{"id":100994,"date":"2021-04-14T09:05:29","date_gmt":"2021-04-14T08:05:29","guid":{"rendered":"https:\/\/groupe-reussite.fr\/?page_id=100994"},"modified":"2022-07-27T11:15:45","modified_gmt":"2022-07-27T10:15:45","slug":"cours-en-ligne-globalisation-financiere-crises-ecg-2","status":"publish","type":"page","link":"https:\/\/groupe-reussite.fr\/ressources\/cours-en-ligne-globalisation-financiere-crises-ecg-2\/","title":{"rendered":"Cours sur la globalisation financi\u00e8re et ses crises ECG 2"},"content":{"rendered":"<div class=\"Latex_page\">\n<section class=\"has_ae_slider elementor-element elementor-section-full_width elementor-reverse-mobile elementor-section-stretched elementor-section-height-default elementor-section-height-default ae-bg-gallery-type-default elementor-section elementor-top-section\">\n<div class=\"elementor-container elementor-column-gap-no\">\n<div class=\"elementor-row\">\n<div class=\"elementor-column-wrap elementor-element-populated colone_elementor\">\n<p style=\"text-align: justify;\">\t\t<div data-elementor-type=\"page\" data-elementor-id=\"25858\" class=\"elementor elementor-25858\">\n\t\t\t\t\t\t<div class=\"elementor-inner\">\n\t\t\t\t<div class=\"elementor-section-wrap\">\n\t\t\t\t\t\t\t\t\t<section class=\"has_ae_slider elementor-section elementor-top-section elementor-element elementor-element-2f2a024 elementor-section-content-bottom elementor-hidden-mobile elementor-section-boxed elementor-section-height-default elementor-section-height-default ae-bg-gallery-type-default\" data-id=\"2f2a024\" data-element_type=\"section\" id=\"sticky_sidebar\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-no\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"has_ae_slider elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-77f2068 sticky_badeau_colone strick_col ae-bg-gallery-type-default\" data-id=\"77f2068\" data-element_type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<section class=\"has_ae_slider elementor-section elementor-inner-section elementor-element elementor-element-bd3aa6a elementor-section-boxed elementor-section-height-default elementor-section-height-default ae-bg-gallery-type-default\" data-id=\"bd3aa6a\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"has_ae_slider elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-d2cf1a3 ae-bg-gallery-type-default\" data-id=\"d2cf1a3\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-00f6d11 elementor-widget elementor-widget-text-editor\" data-id=\"00f6d11\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p style=\"text-align: center;\">Cherchez et trouvez les meilleurs professeurs particuliers \u00e0 domicile et en ligne<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5f90151 elementor-align-center elementor-widget elementor-widget-button\" data-id=\"5f90151\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t<a href=\"https:\/\/groupe-reussite.fr\/cours-particuliers\/toutes-matieres\/tous-niveaux\/france\/\" class=\"elementor-button-link elementor-button elementor-size-sm\" role=\"button\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-text\">Professeur particulier<\/span>\n\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-c613d21 elementor-widget elementor-widget-spacer\" data-id=\"c613d21\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-675cc7f elementor-widget elementor-widget-image\" data-id=\"675cc7f\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t<img width=\"295\" height=\"197\" src=\"https:\/\/groupe-reussite.fr\/ressources\/wp-content\/uploads\/2017\/11\/home-grid-cours-particuliers-lycee.jpg\" class=\"attachment-large size-large wp-image-17136\" alt=\"Prof particulier au lyc\u00e9e\" loading=\"lazy\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"has_ae_slider elementor-section elementor-top-section elementor-element elementor-element-327bb4e elementor-section-content-bottom elementor-hidden-desktop elementor-hidden-tablet elementor-section-full_width elementor-section-height-default elementor-section-height-default