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Libéralisation financière : Impacts et conditions de réussite Un essai d'application pour les pays du Maghreb

  • Hamdi KHALFAOUI

    (Faculté des Sciences Economiques et de Getion de Tunis)

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    Résumé : La libéralisation financière qui est imposée à certains pays en développement, sous l'égide des organisations internationales (FMI et Banque Mondiale) et l'impulsion de la puissante vague de transactions financières internationales, est devenue de plus en plus une exigence incontournable, non seulement, pour sortir d'un régime souvent réprimé mais aussi pour combler leur déficit extérieur et amorcer une croissance et un développement durable. En outre, il reste encore difficile d'identifier des conditions financières, institutionnelles et économico- politiques communes et universelles pour mener à bien une politique financière libérale, vu, la particularité et la spécificité des systèmes financiers des pays étudiés. Mais en passant en revue de littérature, on s'aperçoit qu'une procédure de libéralisation ordonnée et enchaînée, avec l'appui de politiques macroéconomiques saines, des systèmes financiers intérieurs solides et une réglementation prudentielle appropriée, la libéralisation financière devient non seulement inévitable mais aussi rentable. Afin de tenir compte des spécificités individuelles et a-temporelles des phénomènes de croissance, nous utiliserons une analyse en données de panel accompagnée par des tests de spécification pour mieux estimer l’impact de la finance sur la croissance et mieux concrétiser les conditions de réussite d'une telle libéralisation.

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    File URL: http://128.118.178.162/eps/if/papers/0512/0512006.pdf
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    Paper provided by EconWPA in its series International Finance with number 0512006.

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    Length: 26 pages
    Date of creation: 21 Dec 2005
    Date of revision:
    Handle: RePEc:wpa:wuwpif:0512006
    Note: Type of Document - pdf; pages: 26
    Contact details of provider: Web page: http://128.118.178.162

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    1. Torsten Sløk & Hali J. Edison & Luca Antonio Ricci & Ross Levine, 2002. "International Financial Integration and Economic Growth," IMF Working Papers 02/145, International Monetary Fund.
    2. Arteta, Carlos & Eichengreen, Barry & Wyplosz, Charles, 2001. "When Does Capital Account Liberalization Help More Than it Hurts?," CEPR Discussion Papers 2910, C.E.P.R. Discussion Papers.
    3. Beck, Thorstein & Lundberg, Mattias & Majnoni, Giovanni, 2001. "Financial intermediary development and growth volatility : do intermediaries dampen or magnify shocks?," Policy Research Working Paper Series 2707, The World Bank.
    4. Peter Blair Henry, 2000. "Stock Market Liberalization, Economic Reform, and Emerging Market Equity Prices," Journal of Finance, American Finance Association, vol. 55(2), pages 529-564, 04.
    5. Anusha Chari & Peter Blair Henry, 2002. "Capital Account Liberalization: Allocative Efficiency or Animal Spirits?," NBER Working Papers 8908, National Bureau of Economic Research, Inc.
    6. Geert Bekaert & Campbell R. Harvey & Christian Lundblad, 2004. "Does Financial Liberalization Spur Growth?," Working Paper Research 53, National Bank of Belgium.
    7. Nouriel Roubini & Xavier Sala-i-Martin, 1991. "Financial Repression and Economic Growth," NBER Working Papers 3876, National Bureau of Economic Research, Inc.
    8. Robert J. Barro, 1989. "Economic Growth in a Cross Section of Countries," NBER Working Papers 3120, National Bureau of Economic Research, Inc.
    9. Levine, Ross, 2001. "International Financial Liberalization and Economic Growth," Review of International Economics, Wiley Blackwell, vol. 9(4), pages 688-702, November.
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