Paul Lachine

Banquiers sans frontière

FRANCFORT – Au plus haut de la crise financière de 2008-2009, il semblait que les banques occidentales allaient retirer leurs participations à l’étranger et rentrer à la maison, laissant les marchés financiers bien plus fragmentés le long de leurs frontières nationales. Mais, ainsi que le montre un récent rapport publié par Deutsche Bank Research, l’activité bancaire transfrontalière – soit en direct, soit par le biais de filiales – s’est largement stabilisée.

Durant la crise, le niveau d’activité bancaire a fortement chuté dans les secteurs exigeants en capitaux comme les prêts traditionnels au secteur privé. L’effet fut particulièrement sensible pour les prêts destinés aux sociétés non financières, alors que les prêts aux particuliers – un secteur traditionnellement peu sujet à l’internationalisation – est resté plus solide.  

Ce déclin était en partie dû à des avoirs plus importants de dette publique étrangère relativement à la dette privée. Avant la crise, les banques optaient souvent pour des positions vendeuses net d’obligations d’état étrangères, mais leurs achats ont substantiellement augmenté en 2008 et 2009. Avec le début de la crise de la dette européenne en 2010, l’appétit des banques pour la dette publique a chuté à nouveau.

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