ae-bg-gallery-type-default\" data-id=\"327bb4e\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-no\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"has_ae_slider elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-3f3268c ae-bg-gallery-type-default\" data-id=\"3f3268c\" data-element_type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<section class=\"has_ae_slider elementor-section elementor-inner-section elementor-element elementor-element-747ff4f elementor-section-full_width elementor-section-height-default elementor-section-height-default ae-bg-gallery-type-default\" data-id=\"747ff4f\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"has_ae_slider elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-7b37226 ae-bg-gallery-type-default\" data-id=\"7b37226\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-732d0af elementor-widget elementor-widget-text-editor\" data-id=\"732d0af\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p style=\"text-align: center;\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">Find the <\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><strong><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">answers, all the courses and the annals<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/strong><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\"> on our <\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><strong><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">free application <\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/strong> <strong><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">PrepApp<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/strong><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-c35c2f9 elementor-widget elementor-widget-image\" data-id=\"c35c2f9\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/groupe-reussite.fr\/ressources\/prepapp\/\" target=\"_blank\">\n\t\t\t\t\t\t\t<img width=\"381\" height=\"109\" src=\"https:\/\/groupe-reussite.fr\/ressources\/wp-content\/uploads\/2019\/05\/applestore-1.png\" class=\"attachment-large size-large wp-image-25781\" alt=\"T\u00e9l\u00e9charger l&#039;application dans l&#039;Apple Store\" loading=\"lazy\" srcset=\"https:\/\/groupe-reussite.fr\/ressources\/wp-content\/uploads\/2019\/05\/applestore-1.png 381w, https:\/\/groupe-reussite.fr\/ressources\/wp-content\/uploads\/2019\/05\/applestore-1-300x86.png 300w\" sizes=\"(max-width: 381px) 100vw, 381px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5803b9d elementor-widget elementor-widget-image\" data-id=\"5803b9d\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/groupe-reussite.fr\/ressources\/prepapp\/\" target=\"_blank\">\n\t\t\t\t\t\t\t<img width=\"564\" height=\"167\" src=\"https:\/\/groupe-reussite.fr\/ressources\/wp-content\/uploads\/2019\/05\/playstore.png\" class=\"attachment-large size-large wp-image-25780\" alt=\"Google Play PrepApp\" loading=\"lazy\" srcset=\"https:\/\/groupe-reussite.fr\/ressources\/wp-content\/uploads\/2019\/05\/playstore.png 564w, https:\/\/groupe-reussite.fr\/ressources\/wp-content\/uploads\/2019\/05\/playstore-300x89.png 300w\" sizes=\"(max-width: 564px) 100vw, 564px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ddd2148 elementor-widget elementor-widget-image\" data-id=\"ddd2148\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t<img width=\"1024\" height=\"778\" src=\"https:\/\/groupe-reussite.fr\/ressources\/wp-content\/uploads\/2019\/05\/sidebar-prepapp.jpg\" class=\"attachment-large size-large wp-image-58917\" alt=\"PrepApp appli mobile de Groupe R\u00e9ussite\" loading=\"lazy\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\n<\/div>\n<div class=\"elementor-column-wrap elementor-element-populated colone_latex\">\n<div class=\"style_pag\" style=\"color: #000; font-family: 'Lato', Sans-serif;\">\n<div class=\"elementor-text-editor elementor-clearfix\" style=\"color: #000000; font-family: Lato, sans-serif; text-align: justify;\">\n<h1 class=\"Latex_page_title\" style=\"text-align: