Author
Abstract
[fre] L'année 1994 est marquée, sur les marchés financiers, par la chute des rendements obligataires qui trouve son origine dans la montée des anticipations inflationnistes aux Etats-Unis fin 1993 et qui s'est diffusée dès le début de l'année 1994 à l'ensemble des places européennes et au Japon. La forte baisse des rendements obligataires s'est accompagnée d'une forte dépréciation du dollar, liée par ailleurs au gonflement sans précédent du déficit courant américain. Le net durcissement de la politique monétaire américaine opéré le 15 novembre 1994 semble avoir rassuré les marchés sur la volonté de la Fed d'enrayer d'éventuelles tensions inflationnistes et provoqué une stabilisation des anticipations des agents, entraînant dans son sillage une détente des marchés obligataires et un raffermissement du dollar vis-à-vis de yen et du DM. L'année 1994 s'est cependant terminée sur les vives turbulences consécutives à la crise du peso mexicain entamée le . 20 décembre, alimentant la méfiance des investisseurs à l'égard des marchés émergents et des pays à monnaie faible. [eng] Financial markets in 1994 : from bond rates increase to their easing off . On financial markets, 1994 has been highlighted by the fall in bond rates which had been originated by growing inflationist forecasts in the United States by the end of 1993 and which spread as of the begining of 1994 all over Europe ans Japan. The sharp decrease in bond rates has entailed a strong dollar depreciation, which was moreover related to the unprecedented American deficit increase. The sharp strengthening of American monetary policy which took place on November 15th. 1994 seems to have reassured markets of the Fed's wish to curb inflationist tensions and to give rise to a stabilization of agent's forecast. This has entailed bond market's casing off dollar revaluations against the Yen and the DM. However 1994 ended up with strong disturbances on account of the Mexican Peso crisis which started on December 20th, fuelling investors' mistrust of emerging markets and weak currency countries.
Suggested Citation
Alexandre Maymat, 1995.
"Les marchés financiers en 1994 : De la hausse des taux obligataires à la détente,"
Revue d'Économie Financière, Programme National Persée, vol. 33(2), pages 275-288.
Handle:
RePEc:prs:recofi:ecofi_0987-3368_1995_num_33_2_2481
DOI: 10.3406/ecofi.1995.2481
Note: DOI:10.3406/ecofi.1995.2481
Download full text from publisher
Corrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:prs:recofi:ecofi_0987-3368_1995_num_33_2_2481. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
We have no bibliographic references for this item. You can help adding them by using this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Equipe PERSEE (email available below). General contact details of provider: https://www.persee.fr/collection/ecofi .
Please note that corrections may take a couple of weeks to filter through
the various RePEc services.