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Les innovations financières aux États-Unis

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  • Christian de Boissieu

Abstract

[fre] Le système financier américain connaît, depuis le début des années 1970, de profondes mutations. L'introduction de nouvelles technologies financières se conjugue à une floraison de nouveaux produits financiers offerts aux épargnants, tant par les intermédiaires financiers que sur les marchés de capitaux. L'objet de cet article est de présenter les plus importants de ces nouveaux produits financiers, puis d'étudier les relations, dans les deux sens de la causalité, entre la conjoncture et les innovations financières. La conjoncture économique, essentiellement à travers l'accélération de l'inflation, la hausse et l'augmentation de la variabilité des taux d'intérêt nominaux, a joué un rôle significatif dans l'introduction des nouveaux produits financiers aux Etats-Unis. D'autres facteurs sont également intervenus, qui permettent d'esquisser une analyse plus globale du phénomène d'innovations financières. D'autre part, les innovations financières compliquent sérieusement la régulation conjoncturelle, puisqu'elles amènent à mettre en cause la délimitation des agrégats monétaires et les indicateurs surveillés par les autorités monétaires. [eng] Since the beginning of the 1970's, the US financial system has evolved deeply. New financial techniques have been introduced, and new financial instruments have been offered to savers by the financial intermediaries and on the capital markets. This article intends to describe the most important of these developments and to study the two-way relationship between the economic evolution and financial innovation. On the one hand, the inflation and the high level and increased variability of interest rates have stimulated financial innovation, while on the other, financial innovation has seriously complicated the interpretation of monetary indicators and monetary policy in general. The US experience allows us to underline some more general aspects of the financial innovation process.

Suggested Citation

  • Christian de Boissieu, 1983. "Les innovations financières aux États-Unis," Revue de l'OFCE, Programme National Persée, vol. 3(1), pages 101-119.
    • Handle: RePEc:prs:rvofce:ofce_0751-6614_1983_num_3_1_936
    DOI: 10.3406/ofce.1983.936
    Note: DOI:10.3406/ofce.1983.936
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    References listed on IDEAS

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    1. Kane, Edward J, 1981. "Accelerating Inflation, Technological Innovation, and the Decreasing Effectiveness of Banking Regulation," Journal of Finance, American Finance Association, vol. 36(2), pages 355-367, May.
    2. Donald D. Hester, 1981. "Innovations and Monetary Control," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 12(1), pages 141-200.
    3. Thomas D. Simpson, 1980. "The redefined monetary aggregates," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), issue Feb, pages 97-114.
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    1. Philippe Sigogne, 1986. "Taux d'intérêt et croissance à long et à court terme," Revue de l'OFCE, Programme National Persée, vol. 14(1), pages 59-86.

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