china stock market plunge Zhengyi Xie/ZumaPress

Les Chinois ne sont pas les seuls à manipuler les marchés !

NEW HAVEN – La manipulation des marchés est devenue un outil habituel pour les gouvernements partout dans le monde. Aujourd'hui tous les regards sont tournés vers la Chine qui tente de faire face à l'éclatement de sa bulle boursière. Mais la politique chinoise n'a rien d'unique, les principaux pays occidentaux font à peu prés la même chose - même si leur manipulation se présente sous un jour légèrement différent.

Considérons le relâchement monétaire (quantitative easing). Le Japon y a eu recours le premier au début des années 2000, suivi par les USA après 2008. Le Japon l'a utilisé à nouveau début 2013 et maintenant c'est au tour de l'Europe. Dans tous les cas il s'agissait essentiellement d'une mesure forte visant à manipuler le prix des actifs : les banques centrales achètent elles-mêmes des titres de dette souveraine à long terme, ce qui diminue les taux d'intérêt à long terme et rend de ce fait les titres boursiers plus attractifs.

Le redémarrage étant anémique dans les pays occidentaux, on peut se demander si cette manipulation des marchés permet d'atteindre l'objectif recherché : stimuler les économies dépendantes de la cotation des actifs qui sont frappées par la crise. Mais cela n'empêche pas les autorités d'y avoir recours.

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