MACROÉCONOMIE - Systèmes financiers - Encyclopædia Universalis

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Les fonctions du système financier </a> </li> <li class="list-group-item "> <a class="d-block" title="MACROÉCONOMIE - Systèmes financiers, L'analyse comparative des systèmes financiers" href="/encyclopedie/macroeconomie-systemes-financiers/2-l-analyse-comparative-des-systemes-financiers/"> 2. L'analyse comparative des systèmes financiers </a> </li> <li class="list-group-item "> <a class="d-block" title="MACROÉCONOMIE - Systèmes financiers, Existe-t-il un système financier optimal ?" href="/encyclopedie/macroeconomie-systemes-financiers/3-existe-t-il-un-systeme-financier-optimal/"> 3. Existe-t-il un système financier optimal ? </a> </li> <li class="list-group-item "> <a class="d-block" title="MACROÉCONOMIE - Systèmes financiers, Bibliographie" href="/encyclopedie/macroeconomie-systemes-financiers/4-bibliographie/"> 4. Bibliographie </a> </li> </ul> <button class="btn btn-sm btn-universalis" data-bs-toggle="collapse" data-bs-target="#free-toc" aria-expanded="false" title="Afficher / masquer le sommaire"> <i aria-hidden="true" class="fa fa-fw fa-eye"></i> Sommaire </button> </div> <h1 class="mb-1"> <strong>MACROÉCONOMIE</strong><span class="label-sub"> Systèmes financiers</span> </h1> <ul class="pagination justify-content-center public-links "><li class="page-item active"><a href="/abonnement" data-matomo-category="Article" data-matomo-name="Folio" data-matomo-value="page 1" class="page-link" title="Abonnez-vous" data-loaded="true">1</a></li><li class="page-item "><a href="/abonnement" data-matomo-category="Article" data-matomo-name="Folio" data-matomo-value="page 2" class="page-link" title="Abonnez-vous" data-loaded="true">2</a></li><li class="page-item "><a href="/abonnement" data-matomo-category="Article" data-matomo-name="Folio" data-matomo-value="page 3" class="page-link" title="Abonnez-vous" data-loaded="true">3</a></li><li class="page-item "><a href="/abonnement" data-matomo-category="Article" data-matomo-name="Folio" data-matomo-value="page 4" class="page-link" title="Abonnez-vous" data-loaded="true">4</a></li><li class="page-item "><a href="/abonnement" data-matomo-category="Article" data-matomo-name="Folio" data-matomo-value="page 5" class="page-link" title="Abonnez-vous" data-loaded="true">5</a></li><li class="page-item "><a href="/abonnement" data-matomo-category="Article" data-matomo-name="Folio" data-matomo-value="page 6" class="page-link" title="Abonnez-vous" data-loaded="true">6</a></li></ul><p class="text-sm text-muted mb-1">Article modifié le <time datetime="2025-01-29"> 29/01/2025 </time></p><div class="content paged type-article" ><div class="block_1" data-ucode="yC140038_0"><i class="anchor" id="yC140038_0"></i><p>Un système financier se définit par l'ensemble des règles, des pratiques et des institutions (Bourses de valeurs, banques, etc.) qui permettent de mobiliser des capitaux pour les mettre à disposition d'agents à besoins de financement. Ces besoins correspondent pour l'essentiel à des projets d'<a data-bs-toggle="popover" data-bs-content="L'investissement est l'opération qui vise soit à maintenir, soit à accroître le stock de capital d'un agent économique. Par exemple, les ménages investissent lorsqu'ils achètent un logement, l'État investit lorsqu'il construit une route et les entreprises investissent lorsqu'elles achètent une machine. Cet article a pour objet l'investissement des entreprises, l'investissement produc..." title="Article : INVESTISSEMENT" href="/encyclopedie/investissement/">investissement</a> d'entreprises, d'administrations ou de particuliers. Par conséquent, leur satisfaction concourt à l'accroissement de la capacité productive de l'économie.