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Les effets ambigus de la libéralisation financière dans les pays en développement Croissance économique ou instabilité financière ?

  • Saoussen Ben Gamra

    (CEPN - Centre d'économie de l'Université de Paris Nord - CNRS : UMR7115 - Université Paris-Nord - Paris XIII)

  • Mickaël Clévenot

    ()

    (CEPN - Centre d'économie de l'Université de Paris Nord - CNRS : UMR7115 - Université Paris-Nord - Paris XIII)

Ce papier tente de comprendre la coexistence d'une littérature favorable à la libéralisation financière et une approche nettement plus critique et tente de concilier les deux courants. Les effets favorables de la libéralisation financière sur la croissance économique et les effets défavorables des crises financières et notamment bancaires sont souvent intiment liées à travers l'existence de cycle financier. L'hypothèse centrale est que la libéralisation accroît l'instabilité financière et que c'est cette relation négative entre les deux phénomènes qui réduit l'apport favorable de la libéralisation sur la croissance. Plusieurs arguments théoriques sont présentés à l'appui de ces relations liant la libéralisation financière, l'instabilité et la croissance, qui sont ensuite testés avec succès sur un échantillon d'une vingtaine de pays « en développement » durant la période (1980-2002). Cette analyse montre qu'une politique de libéralisation financière, destinée à promouvoir le développement financier et la croissance, ne doit pas se faire dans n'importe quel environnement économique et institutionnel et que par delà le respect de ces règles, rarement effectif, ne garantissent pas de pouvoir assurer un contrôle complet de la libéralisation financière ce qui explique a priori la supériorité des effets négatifs de la libéralisation financière dans ce travail.

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Date of creation: 21 Sep 2008
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Handle: RePEc:hal:journl:hal-00323334
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  1. Bonfiglioli, Alessandra & Mendicino, Caterina, 2004. "Financial Liberalization, Banking Crises and Growth: Assessing the Links," SSE/EFI Working Paper Series in Economics and Finance 567, Stockholm School of Economics.
  2. Hali J. Edison & Ross Levine & Luca Ricci & Torsten Slok, 2002. "International Financial Integration and Economic Growth," NBER Working Papers 9164, National Bureau of Economic Research, Inc.
  3. Barry Eichengreen & David Leblang, 2003. "Capital Account Liberalization and Growth: Was Mr. Mahathir Right?," NBER Working Papers 9427, National Bureau of Economic Research, Inc.
  4. Carlos Arteta & Barry Eichengreen & Charles Wyplosz, 2001. "When Does Capital Account Liberalization Help More than It Hurts?," NBER Working Papers 8414, National Bureau of Economic Research, Inc.
  5. Alessandra Bonfiglioli & Caterina Mendicino, 2005. "Financial Liberalization, Bank Crises and Growth: Assessing the links," Departmental Working Papers of Economics - University 'Roma Tre' 0044, Department of Economics - University Roma Tre.
  6. Sebastian Edwards, 2001. "Capital Mobility and Economic Performance: Are Emerging Economies Different?," NBER Working Papers 8076, National Bureau of Economic Research, Inc.
  7. Chanda, Areendam, 2005. "The influence of capital controls on long run growth: Where and how much?," Journal of Development Economics, Elsevier, vol. 77(2), pages 441-466, August.
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