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Marchés boursiers émergents et financement des infrastructures en Amérique Latine

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  • Alexandre Minda

Abstract

[fre] L'objet de cet article est de montrer que le développement des nouveaux mar­chés boursiers en Amérique latine est susceptible d'améliorer le financement des infrastructures. L'essor de ces emerging markets trouve son origine non seule­ment dans des facteurs internes, mais également dans des facteurs externes à la région. Leur rôle dans la mobilisation de nouvelles ressources est examiné à trois niveaux : financement de la privatisation des infrastructures, financement obliga­taire et apport des investisseurs institutionnels. Les performances affichées par les marchés financiers émergents ne doivent pas masquer certaines imperfec­tions propres aux marchés naissants. Celles-ci peuvent être corrigées par un élar­gissement et un approfondissement des marchés boursiers, afin qu'ils puissent constituer des relais efficaces pour le financement des projets d'infrastructure. [eng] The purpose of this article is to demonstrate that the development of new stoc-kmarkets in Latin America will possibly improve the financing of infrastructures. The rise of these emerging markets stems not only from internal factors, but equally from those external to the region. The role they play in freeing new resour­ces may be examined at three levels : the financing of the privatisation of infras­tructures, the financing by bondholders and the contributions made by institutional investors. The results presented by the emerging financial markets do not hide certain imperfections normal in a fledgling market. These imperfections can be remedied by expanding and elaborating the stockmarkets so that they can create an efficient system for the financing of infrastructure projects.

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  • Alexandre Minda, 1997. "Marchés boursiers émergents et financement des infrastructures en Amérique Latine," Revue Économique, Programme National Persée, vol. 48(2), pages 295-320.
    • Handle: RePEc:prs:reveco:reco_0035-2764_1997_num_48_2_409876
    DOI: 10.3406/reco.1997.409876
    Note: DOI:10.3406/reco.1997.409876
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