L'impact du risque individuel dans l'explication des écarts de taux d'intérêt au sein de la zone euro
Mots-clés :
taux souverains, dette souveraine, politique budgétaire, crise financièreRésumé
Nous revenons dans cet article sur l'épisode inédit de divergence des taux d'intérêt sur la dette publique au sein de la zone euro entre 2008 et 2012. Pour la première fois depuis la création de l'Union Economique et Monétaire (UEM), les marchés fi nanciers ont discriminé les États membres en attribuant des primes de risque diff érentes sur les dettes publiques de long terme. Ce phénomène a révélé une certaine hétérogénéité de l'UEM. La Banque centrale européenne est parvenue à mettre un terme à cette dérive et à préserver l'intégrité de la zone euro grâce au programme d'Opérations Monétaires sur Titres annoncé en août 2012. A partir d'une revue de la littérature et d'une analyse empirique, nous démontrons dans cet article que les facteurs spécifi ques jouent un rôle crucial dans l'explication des écarts de taux d'intérêt. L'insoutenabilité des fi nances publiques et une compétitivité dégradée semblent justifi er l'envolée des taux obligataires pendant la crise.
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