center;\">Cours d&rsquo;ECG2 sur la globalisation financi\u00e8re et les crises<\/h1>\n<\/div>\n<p class=\"colone_latex_ancres\" style=\"color: #000000; font-family: Lato, sans-serif; text-align: center;\"><a href=\"https:\/\/groupe-reussite.fr\/ressources\/cours-en-ligne-globalisation-financiere-crises-ecg-2\/\">R\u00e9sum\u00e9 de cours<\/a><\/p>\n<p class=\"colone_latex_ancres\" style=\"color: #000000; font-family: Lato, sans-serif; text-align: center;\"><a href=\"https:\/\/groupe-reussite.fr\/ressources\/cours-en-ligne-ecg-2-esh\/\">Cours en ligne d&rsquo;ESH en ECE2<\/a><\/p>\n<p>Ce cours en ligne sur la globalisation financi\u00e8re et les crises va vous permettre de mieux comprendre et de r\u00e9viser l&rsquo;ensemble du cours d&rsquo;ESH. N&rsquo;h\u00e9sitez pas \u00e0 consulter le reste des <a href=\"https:\/\/groupe-reussite.fr\/ressources\/cours-en-ligne-ecg-2-esh\/\">cours en ligne d&rsquo;ECG2 en ESH<\/a> sur notre site.<\/p>\n<h2 style=\"color: #000000; font-family: Lato, sans-serif; text-align: justify;\">I. L&rsquo;\u00e9volution de la finance selon Bourguignat<\/h2>\n<p style=\"text-align: justify;\">H. Bourguinat (<em>La tyrannie des march\u00e9s<\/em>, 1995) observe trois stades de la finance globale depuis les ann\u00e9es 70 :<\/p>\n<ul>\n<li style=\"text-align: justify;\">une <strong>\u00e9conomie internationale d\u2019endettement<\/strong> (73-\u201980): recyclage des capitaux p\u00e9troliers qui aboutit \u00e0 la crise de l\u2019endettement des pays latino-am\u00e9ricains (1982)<\/li>\n<li style=\"text-align: justify;\">une <strong>\u00e9conomie de march\u00e9s financiers<\/strong> permise par le d\u00e9veloppement des innovations financi\u00e8res (titrisation)<\/li>\n<li style=\"text-align: justify;\">une <strong>\u00e9conomie internationale de sp\u00e9culation<\/strong> \u00e0 partir des \u201890 caract\u00e9ris\u00e9e par des risques plus importants et des op\u00e9rations \u00e0 d\u00e9couvert qui prennent une place pr\u00e9dominante<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">Pour Bourguignat, cette <strong>globalisation financi\u00e8re<\/strong> passe par la \u201cr\u00e8gle des 3D\u201d : d\u00e9sinterm\u00e9diation, d\u00e9cloisonnement et d\u00e9r\u00e9glementation.<\/p>\n<p>&nbsp;<\/p>\n\t\t<div data-elementor-type=\"section\" data-elementor-id=\"165739\" class=\"elementor elementor-165739\">\n\t\t\t\t\t<div class=\"elementor-section-wrap\">\n\t\t\t\t\t\t\t\t<section class=\"has_ae_slider elementor-section elementor-inner-section elementor-element elementor-element-512a985 elementor-section-content-bottom full_width elementor-section-full_width elementor-section-height-min-height elementor-section-height-default ae-bg-gallery-type-default\" data-id=\"512a985\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;gradient&quot;}\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-narrow\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"has_ae_slider elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-3022bd48 ae-bg-gallery-type-default\" data-id=\"3022bd48\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-90e52f1 elementor-widget elementor-widget-heading\" data-id=\"90e52f1\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">COURS D'ESH<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-17fb44a3 elementor-widget elementor-widget-heading\" data-id=\"17fb44a3\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Pour reprendre le contr\u00f4le \u00e0 ton rythme<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-66af8d9d elementor-align-left elementor-mobile-align-center elementor-widget elementor-widget-button\" data-id=\"66af8d9d\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t<a href=\"https:\/\/groupe-reussite.fr\/cours-particuliers\/esh\/tous-niveaux\/france\/\" target=\"_blank\" class=\"elementor-button-link elementor-button elementor-size-md\" role=\"button\" id=\"CTA_PRD_CP\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-text\">Cours particuliers