</p><p>On a d'ailleurs fait valoir depuis longtemps (notamment depuis les contributions de Raymond Goldsmith [1969] et de John Gurley et Edward Shaw [1955]) qu'il existait une relation entre le niveau de développement d'une économie et celui de son secteur financier. Le sens de la causalité reste toutefois difficile à déterminer, car il se peut que ce soit l'évolution du revenu ou de la richesse qui provoque l'extension des activités financières. Il existe sans doute une interdépendance entre les deux phénomènes ; la question a donné lieu à une abondante littérature (notamment Ross Levine, 1997). Mais, au bout du compte, on peut raisonnablement admettre que le développement du système financier est un facteur de croissance important, du moins jusqu’à un certain stade car l’histoire récente des économies avancées montre qu’une expansion excessive de la finance peut être contre-productive.</p><p>Il faut ajouter que le système financier affecte aussi la distribution des revenus et des richesses au sein de l'économie. On voit bien, en effet, que les conditions d'accès au <a data-bs-toggle="popover" data-bs-content="Le mot crédit est en usage dans des domaines très divers : commerce , comptabilité, banque, législations financière, fiscale et pénale, droit des affaires, sciences morales, politiques et économiques. Toutes les acceptions, cependant, restent fidèles à l'étymologie latine : credere , faire crédit, c'est toujours faire confiance, autrement dit fonder un comportement sur une certain..." title="Article : CRÉDIT" href="/encyclopedie/credit/">crédit</a> peuvent influer sur les inégalités. Selon que l'offre de financement s'adresse à des agents présentant des garanties (donc déjà riches) ou qu'elle touche une gamme plus large d'emprunteurs, elle est de nature à faire diverger ou converger les situations individuelles.</p><p>Pourquoi le secteur financier exerce-t-il ces effets d'entraînement et de structuration sur l'activité économique ? Quelles sont les caractéristiques des échanges financiers qui leur confèrent cette place apparemment privilégiée dans la dynamique de l'économie ? Par quels mécanismes l'intensité et les modalités de ces échanges affectent-elles la croissance ?</p><p>Pour répondre à ces questions, on va d'abord chercher à définir les fonctions qu'exerce le système financier. On s'interrogera ensuite sur les formes qu'il peut prendre en procédant à une analyse comparative des types d'organisations possibles qui combinent marchés et intermédiaires financiers. Enfin, on se demandera s'il existe une ou des configurations optimales des systèmes financiers, et quels en sont les déterminants.</p><div class="clearfix"></div></div><div class="block_1" data-ucode="yC140038_1"><i class="anchor" id="yC140038_1"></i><h2> Les fonctions du système financier</h2><p>Pour permettre la rencontre de l'offre et de la demande de capitaux, un système financier doit assumer deux fonctions principales :</p><p>– produire les informations nécessaires à la réalisation des transactions financières ;</p><p>– traiter les risques d'investissements et les répartir au mieux entre les agents économiques.