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Reactions Des Marches D’Actions De La Zone Euro Aux Annonces Non Anticipees De La Bce

Author

Listed:
  • Jean-Yves Filbien
  • Fabien Labondance

    (CEMOI - Centre d'Économie et de Management de l'Océan Indien - UR - Université de La Réunion)

Abstract

Afin d'apprécier les réactions des marchés d'actions de la zone euro aux annonces nonanticipées de la Banque Centrale Européenne (BCE), nous procédons à une étude d'événementautour des annonces non anticipées sur le principal taux de refinancement de la BCE sur lapériode 1999-2008. Pour définir ces événements, nous construisons un index en fonction desanticipations des acteurs de marché retranscrites dans la presse financière. Nous étudions ainsiles principaux marchés d'actions de la zone euro, notamment en prenant en compte lesconditions conjoncturelles. Nous montrons ainsi que les décisions non anticipées de la BCEn'ont pas un impact significatif, hormis lors de conditions conjoncturelles extrêmes.

Suggested Citation

  • Jean-Yves Filbien & Fabien Labondance, 2012. "Reactions Des Marches D’Actions De La Zone Euro Aux Annonces Non Anticipees De La Bce," Post-Print hal-01243440, HAL.
    • Handle: RePEc:hal:journl:hal-01243440
    as

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