{"id":107,"date":"2014-10-21T12:47:36","date_gmt":"2014-10-21T11:47:36","guid":{"rendered":"http:\/\/www.obsfin.ch\/blog\/?page_id=107"},"modified":"2020-08-11T10:42:15","modified_gmt":"2020-08-11T08:42:15","slug":"marches-financiers-une-vocation-trahie","status":"publish","type":"page","link":"https:\/\/www.obsfin.ch\/fr\/textes-fondateurs\/marches-financiers-une-vocation-trahie\/","title":{"rendered":"\u00ab\u00a0March\u00e9s financiers: une vocation trahie?\u00a0\u00bb"},"content":{"rendered":"

\"March\u00e9s\u00ab March\u00e9s financiers : une vocation trahie? \u00bb, Paul Dembinski et Alain Schoenenberger, Fondation pour le Progr\u00e8s de l’homme, diff. Interfaces-VPC, 1993.<\/strong><\/p>\n

\"pdf\"<\/a><\/p>\n

La question pos\u00e9e en 1991 par le professeur Maurice Cosandey \u00ab Les march\u00e9s financiers : une vocation trahie ? \u00bb ne saurait recevoir de r\u00e9ponse unique, invariable dans le temps et dans l’espace. Au contraire, la d\u00e9marche, pour rester pertinente, doit s’enrichir de l’exp\u00e9rience des march\u00e9s financiers sous toutes les latitudes. De ce point de vue, quatre groupes de pays se dessinent clairement aujourd’hui : les pays de l’OCDE, les \u00ab march\u00e9s \u00e9mergents \u00bb, les \u00ab \u00e9conomies de march\u00e9 \u00e9mergentes \u00bb (les pays post-communistes) et le reste du monde. A la lumi\u00e8re de ces observations, la question initiale devient plus nuanc\u00e9e : \u00ab Quels march\u00e9s financiers pour quelle vocation ? \u00bb.<\/p>\n

Le texte existe aussi en anglais <\/a>et en espagnol<\/a>.<\/p>\n

 <\/p>\n

\u00a0TABLE DES MATIERES<\/strong><\/p>\n

Synth\u00e8se en guise d’introduction
\n1. La d\u00e9marche
\n2. Les constats
\n3. Les enjeux
\n4. Relever les d\u00e9fis : un d\u00e9but<\/p>\n

PARTIE I : Globalisation des march\u00e9s financiers<\/p>\n

1.1. Introduction
\n1.2. Globalisation du syst\u00e8me financier
\n1.3. Innovations sur les march\u00e9s financiers
\n1.4. Economie d’endettement et \u00e9conomie de march\u00e9 financier
\n1.5. Le r\u00f4le macro-\u00e9conomique des march\u00e9s financiers
\n1.6. La taille du secteur financier
\n1.7. Bourse et conjoncture
\n1.8. Discrimination \u00e0 Pencontre des PME
\n1.9. March\u00e9s financiers et r\u00e9glementation
\n1.10. Les march\u00e9s financiers dans le d\u00e9veloppement et la transition<\/p>\n

PARTIE II : March\u00e9 financier et investissement productif<\/p>\n

2.1. Introduction
\n2.2. Les termes du dilemme
\n2.3. Les cours et la croissance : le divorce ?
\n2.4. Concentration sur les march\u00e9s boursiers
\n2.5. Contribution au PNB des entreprises cot\u00e9es
\n2.6. Investissement tangible et intangible
\n2.7. Comment les entreprises se financent-elles
\n2.8. La bourse : gestion du patrimoine ou allocation des ressources<\/p>\n

PARTIE III : March\u00e9s financiers dans le d\u00e9veloppement et la transition<\/p>\n

3.1. Introduction
\n3.2. Les march\u00e9s financiers \u00e9mergents
\n33. Bourses locales et d\u00e9veloppement : un apport controvers\u00e9
\n3.4. L’investissement en portefeuille sur les bourses \u00e9mergentes : bienfait ou perturbation?
\n3.5. Contribution des bourses de l’OCDE \u00e0 l’investissement direct
\n3.6. La bourse dans la transition : l’exp\u00e9rience de Varsovie<\/p>\n","protected":false},"excerpt":{"rendered":"

\u00ab March\u00e9s financiers : une vocation trahie? \u00bb, Paul Dembinski et Alain Schoenenberger, Fondation pour le Progr\u00e8s de l’homme, diff. […]<\/p>\n","protected":false},"author":5,"featured_media":0,"parent":104,"menu_order":1,"comment_status":"closed","ping_status":"closed","template":"page-templates\/full-width.php","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"class_list":["post-107","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/www.obsfin.ch\/fr\/wp-json\/wp\/v2\/pages\/107","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.obsfin.ch\/fr\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.obsfin.ch\/fr\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.obsfin.ch\/fr\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/www.obsfin.ch\/fr\/wp-json\/wp\/v2\/comments?post=107"}],"version-history":[{"count":11,"href":"https:\/\/www.obsfin.ch\/fr\/wp-json\/wp\/v2\/pages\/107\/revisions"}],"predecessor-version":[{"id":2561,"href":"https:\/\/www.obsfin.ch\/fr\/wp-json\/wp\/v2\/pages\/107\/revisions\/2561"}],"up":[{"embeddable":true,"href":"https:\/\/www.obsfin.ch\/fr\/wp-json\/wp\/v2\/pages\/104"}],"wp:attachment":[{"href":"https:\/\/www.obsfin.ch\/fr\/wp-json\/wp\/v2\/media?parent=107"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}