</p><div class="block_2" data-ucode="yC140038_1_0"><i class="anchor" id="yC140038_1_0"></i><h3>La production d'information</h3><p>L'orientation des capitaux vers les emplois les plus productifs nécessite le recueil et la gestion de nombreuses informations d'origines diverses. Sur les marchés financiers, les <a data-bs-toggle="popover" data-bs-content="Le prix d'un bien en tant que nombre associé à l'unité de ce bien n'a pas de véritable signification en soi : seuls les rapports de prix – les prix relatifs – des différents biens en ont une. Néanmoins, raisonner sur des prix relatifs n'est possible que dans une économie de troc comportant peu de biens. Sinon, on choisit un bien de référence, appelé numéraire, auquel on attribu..." title="Article : PRIX" href="/encyclopedie/prix/">prix</a> des titres reflètent les appréciations et les anticipations d'une multitude d'investisseurs. De même que les choix de portefeuille des institutions financières résultent de la collecte d'informations et des analyses effectuées pour le compte des déposants.</p><p>Mais la question n'est pas seulement de connaître les opportunités d'investissement. Car une opération de financement est une transaction de nature particulière. Dans le cas d'un échange de biens ordinaires (présentant une certaine homogénéité), l'objet de la transaction est en principe connu de l'acheteur<a href="javascript:" title="Lire la suite" class="read-more ms-1">[...]</a></p></div></div><div class="clearfix"></div></div><ul class="pagination justify-content-center public-links "><li class="page-item active"><a href="/abonnement" data-matomo-category="Article" data-matomo-name="Folio" data-matomo-value="page 1" class="page-link" title="Abonnez-vous" data-loaded="true">1</a></li><li class="page-item "><a href="/abonnement" data-matomo-category="Article" data-matomo-name="Folio" data-matomo-value="page 2" class="page-link" title="Abonnez-vous" data-loaded="true">2</a></li><li class="page-item "><a href="/abonnement" data-matomo-category="Article" data-matomo-name="Folio" data-matomo-value="page 3" class="page-link" title="Abonnez-vous" data-loaded="true">3</a></li><li class="page-item "><a href="/abonnement" data-matomo-category="Article" data-matomo-name="Folio" data-matomo-value="page 4" class="page-link" title="Abonnez-vous" data-loaded="true">4</a></li><li class="page-item "><a href="/abonnement" data-matomo-category="Article" data-matomo-name="Folio" data-matomo-value="page 5" class="page-link" title="Abonnez-vous" data-loaded="true">5</a></li><li class="page-item "><a href="/abonnement" data-matomo-category="Article" data-matomo-name="Folio" data-matomo-value="page 6" class="page-link" title="Abonnez-vous" data-loaded="true">6</a></li></ul><div class="folio-block"><p class="folio-block-title text-center text-uc"><strong>La suite de cet article est accessible aux abonnés</strong></p><ul class="list-unstyled"><li><i class="fa fa-fw fa-check-circle"></i> Des contenus variés, complets et fiables</li><li><i class="fa fa-fw fa-check-circle"></i> Accessible sur tous les écrans</li><li><i class="fa fa-fw fa-check-circle"></i> Pas de publicité</li></ul><p class="text-center"><a href="/abonnement/" class="btn btn-cta text-uc" id="folio-button" data-matomo-category="Article" data-matomo-name="Folio" data-matomo-value="Block bottom">Découvrez nos offres </a></p><p class="text-center text-sm"> Déjà abonné ? <a href="/identification/" id="folio-login">Se connecter</a></p></div><div id="ad_mpuslot" class="pub-container text-center"><div class="pub-placeholder"></div></div><section class="mt-3 mb-5"><i class="anchor" id="C140038_AUTHORS"></i><p class="title-minor">Écrit par</p><ul class="list-group"><li class="list-group-item" data-dc-author="POLLIN, Jean-Paul"><a title="Auteur : Jean-Paul POLLIN" rel="author" href="/auteurs/jean-paul-pollin/"><strong>Jean-Paul POLLIN</strong></a> : professeur à l'université d'Orléans </li></ul></section><section class="mb-5"><div class="text-center mb-3 d-print-none"><a class="d-inline-flex