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Quête de rendements et crise Covid-19 : la crise systémique fantôme

Author

Listed:
  • Christophe Boucher

    (EconomiX - EconomiX - UPN - Université Paris Nanterre - CNRS - Centre National de la Recherche Scientifique)

  • Patrick Kouontchou

Abstract

La faiblesse persistante et structurelle des taux d'intérêt s'est accompagnée d'une prise de risque accrue de la part des investisseurs sur les marchés financiers faisant craindre une plus grande fragilité financière et une crise d'ampleur systémique émanant du shadow-banking. Cette augmentation de la prise de risque s'observe chez différents types d'investisseurs (de l'investisseur individuel à l'investisseur institutionnel) et à travers différents mécanismes (comportementaux et incitatifs). Le choc sanitaire et économique de la pandémie Covid-19 ne s'est pourtant pas transformé en une crise systémique parce qu'il a touché principalement des secteurs peu représentés sur les marchés financiers et surtout en raison d'un policy mix inédit. Ce faisant, la politique monétaire a encore accrue la faiblesse des taux d'intérêt et des rendements obligataires.

Suggested Citation

  • Christophe Boucher & Patrick Kouontchou, 2021. "Quête de rendements et crise Covid-19 : la crise systémique fantôme," Post-Print hal-03130958, HAL.
    • Handle: RePEc:hal:journl:hal-03130958
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