Finance Internationale Henri Bourguinat Pdf 13
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Introduction généraleI.La globalisation financière (l'intégration financière, la finance globale, la diversification internationale des portefeuilles)II.L'interface nation/monde (la balance des paiements, les mécanismes d'ajustement)III.Le Change (Les bases du marché, le risque de change, les modèles de détermination, le change classe d'actifs)IV.Le Système monétaire international (les principales étapes, le choix des régimes de change, le statut du dollar, l'euro et l'Union Monétaire Européenne, les crises financières et l'endettement des pays en développement, la régulation du SMI)
Nul n'ignore aujourd'hui la puissance de la finance internationale : non seulement les flux d'opérations sont impressionnants, mais à tous les niveaux, on constate que la financiarisation (au sens de pénétration des intérêts financiers dans un marché globalisé), gagne chaque jour.La prééminence des fonds d'investissements sur le \"meccano\" industriel français en est un exemple saisissant.Pour tenter de comprendre ces phénomènes, un renouvellement des méthodes d'analyse s'impose:il faut partir du global (le marché financier mondial) pour aller vers le national.On s'aperçoit alors comment à travers une cascade d'opérations des marchés et des techniques de plus en plus sophistiquées, se dessine une régulation autour de quelques mécanismes fondamentaux influencés par un système monétaire international en constante évolution dont l'architecture continue à se chercher.
With neoliberal capitalism a new regime of accumulation emerged: financialization or finance-led capitalism. The \"financial capitalism\" foretold by rudolf hilferding (1910), in which banking and industrial capital would merge under the control of the former, did not materialize, but what did materialize was financial globalization - the liberalization of financial markets and a major increase in financial flows around the world - and finance-based capitalism or financialized capitalism. Its three central characteristics are, first, a huge increase in the total value of financial assets circulating around the world as a consequence of the multiplication of financial instruments facilitated by securitization and by derivatives; second, the decoupling of the real economy and the financial economy with the wild creation of fictitious financial wealth benefiting capitalist rentiers; and, third, a major increase in the profit rate of financial institutions and principally in their capacity to pay large bonuses to financial traders for their ability to increase capitalist rents.6 6 Gerald E. Epstein (2005, p. 3), who edited Financialization and the World Economy, defines financialization more broadly: \"financialization means the increasing role of financial motives, financial markets, financial actors and financial institutions in the operation of the domestic and international economies.\" Another form of expressing the major change in financial markets that was associated with financialization is to say that credit ceased to principally be based on loans from banks to business enterprises in the context of the regular financial market, but was increasingly based on securities traded by financial investors (pension funds, hedge funds, mutual funds) in over-the-counter markets. The adoption of complex and obscure \"financial innovations\" combined with an enormous increase in credit in the form of securities led to what henri Bourguinat and Eric Brys (2009, p. 45) have called \"a general malfunction of the genome of finance\" insofar as the packaging of financial innovations obscured and increased the risk involved in each innovation. Such packaging, combined with classical speculation, led the price of financial assets to increase, artificially bolstering financial wealth or fictitious capital, which increased at a much higher rate than production or real wealth. In this speculative process, banks played an active role, because, as Robert Guttmann (2008, p. 11) underlies, \"the phenomenal expansion of fictitious capital has thus been sustained by banks directing a lot of credit towards asset buyers to finance their speculative trading with a high degree of leverage and thus on a much enlarged scale\". Given the competition represented by institutional investors whose share of total credit did not stop growing, commercial banks decided to participate in the process and to use the shadow bank system that was being developed to \"cleanse\" their balance sheets of the risks involved in new contracts: they did so by transferring to financial investors the risky financial innovations, the securitizations, the credit default swaps, and the special investment vehicles (Macedo Cintra and Farhi, 2008, p. 36). The incredible rapidity that characterized the calculation and the transactions of these complex contracts being traded worldwide was naturally made possible only by the information technology revolution supported by powerful computers and smart software. In other words, financialization was powered by technological progress. 153554b96e
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