flex-row justify-content-center align-items-center btn btn-light btn-large text-start" title="Carte mentale : MACROÉCONOMIE - Systèmes financiers" href="/carte-mentale/macroeconomie-systemes-financiers/"><i class="fa fa-sitemap fa-rotate-270 me-1 fs-1 text-universalis"></i><p class="m-0"><strong class="fs-4">Carte mentale</strong><br /> Élargissez votre recherche dans Universalis </p></a></div></section> <section class="mb-5 article-classification" data-print-label="la classification" data-print-target=".article-classification"> <i class="anchor" id="yC140038_ROOT_LINES"></i> <p class="title-minor">Classification</p> <nav aria-label="Classification 1"> <ol class="breadcrumb"> <li class="breadcrumb-item"> <a title="Classification : Économie et gestion" href="/classification/economie-et-gestion/"> Économie et gestion </a> </li> <li class="breadcrumb-item active" data-dc-subject="Marchés de capitaux"> <a title="Classification : Marchés de capitaux" href="/classification/economie-et-gestion/marches-de-capitaux/"> Marchés de capitaux </a> </li> </ol> </nav> <nav aria-label="Classification 2"> <ol class="breadcrumb"> <li class="breadcrumb-item"> <a title="Classification : Économie et gestion" href="/classification/economie-et-gestion/"> Économie et gestion </a> </li> <li class="breadcrumb-item"> <a title="Classification : Marchés et prix" href="/classification/economie-et-gestion/marches-et-prix/"> Marchés et prix </a> </li> <li class="breadcrumb-item"> <a title="Classification : Marchés" href="/classification/economie-et-gestion/marches-et-prix/marches/"> Marchés </a> </li> <li class="breadcrumb-item active" data-dc-subject="Marché financier"> <a title="Classification : Marché financier" href="/classification/economie-et-gestion/marches-et-prix/marches/marche-financier/"> Marché financier </a> </li> </ol> </nav> <nav aria-label="Classification 3"> <ol class="breadcrumb"> <li class="breadcrumb-item"> <a title="Classification : Économie et gestion" href="/classification/economie-et-gestion/"> Économie et gestion </a> </li> <li class="breadcrumb-item"> <a title="Classification : Marchés de capitaux" href="/classification/economie-et-gestion/marches-de-capitaux/"> Marchés de capitaux </a> </li> <li class="breadcrumb-item active" data-dc-subject="Institutions et services financiers"> <a title="Classification : Institutions et services financiers" href="/classification/economie-et-gestion/marches-de-capitaux/institutions-et-services-financiers/"> Institutions et services financiers </a> </li> </ol> </nav> </section> <section class="mb-5 d-print-none learn-more"> <i class="anchor" id="yC140038_REFERENCES"></i> <p class="title-minor">Autres références</p> <ul class="list-group"> <li class="list-group-item"> <h3 class="fs-5 m-0 mt-1"> <a href="/encyclopedie/agregat-economique/"> <span class="rg">AGRÉGAT ÉCONOMIQUE</span> </a> </h3> <ul class="list-inline list-inline-bullet mb-1 text-muted"> <li class="list-inline-item text-sm">Écrit par <span rel="author">Marc PÉNIN</span> </li> <li class="list-inline-item text-sm">1 488 mots</li> </ul> <div class="snippet-content mt-3"> <p>Au sens premier, un agrégat est un assemblage de parties qui forment un tout. Dans le vocabulaire économique moderne, le mot désigne une grandeur caractéristique de l'économie nationale et, plus généralement, une grandeur globale synthétique représentative d'un ensemble de grandeurs particulières. Le...