ESH<\/span>\n\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"has_ae_slider elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-31a643d1 ae-bg-gallery-type-default\" data-id=\"31a643d1\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\n<p>&nbsp;<\/p>\n<h2 style=\"color: #000000; font-family: Lato, sans-serif; text-align: justify;\">II. Th\u00e9ories des crises de change<\/h2>\n<p style=\"text-align: justify;\">Dans <em>A model of balance of payment crises<\/em> (1979), Krugman montre que les <strong>crises de change<\/strong> sont induites par une d\u00e9t\u00e9rioration des fondamentaux \u00e9conomiques : le r\u00e9gime de change du pays n\u2019est alors plus adapt\u00e9 \u00e0 son \u00e9conomie. Une d\u00e9valuation est alors in\u00e9luctable, et est anticip\u00e9e par les sp\u00e9culateurs, qui retirent alors leurs capitaux lorsque les r\u00e9serves de change sont insuffisantes pour soutenir le r\u00e9gime de change.<\/p>\n<p style=\"text-align: justify;\">Pour Maurice Obstfled, les sp\u00e9culateurs n\u2019agissent pas en fonction des fondamentaux mais de la soutenabilit\u00e9 anticip\u00e9e des politiques mon\u00e9taires. Ces <strong>th\u00e9ories des crises de change<\/strong> seront ainsi illustr\u00e9es par les crises mexicaines puis asiatiques.<\/p>\n<h2 style=\"color: #000000; font-family: Lato, sans-serif; text-align: justify;\">III. La crise financi\u00e8re de 2008<\/h2>\n<p style=\"text-align: justify;\">La <strong>crise de 2008<\/strong> est le si\u00e8ge de m\u00e9canismes financiers et \u00e9conomiques complexes qui ont conduit \u00e0 une d\u00e9b\u00e2cle d&rsquo;ampleur mondiale. Il est important de comprendre cette crise, car elle est n\u00e9e aux \u00c9tats-Unis, mais s&rsquo;est r\u00e9pandue au reste du monde. Elle aurait pu n&rsquo;affecter que le secteur financier, mais elle a eu des cons\u00e9quences \u00e9conomiques et sociales lourdes sur la sph\u00e8re r\u00e9elle.<\/p>\n<p style=\"text-align: justify;\"><span style=\"text-decoration: underline;\"><strong>Le march\u00e9 immobilier am\u00e9ricain<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Lorsqu&rsquo;une personne veut contracter un emprunt immobilier, les banques se renseignent d&rsquo;abord sur sa solvabilit\u00e9. Si la personne est tr\u00e8s solvable, elle contracte un emprunt \u00ab prime \u00bb avec des taux d&rsquo;int\u00e9r\u00eat relativement faibles. Si la personne est moins solvable, elle contracte un emprunt \u00ab subprime \u00bb avec des int\u00e9r\u00eats plus \u00e9lev\u00e9s.<\/p>\n<p style=\"text-align: justify;\">Les int\u00e9r\u00eats sont plus \u00e9lev\u00e9s car la banque prend des risques en pr\u00eatant \u00e0 des agents peu solvables. Pour que le dossier de ces agents peu solvables soit recevables, il faut introduire des facilit\u00e9s de paiement. Les pr\u00eats subprimes sont \u00e0 taux variables. Cela signifie que les premi\u00e8res mensualit\u00e9s sont faciles \u00e0 augmenter, puis cela augmente progressivement et fluctue en fonction du march\u00e9 (et notamment des taux d\u00e9cid\u00e9s par la banque centrale).<\/p>\n<p style=\"text-align: justify;\">La banque doit \u00e9galement prendre une garantie en cas de d\u00e9faut de la part de l&#8217;emprunteur. Les biens immobiliers achet\u00e9s servent de garantie \u00e0 l&#8217;emprunt contract\u00e9 pour les acheter. Cela signifie qu&rsquo;\u00e0 l&rsquo;\u00e9poque, les banques ont confiance dans le march\u00e9 immobilier et pensent que la valeur des biens immobiliers ne va pas baisser au cours du temps.<\/p>\n<p style=\"text-align: justify;\">Pour se pr\u00e9munir encore mieux contre les risques, les banques ont recours \u00e0 la titrisation. Elles groupent l&rsquo;ensemble de leurs subprimes, qu&rsquo;elles divisent en parts, puis elles proposent \u00e0 des investisseurs de racheter ces parts (moyennant r\u00e9mun\u00e9ration). Le risque est donc divis\u00e9 entre la banque et ces nouveaux investisseurs.