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Régimes monétaires et processus d'intégration financière régionale des marchés émergents

Author

Listed:
  • Dominique Pepin

    (CRIEF [Poitiers] - Centre de recherche sur l'intégration économique et financière - UP - Université de Poitiers = University of Poitiers)

  • Daniel Goyeau

    (CRIEF [Poitiers] - Centre de recherche sur l'intégration économique et financière - UP - Université de Poitiers = University of Poitiers)

  • Jacques Léonard

    (CRIEF [Poitiers] - Centre de recherche sur l'intégration économique et financière - UP - Université de Poitiers = University of Poitiers)

Abstract

La topologie des marchés financiers émergents peut être établie soit selon le critère habituel de la proximité géographique, soit selon un critère de proximité du régime monétaire. En considérant explicitement les différences de régimes monétaires, et plus spécifiquement les différences de régimes de change, le propos de cet article est de rendre compte, d'abord en termes analytiques, de l'influence de la proximité des régimes monétaires relativement à celle de la proximité géographique dans les processus d'intégration à l'œuvre sur les marchés émergents. Sur un plan empirique, cet article s'attache aussi à identifier ces relations, ainsi que leurs évolutions depuis le début des années quatre-vingt-dix, et ce pour un échantillon de 22 pays répartis sur quatre pôles émergents (Asie, Amérique latine, PECOs, Moyen-Orient). Nous montrons alors qu'aucune évolution particulière du taux d'intégration, tant en termes de proximité monétaire qu'en termes de proximité géographique, n'est mise en évidence sur la période analysée. Par ailleurs, il ressort aussi que l'influence monétaire domine très largement l'influence géographique dans la détermination de la prime de risque accordée par les différents marchés nationaux.

Suggested Citation

  • Dominique Pepin & Daniel Goyeau & Jacques Léonard, 2005. "Régimes monétaires et processus d'intégration financière régionale des marchés émergents," Post-Print hal-00965063, HAL.
    • Handle: RePEc:hal:journl:hal-00965063
    Note: View the original document on HAL open archive server: https://hal.science/hal-00965063
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    References listed on IDEAS

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