</p> </div> </li> <li class="list-group-item"> <h3 class="fs-5 m-0 mt-1"> <a href="/encyclopedie/anticipations-economie/#c16838"> <span class="rg">ANTICIPATIONS, </span><em class="it">économie</em> </a> </h3> <ul class="list-inline list-inline-bullet mb-1 text-muted"> <li class="list-inline-item text-sm">Écrit par <span rel="author">Christian de BOISSIEU</span> </li> <li class="list-inline-item text-sm">6 072 mots</li> <li class="list-inline-item text-sm">4 médias </li> </ul> <div class="d-none d-md-inline-block float-start me-3"> <a class="protected" title="Article : ANTICIPATIONS, &eacute;conomie" href="/encyclopedie/anticipations-economie/"> <img class="rounded shadow" loading="lazy" alt="Gunnar Myrdal - crédits : Keystone/ Hulton Archive/ Getty Images" width="125" height="125" src="/typo3temp/assets/_processed_/6/8/csm_ph996114_38aaf7ad56.webp"/> </a> </div> <div class="snippet-content mt-3"> Puisque les variables macroéconomiques résultent de la conjugaison des actions individuelles, elles sont également conditionnées par les prévisions. Donnons quelques exemples : </div> </li> <li class="list-group-item"> <h3 class="fs-5 m-0 mt-1"> <a href="/encyclopedie/capital/#c16838"> <span class="rg">CAPITAL</span> </a> </h3> <ul class="list-inline list-inline-bullet mb-1 text-muted"> <li class="list-inline-item text-sm">Écrit par <span rel="author">Ozgur GUN</span> </li> <li class="list-inline-item text-sm">1 387 mots</li> </ul> <div class="snippet-content mt-3"> Cette façon de concevoir la société est, en partie, sous-jacente dans les représentations actuelles de ce que les économistes appellent lamacroéconomie, lorsqu'ils considèrent que le produit national est obtenu à partir du capital et du travail. Mais à la vision d'une lutte pour le partage du produit... </div> </li> <li class="list-group-item"> <h3 class="fs-5 m-0 mt-1"> <a href="/encyclopedie/chomage-politiques-de-l-emploi/#c16838"> <span class="rg"> CHÔMAGE - </span><span class="rm">Politiques de l'emploi </span> </a> </h3> <ul class="list-inline list-inline-bullet mb-1 text-muted"> <li class="list-inline-item text-sm">Écrit par <span rel="author">Christine ERHEL</span> </li> <li class="list-inline-item text-sm">7 303 mots</li> <li class="list-inline-item text-sm">2 médias </li> </ul> <div class="snippet-content mt-3"> Les évaluations macroéconomiques mesurent l'impact des politiques de l'emploi sur l'emploi, le chômage, les salaires, ou encore sur les flux sur le marché du travail, au niveau global. Elles utilisent des données agrégées, et éventuellement des modèles macroéconométriques existants. </div> </li> <li class="list-unstyled text-center mt-3"> <a class="btn btn-sm btn-primary" title="Afficher la liste complète des références" rel="related" href="/index/macroeconomie/"> Afficher les 27 références <i aria-hidden="true" class="fa fa-fw fa-chevron-right"></i> </a> </li> </ul> </section> <section class="mb-5 d-print-none article-indexes learn-more"> <i class="anchor" id="yC140038_INDEXES"></i> <p class="title-minor">Voir aussi</p> <ul class="list-inline list-inline-bullet"> <li class="list-inline-item m-1"> <a title="Index : PORTEFEUILLE, économie" href="/index/portefeuille-economie/"> <span class="rg">PORTEFEUILLE, </span><em class="it">économie</em> </a> </li> <li class="list-inline-item m-1"> <a title="Index : RISQUE ÉCONOMIQUE" href="/index/risque-economique/"> <span class="rg">RISQUE ÉCONOMIQUE</span> </a> </li> <li class="list-inline-item m-1"> <a title="Index : PSYCHOLOGIE ÉCONOMIQUE" href="/index/psychologie-economique/"> <span class="rg">PSYCHOLOGIE ÉCONOMIQUE</span> </a> </li> <li class="list-inline-item m-1"> <a title="Index : FLUCTUATIONS ÉCONOMIQUES" href="/index/fluctuations-economiques/"> <span class="rg">FLUCTUATIONS ÉCONOMIQUES</span> </a> </li> <li class="list-inline-item m-1"> <a title="Index : MARCHÉS DE