<\/p>\n<p style=\"text-align: justify;\">Dans les ann\u00e9es 2000, la Fed met beaucoup d&rsquo;argent en circulation et les taux sont bas. Les banques ont donc beaucoup de ressources. Une fois les besoins des agents solvables satisfaits, il leur reste beaucoup d&rsquo;argent \u00ab qui dort \u00bb. En parall\u00e8le, le gouvernement a \u00e0 c\u0153ur de faciliter l&rsquo;acc\u00e8s \u00e0 la propri\u00e9t\u00e9 immobili\u00e8re pour tous.<\/p>\n<p style=\"text-align: justify;\">Les banques vont donc naturellement orienter leur argent vers les agents moins solvables et \u00e9mettre beaucoup de cr\u00e9dits subprimes, en occultant le risque qu&rsquo;ils peuvent repr\u00e9senter. Les cr\u00e9dits subprimes passent de 200 milliards en 2002 \u00e0 640 milliards en 2006.<\/p>\n<p style=\"text-align: justify;\">Pour avoir la suite de ce cours en ligne, t\u00e9l\u00e9chargez d\u00e8s maintenant notre application mobile Prepapp. Vous y trouverez \u00e9galement d&rsquo;autres cours en ligne du programme ECG, ainsi que des exercices corrig\u00e9s gratuits. Vous pourrez vous entra\u00eener partout et \u00e0 n&rsquo;importe quelle heure ! En route pour la r\u00e9ussite !<\/p>\n\t\t<div data-elementor-type=\"section\" data-elementor-id=\"127774\" class=\"elementor elementor-127774\">\n\t\t\t\t\t<div class=\"elementor-section-wrap\">\n\t\t\t\t\t\t\t\t<section class=\"has_ae_slider elementor-section elementor-inner-section elementor-element elementor-element-5a7b6a2a elementor-section-content-bottom full_width elementor-section-full_width elementor-section-height-min-height elementor-section-height-default ae-bg-gallery-type-default\" data-id=\"5a7b6a2a\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-narrow\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"has_ae_slider elementor-column elementor-col-66 elementor-inner-column elementor-element elementor-element-749af387 ae-bg-gallery-type-default\" data-id=\"749af387\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1b4ed465 elementor-widget elementor-widget-heading\" data-id=\"1b4ed465\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">COURS PARTICULIERS EN LIGNE<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-16d47760 elementor-widget elementor-widget-heading\" data-id=\"16d47760\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Nous avons s\u00e9lectionn\u00e9 pour vous les meilleurs professeurs particuliers.<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-21a162bf elementor-widget elementor-widget-heading\" data-id=\"21a162bf\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">POUR ACC\u00c9L\u00c9RER MA PROGRESSION<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5600477e elementor-align-left elementor-mobile-align-center elementor-widget elementor-widget-button\" data-id=\"5600477e\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t<a href=\"https:\/\/groupe-reussite.fr\/cours-en-ligne\/toutes-matieres\/tous-niveaux\/france\/\" target=\"_blank\" class=\"elementor-button-link elementor-button elementor-size-md\" role=\"button\" id=\"CTA_PRD_CP\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-text\">Cours particuliers en ligne<\/span>\n\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1c7a7876 elementor-widget elementor-widget-text-editor\" data-id=\"1c7a7876\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p style=\"text-align: left;\"><b>Avis Google France <\/b><span style=\"color: #e5a430;\"><b>\u2605\u2605\u2605\u2605\u2605<\/b><\/span><b> 4,9 sur 5<\/b><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"has_ae_slider elementor-column elementor-col-33 elementor-inner-column elementor-element elementor-element-2aa12288 ae-bg-gallery-type-default\" data-id=\"2aa12288\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\n<p>&nbsp;<\/p>\n<p>D\u00e9couvrez le reste de nos cours en ligne ECG2 sur notre site :<\/p>\n<ul>\n<li><a href=\"https:\/\/groupe-reussite.fr\/ressources\/cours-en-ligne-globalisation-financiere-crises-ecg-2\/\">La mondialisation financi\u00e8re<\/a><\/li>\n<li><a href=\"https:\/\/groupe-reussite.fr\/ressources\/cours-en-ligne-mondialisation-commerciale-ecg-2\/\">La