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L’intégration financière internationale : Théories, évidences, et leçons des expériences récentes [International financial integration: Theory, evidence and lessons from recent experiences]

Listed author(s):
  • Pierre-Richard Agénor

Cet article propose, dans un premier temps, une revue de la littérature analytique et empirique récente sur les gains et coûts potentiels associés à l’intégration financière internationale, ainsi que les enjeux de politique économique créés ou exacerbés par cette intégration. En particulier, l’analyse fait ressortir le fait que, pour un pays en développement, les gains associés à cette intégration se matérialisent surtout sur le long terme, tandis que les coûts (liés notamment aux risques d’instabilité financière) sont plutôt à court terme. Il est donc important de bien se préparer à l’ouverture financière, en renforçant notamment la régulation et la supervision bancaires, en adoptant un régime de changes plus flexible et un cadre de politique monétaire approprié, en mettant en oeuvre des règles macroprudentielles contracycliques, et possiblement des contrôles temporaires sur les flux de capitaux à court terme. Dans un second temps, l’article évalue les enseignements de l’analyse pour le Maroc et sa stratégie graduelle d’ouverture financière internationale.

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Paper provided by OCP Policy Center in its series Research papers & Policy papers with number 1508.

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Length: 34 pages
Date of creation: Feb 2015
Handle: RePEc:ocp:rpaper:pp-15/08
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