Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

Les fondements économiques d'une tragédie grecque

1,221 views

Published on

Les fondements économiques d'une tragédie grecque

Published in: Economy & Finance
  • DOWNLOAD THIS BOOKS INTO AVAILABLE FORMAT (Unlimited) ......................................................................................................................... ......................................................................................................................... Download Full PDF EBOOK here { https://soo.gd/qURD } ......................................................................................................................... Download Full EPUB Ebook here { https://soo.gd/qURD } ......................................................................................................................... Download Full doc Ebook here { https://soo.gd/qURD } ......................................................................................................................... Download PDF EBOOK here { https://soo.gd/qURD } ......................................................................................................................... Download EPUB Ebook here { https://soo.gd/qURD } ......................................................................................................................... Download doc Ebook here { https://soo.gd/qURD } ......................................................................................................................... ......................................................................................................................... ................................................................................................................................... eBook is an electronic version of a traditional print book THIS can be read by using a personal computer or by using an eBook reader. (An eBook reader can be a software application for use on a computer such as Microsoft's free Reader application, or a book-sized computer THIS is used solely as a reading device such as Nuvomedia's Rocket eBook.) Users can purchase an eBook on diskette or CD, but the most popular method of getting an eBook is to purchase a downloadable file of the eBook (or other reading material) from a Web site (such as Barnes and Noble) to be read from the user's computer or reading device. Generally, an eBook can be downloaded in five minutes or less ......................................................................................................................... .............. Browse by Genre Available eBooks .............................................................................................................................. Art, Biography, Business, Chick Lit, Children's, Christian, Classics, Comics, Contemporary, Cookbooks, Manga, Memoir, Music, Mystery, Non Fiction, Paranormal, Philosophy, Poetry, Psychology, Religion, Romance, Science, Science Fiction, Self Help, Suspense, Spirituality, Sports, Thriller, Travel, Young Adult, Crime, Ebooks, Fantasy, Fiction, Graphic Novels, Historical Fiction, History, Horror, Humor And Comedy, ......................................................................................................................... ......................................................................................................................... .....BEST SELLER FOR EBOOK RECOMMEND............................................................. ......................................................................................................................... Blowout: Corrupted Democracy, Rogue State Russia, and the Richest, Most Destructive Industry on Earth,-- The Ride of a Lifetime: Lessons Learned from 15 Years as CEO of the Walt Disney Company,-- Call Sign Chaos: Learning to Lead,-- StrengthsFinder 2.0,-- Stillness Is the Key,-- She Said: Breaking the Sexual Harassment Story THIS Helped Ignite a Movement,-- Atomic Habits: An Easy & Proven Way to Build Good Habits & Break Bad Ones,-- Everything Is Figureoutable,-- What It Takes: Lessons in the Pursuit of Excellence,-- Rich Dad Poor Dad: What the Rich Teach Their Kids About Money THIS the Poor and Middle Class Do Not!,-- The Total Money Makeover: Classic Edition: A Proven Plan for Financial Fitness,-- Shut Up and Listen!: Hard Business Truths THIS Will Help You Succeed, ......................................................................................................................... .........................................................................................................................
       Reply 
    Are you sure you want to  Yes  No
    Your message goes here
  • DOWNLOAD THAT BOOKS INTO AVAILABLE FORMAT (2019 Update) ......................................................................................................................... ......................................................................................................................... Download Full PDF EBOOK here { http://shorturl.at/mzUV6 } ......................................................................................................................... Download Full EPUB Ebook here { http://shorturl.at/mzUV6 } ......................................................................................................................... Download Full doc Ebook here { http://shorturl.at/mzUV6 } ......................................................................................................................... Download PDF EBOOK here { http://shorturl.at/mzUV6 } ......................................................................................................................... Download EPUB Ebook here { http://shorturl.at/mzUV6 } ......................................................................................................................... Download doc Ebook here { http://shorturl.at/mzUV6 } ......................................................................................................................... ......................................................................................................................... ................................................................................................................................... eBook is an electronic version of a traditional print book that can be read by using a personal computer or by using an eBook reader. (An eBook reader can be a software application for use on a computer such as Microsoft's free Reader application, or a book-sized computer that is used solely as a reading device such as Nuvomedia's Rocket eBook.) Users can purchase an eBook on diskette or CD, but the most popular method of getting an eBook is to purchase a downloadable file of the eBook (or other reading material) from a Web site (such as Barnes and Noble) to be read from the user's computer or reading device. Generally, an eBook can be downloaded in five minutes or less ......................................................................................................................... .............. Browse by Genre Available eBooks .............................................................................................................................. Art, Biography, Business, Chick Lit, Children's, Christian, Classics, Comics, Contemporary, Cookbooks, Manga, Memoir, Music, Mystery, Non Fiction, Paranormal, Philosophy, Poetry, Psychology, Religion, Romance, Science, Science Fiction, Self Help, Suspense, Spirituality, Sports, Thriller, Travel, Young Adult, Crime, Ebooks, Fantasy, Fiction, Graphic Novels, Historical Fiction, History, Horror, Humor And Comedy, ......................................................................................................................... ......................................................................................................................... .....BEST SELLER FOR EBOOK RECOMMEND............................................................. ......................................................................................................................... Blowout: Corrupted Democracy, Rogue State Russia, and the Richest, Most Destructive Industry on Earth,-- The Ride of a Lifetime: Lessons Learned from 15 Years as CEO of the Walt Disney Company,-- Call Sign Chaos: Learning to Lead,-- StrengthsFinder 2.0,-- Stillness Is the Key,-- She Said: Breaking the Sexual Harassment Story That Helped Ignite a Movement,-- Atomic Habits: An Easy & Proven Way to Build Good Habits & Break Bad Ones,-- Everything Is Figureoutable,-- What It Takes: Lessons in the Pursuit of Excellence,-- Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!,-- The Total Money Makeover: Classic Edition: A Proven Plan for Financial Fitness,-- Shut Up and Listen!: Hard Business Truths that Will Help You Succeed, ......................................................................................................................... .........................................................................................................................
