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La transition financière chinoise : un contre-exemple de la libéralisation financière

Author

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  • Zhaomin Zou

    (CREG - Centre de recherche en économie de Grenoble - UPMF - Université Pierre Mendès France - Grenoble 2)

Abstract

Du fait que la transition financière chinoise représente un contre-exemple de libéralisation financière, il est intéressant d'étudier certaines spécialités de son modèle de financement et ses implications qui nous permettent de comprendre ce phénomène paradoxal dans lequel l'excellente performance économique chinoise s'accompagne de la fragilité de son système bancaire. A cette fin, nous cherchons d'abord à comprendre l'origine de fragilité financière chinoise. Selon notre analyse, le problème des créances douteuses est directement lié au transfert du financement des entreprises publiques aux banques commerciales chinoises. C'est pourquoi ces créances doivent être interprétées comme le quasi déficit budgétaire au lieu des pertes des banques. Ensuite, la deuxième partie consiste à expliquer pourquoi la Chine a mis en oeuvre une politique d'ouverture financière restrictive au lieu d'accepter une libéralisation financière totale comme dans la majorité des pays en développement et en transition. Nous envisageons de montrer l'effet pervers du mouvement des capitaux étrangers et l'importance de dépendance financière d'un pays en développement vis-à-vis des pays développé afin de justifier l'opposition des autorités monétaires chinoises contre le dogme de la libéralisation financière. Enfin, la troisième section consiste à proposer un modèle de financement alternatif mieux adapté aux besoins de croissance des pays en développement.

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  • Zhaomin Zou, 2013. "La transition financière chinoise : un contre-exemple de la libéralisation financière," Post-Print halshs-00904296, HAL.
  • Handle: RePEc:hal:journl:halshs-00904296
    Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00904296
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    References listed on IDEAS

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    Keywords

    libéralisation; banque; financement; système bancaire; système financier; finances publiques; transition économique; Chine;
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