CAPITAUX" href="/index/marches-de-capitaux/"> <span class="rg">MARCHÉS DE CAPITAUX</span> </a> </li> <li class="list-inline-item m-1"> <a title="Index : FINANCEMENT" href="/index/financement/"> <span class="rg">FINANCEMENT</span> </a> </li> <li class="list-inline-item m-1"> <a title="Index : FINANCIER INTERMÉDIAIRE" href="/index/intermediaire-financier/"> <span class="rg">FINANCIER </span><span class="pc">INTERMÉDIAIRE</span> </a> </li> <li class="list-inline-item m-1"> <a title="Index : TRAVAIL DROIT DU" href="/index/droit-du-travail/"> <span class="rg">TRAVAIL </span><span class="pc">DROIT DU</span> </a> </li> <li class="list-inline-item m-1"> <a title="Index : SYSTÈME JURIDIQUE" href="/index/systeme-juridique/"> <span class="rg">SYSTÈME JURIDIQUE</span> </a> </li> <li class="list-inline-item m-1"> <a title="Index : MARCHÉS DÉRIVÉS" href="/index/marches-derives/"> <span class="rg">MARCHÉS DÉRIVÉS</span> </a> </li> <li class="list-inline-item m-1"> <a title="Index : RETRAITE PAR CAPITALISATION" href="/index/retraite-par-capitalisation/"> <span class="rg">RETRAITE PAR CAPITALISATION</span> </a> </li> <li class="list-inline-item m-1"> <a title="Index : INSTABILITÉ FINANCIÈRE" href="/index/instabilite-financiere/"> <span class="rg">INSTABILITÉ FINANCIÈRE</span> </a> </li> <li class="list-inline-item m-1"> <a title="Index : BULLE SPÉCULATIVE" href="/index/bulle-speculative/"> <span class="rg">BULLE SPÉCULATIVE</span> </a> </li> <li class="list-inline-item m-1"> <a title="Index : ÉCONOMIE DE LA BANQUE" href="/index/economie-de-la-banque/"> <span class="rg">ÉCONOMIE DE LA BANQUE</span> </a> </li> <li class="list-inline-item m-1"> <a title="Index : CRISES BANCAIRES" href="/index/crise-bancaire/"> <span class="rg">CRISES BANCAIRES</span> </a> </li> <li class="list-inline-item m-1"> <a title="Index : FINANCEMENT DES ENTREPRISES" href="/index/financement-des-entreprises/"> <span class="rg">FINANCEMENT DES ENTREPRISES</span> </a> </li> <li class="list-inline-item m-1"> <a title="Index : ASYMÉTRIE D'INFORMATION" href="/index/asymetrie-d-information/"> <span class="rg">ASYMÉTRIE D'INFORMATION</span> </a> </li> <li class="list-inline-item m-1"> <a title="Index : SÉLECTION ADVERSE ou ANTISÉLECTION, économie" href="/index/selection-adverse-economie/"> <span class="rg">SÉLECTION ADVERSE </span><span class="rm">ou </span><span class="rg">ANTISÉLECTION, </span><em class="it">économie</em> </a> </li> <li class="list-inline-item m-1"> <a title="Index : ALÉA MORAL" href="/index/alea-moral/"> <span class="rg">ALÉA MORAL</span> </a> </li> <li class="list-inline-item m-1"> <a title="Index : CONTRATS THÉORIE DES, économie" href="/index/theorie-des-contrats-economie/"> <span class="rg">CONTRATS </span><span class="pc">THÉORIE DES, </span><em class="it">économie</em> </a> </li> <li class="list-inline-item m-1"> <a title="Index : INFORMATION ÉCONOMIQUE ET FINANCIÈRE" href="/index/information-economique-et-financiere/"> <span class="rg">INFORMATION ÉCONOMIQUE ET FINANCIÈRE</span> </a> </li> <li class="list-inline-item m-1"> <a title="Index : FINANCIERS SYSTÈMES" href="/index/systemes-financiers/"> <span class="rg">FINANCIERS </span><span class="pc">SYSTÈMES</span> </a> </li> <li class="list-inline-item m-1"> <a title="Index : COMPLÉMENTARITÉ INSTITUTIONNELLE, économie" href="/index/complementarite-institutionnelle-economie/"> <span class="rg">COMPLÉMENTARITÉ INSTITUTIONNELLE, </span><em class="it">économie</em> </a> </li> <li class="list-inline-item m-1"> <a title="Index : EFFICIENCE, économie" href="/index/efficience-economie/"> <span class="rg">EFFICIENCE, </span><em 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