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Investissements directs étrangers et processus de désendettement dans le contexte de mondialisation : le cas de la Tunisie

  • Sonia Zouari

    (ERED, FSEG de Sfax)

  • Faouzi Sboui


    (UREA, FSEG de Sfax)

Devant l'impasse grandissante des différentes stratégies de réponse conçues pour conjurer le problème de la dette extérieure et eu égard aux effets pervers de ce mode de financement, il y a aujourd'hui un consensus pour admettre que les investissements directs étrangers (IDE) pourraient constituer une solution efficace aux problèmes de financement d'une croissance durable. Une étude comparative de l'évolution des encours des deux modes de financement (IDE et dette extérieure) fait ressortir que le cas de la Tunisie présente des spécificités par rapport à l'ensemble des PVD. Cette comparaison laisse se profiler trois principales phases à partir de 1970. La première, s'étalant sur la décennie 70 et le début des années 80, traduit une complémentarité entre les IDE et l'endettement. La deuxième s'étend de l'année 1983 jusque l'année 1990 et se caractérise par la substitution de la dette aux IDE. La troisième phase couvre la période (1990 – 1997) et correspond à un inversement de la relation de substitution. Because of the everincreasing dead end of the different answer strategies conceived to implore the problem of the external debt and with consideration to the perverse effects of this type of financing, today there is a consensus which admits that the efficient solution to the problems of financing of a durable growth is to search through the direct foreign investments (DFI). A comparative survey of the evolution of the outstanding modes of financing (DFI and external debt) helps us reach the conclusion that the example of Tunisia presents some specificities compared to the set of the LDC. This comparison makes three main phases stand out from 1970. The first one, which spreads in the 70s and the early 80s, establishes a complementarity between the DFI and the getting in to debt. The second one stretches from 1983 to 1990 and is characterized by the substitution of the debt to the DFI. The third phase covers the period (1990 - 1997) and corresponds to an inversing of the relation of substitution. (Full text in french)

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Paper provided by Groupe d'Economie du Développement de l'Université Montesquieu Bordeaux IV in its series Documents de travail with number 98.

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Length: 17 pages
Date of creation: May 2004
Date of revision:
Handle: RePEc:mon:ceddtr:98
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  1. Patrick Artus, 1998. "Le financement de la croissance par endettement extérieur," Revue Économique, Programme National Persée, vol. 49(1), pages 165-179.
  2. Carlos Ominami & Bernadette Madeuf, 1983. "Crise et investissement international," Revue Économique, Programme National Persée, vol. 34(5), pages 926-970.
  3. Moïses Ikonicoff, 1984. "Endettement et crise des modèles de développement dans le Tiers Monde," Revue Tiers Monde, Programme National Persée, vol. 25(99), pages 603-627.
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