurs de stabilité financière d'adéquation de capital, de qualité des actifs et e rentabilité, d'autre part. L'étude empirique révèle un rôle significatif des marchés obligataires domestiques dans la réduction de la vulnérabilité financière de la région.

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Date of creation: 2009
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Handle: RePEc:hal:cepnwp:hal-00574161
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