L'indépendance de la BDL et les déterminants de la crise économique au Liban
DOI :
https://doi.org/10.18559/rielf.2022.2.1Mots-clés :
indépendance de la Banque Centrale, Liban, Politiques Monétaires Non Conventionnelles, financement de la dette publique, dollarisation, système bancaire, stabilité monétaire, ancrage du taux de changeRésumé
Cet article vise à identifier le concept d'indépendance de la Banque Centrale qui s'est propagé dans les années quatre-vingt avec la tendance à séparer la politique budgétaire de la politique monétaire pour permettre à cette dernière de lutter avec crédibilité et efficacité pour son objectif de stabilité monétaire et maitrise de l'inflation. Toutefois, la crise financière de 2008 a remis en question l'exigence de l'indépendance de la Banque Centrale par des Politiques Monétaires Non Conventionnelles (PMNC). Au regard de l'écroulement actuel de l'économie libanaise, il serait intéressant de se pencher sur le cas de Banque du Liban (BDL), dotée d'une certaine indépendance statutaire mais souffrant d'une faible indépendance fonctionnelle. En se référant au modèle de Jácome (2001) adéquat pour les économies dollarisées, nous démontrons que la BDL manque d'indépendance effective qui se traduit par son acceptation de se plier aux demandes continues du Trésor Public de contribuer au financement d'une dette publique croissante dont une partie en devises étrangères. La BDL maintient un ancrage rigide du taux de change dans une économie fortement dollarisée et implique l'ensemble du système bancaire dans des PMNC qu'elle nomme « ingénieries financières » et qui contribuent à l'écroulement multidimensionnel actuel (budgétaire, monétaire et bancaire).
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