mondialisation commerciale<\/a><\/li>\n<li><a href=\"https:\/\/groupe-reussite.fr\/ressources\/cours-en-ligne-integration-europeenne-ecg-2\/\">L&rsquo;int\u00e9gration europ\u00e9enne<\/a><\/li>\n<li><a href=\"https:\/\/groupe-reussite.fr\/ressources\/cours-en-ligne-inflation-ecg-2\/\">L&rsquo;inflation<\/a><\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Cours d&rsquo;ECG2 sur la globalisation financi\u00e8re et les crises R\u00e9sum\u00e9 de cours Cours en ligne d&rsquo;ESH en ECE2 Ce cours en ligne sur la globalisation financi\u00e8re et les crises va vous permettre de mieux comprendre et de r\u00e9viser l&rsquo;ensemble du cours d&rsquo;ESH. N&rsquo;h\u00e9sitez pas \u00e0 consulter le reste des cours en ligne d&rsquo;ECG2 en ESH [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.2.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>La globalisation financi\u00e8re et les crises \u00e9conomiques en ECG<\/title>\n<meta name=\"description\" content=\"D\u00e9couvrez le cours en ligne gratuit ECG sur la globalisation financi\u00e8re et les crises \u00e9conomiques : crises financi\u00e8res, crises de change\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/groupe-reussite.fr\/ressources\/cours-en-ligne-globalisation-financiere-crises-ecg-2\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"La globalisation financi\u00e8re et les crises \u00e9conomiques en ECG\" \/>\n<meta property=\"og:description\" content=\"D\u00e9couvrez le cours en ligne gratuit ECG sur la globalisation financi\u00e8re et les crises \u00e9conomiques : crises financi\u00e8res, crises de change\" \/>\n<meta property=\"og:url\" content=\"https:\/\/groupe-reussite.fr\/ressources\/cours-en-ligne-globalisation-financiere-crises-ecg-2\/\" \/>\n<meta property=\"og:site_name\" content=\"Groupe R\u00e9ussite\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/GroupeReussiteOfficiel\/\" \/>\n<meta property=\"article:modified_time\" content=\"2022-07-27T10:15:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/groupe-reussite.fr\/ressources\/wp-content\/uploads\/2026\/05\/logo-groupe-reussite-carre.png\" \/>\n\t<meta property=\"og:image:width\" content=\"170\" \/>\n\t<meta property=\"og:image:height\" content=\"180\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:site\" content=\"@GroupeReussite\" \/>\n<meta name=\"twitter:label1\" content=\"Dur\u00e9e de lecture estim\u00e9e\" \/>\n\t<meta name=\"twitter:data1\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/groupe-reussite.fr\/ressources\/cours-en-ligne-globalisation-financiere-crises-ecg-2\/\",\"url\":\"https:\/\/groupe-reussite.fr\/ressources\/cours-en-ligne-globalisation-financiere-crises-ecg-2\/\",\"name\":\"La globalisation financi\u00e8re et les crises \u00e9conomiques en ECG\",\"isPartOf\":{\"@id\":\"https:\/\/groupe-reussite.fr\/ressources\/#website\"},\"datePublished\":\"2021-04-14T08:05:29+00:00\",\"dateModified\":\"2022-07-27T10:15:45+00:00\",\"description\":\"D\u00e9couvrez le cours en ligne gratuit ECG sur la globalisation financi\u00e8re et les crises \u00e9conomiques : crises financi\u00e8res, crises de change\",\"breadcrumb\":{\"@id\":\"https:\/\/groupe-reussite.fr\/ressources\/cours-en-ligne-globalisation-financiere-crises-ecg-2\/#breadcrumb\"},\"inLanguage\":\"fr-FR\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/groupe-reussite.fr\/ressources\/cours-en-ligne-globalisation-financiere-crises-ecg-2\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/groupe-reussite.fr\/ressources\/cours-en-ligne-globalisation-financiere-crises-ecg-2\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Accueil\",\"item\":\"https:\/\/groupe-reussite.fr\/ressources\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Cours sur la globalisation financi\u00e8re et ses crises ECG 2\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/groupe-reussite.fr\/ressources\/#website\",\"url\":\"https:\/\/groupe-reussite.fr\/ressources\/\",\"name\":\"Groupe R\u00e9ussite - 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