Incertitude, risque et asymétrie d'information sur les marchés financiers

[fre] Après avoir cerné, par une revue de la littérature, le fonctionnement des marchés financiers, caractérisés par les phénomènes d'incertitude, de risque, et d'asymétrie d'information, nous montrons que la prise en compte de la qualité des agents et, plus précisément, l'appréciation de leur réputation et de leur crédibilité, contribue à améliorer le traitement de la complexité de ces marchés. [eng] Since the mid 1980s Japan's external surpluses have increased significantly. This phenomenon, which is not due to cyclical factors, is linked, in the context of the increasing globalization of the world economy and investment, to the very high level of Japanese savings. Should it persist, this situation would have dramatic consequences for the ownership and control of world capital. Among the possible measures aimed at curbing such a development, which is regarded as a matter of concern to other regions of the world, including Europe, policies aimed at stimulating savings are undoubtedly the most reliable and would have the fewest negative economic side effects. However, any significant increase in total savings in Europe would be difficult to achieve without profound changes to some aspects of the economic and social system.