       Reply 
    Are you sure you want to  Yes  No
    Your message goes here
  • DOWNLOAD THAT BOOKS INTO AVAILABLE FORMAT (2019 Update) ......................................................................................................................... ......................................................................................................................... Download Full PDF EBOOK here { http://bit.ly/2m6jJ5M } ......................................................................................................................... Download Full EPUB Ebook here { http://bit.ly/2m6jJ5M } ......................................................................................................................... Download Full doc Ebook here { http://bit.ly/2m6jJ5M } ......................................................................................................................... Download PDF EBOOK here { http://bit.ly/2m6jJ5M } ......................................................................................................................... Download EPUB Ebook here { http://bit.ly/2m6jJ5M } ......................................................................................................................... Download doc Ebook here { http://bit.ly/2m6jJ5M } ......................................................................................................................... ......................................................................................................................... ................................................................................................................................... eBook is an electronic version of a traditional print book that can be read by using a personal computer or by using an eBook reader. (An eBook reader can be a software application for use on a computer such as Microsoft's free Reader application, or a book-sized computer that is used solely as a reading device such as Nuvomedia's Rocket eBook.) Users can purchase an eBook on diskette or CD, but the most popular method of getting an eBook is to purchase a downloadable file of the eBook (or other reading material) from a Web site (such as Barnes and Noble) to be read from the user's computer or reading device. Generally, an eBook can be downloaded in five minutes or less ......................................................................................................................... .............. Browse by Genre Available eBooks .............................................................................................................................. Art, Biography, Business, Chick Lit, Children's, Christian, Classics, Comics, Contemporary, Cookbooks, Manga, Memoir, Music, Mystery, Non Fiction, Paranormal, Philosophy, Poetry, Psychology, Religion, Romance, Science, Science Fiction, Self Help, Suspense, Spirituality, Sports, Thriller, Travel, Young Adult, Crime, Ebooks, Fantasy, Fiction, Graphic Novels, Historical Fiction, History, Horror, Humor And Comedy, ......................................................................................................................... ......................................................................................................................... .....BEST SELLER FOR EBOOK RECOMMEND............................................................. ......................................................................................................................... Blowout: Corrupted Democracy, Rogue State Russia, and the Richest, Most Destructive Industry on Earth,-- The Ride of a Lifetime: Lessons Learned from 15 Years as CEO of the Walt Disney Company,-- Call Sign Chaos: Learning to Lead,-- StrengthsFinder 2.0,-- Stillness Is the Key,-- She Said: Breaking the Sexual Harassment Story That Helped Ignite a Movement,-- Atomic Habits: An Easy & Proven Way to Build Good Habits & Break Bad Ones,-- Everything Is Figureoutable,-- What It Takes: Lessons in the Pursuit of Excellence,-- Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!,-- The Total Money Makeover: Classic Edition: A Proven Plan for Financial Fitness,-- Shut Up and Listen!: Hard Business Truths that Will Help You Succeed, ......................................................................................................................... .........................................................................................................................
       Reply 
    Are you sure you want to  Yes  No
    Your message goes here
  • DOWNLOAD THAT BOOKS INTO AVAILABLE FORMAT (2019 Update) ......................................................................................................................... ......................................................................................................................... Download Full PDF EBOOK here { http://bit.ly/2m6jJ5M } ......................................................................................................................... Download Full EPUB Ebook here { http://bit.ly/2m6jJ5M } ......................................................................................................................... Download Full doc Ebook here { http://bit.ly/2m6jJ5M } ......................................................................................................................... Download PDF EBOOK here { http://bit.ly/2m6jJ5M } ......................................................................................................................... Download EPUB Ebook here { http://bit.ly/2m6jJ5M } ......................................................................................................................... Download doc Ebook here { http://bit.ly/2m6jJ5M } ......................................................................................................................... ......................................................................................................................... ................................................................................................................................... eBook is an electronic version of a traditional print book that can be read by using a personal computer or by using an eBook reader. (An eBook reader can be a software application for use on a computer such as Microsoft's free Reader application, or a book-sized computer that is used solely as a reading device such as Nuvomedia's Rocket eBook.) Users can purchase an eBook on diskette or CD, but the most popular method of getting an eBook is to purchase a downloadable file of the eBook (or other reading material) from a Web site (such as Barnes and Noble) to be read from the user's computer or reading device. Generally, an eBook can be downloaded in five minutes or less ......................................................................................................................... .............. Browse by Genre Available eBooks .............................................................................................................................. Art, Biography, Business, Chick Lit, Children's, Christian, Classics, Comics, Contemporary, Cookbooks, Manga, Memoir, Music, Mystery, Non Fiction, Paranormal, Philosophy, Poetry, Psychology, Religion, Romance, Science, Science Fiction, Self Help, Suspense, Spirituality, Sports, Thriller, Travel, Young Adult, Crime, Ebooks, Fantasy, Fiction, Graphic Novels, Historical Fiction, History, Horror, Humor And Comedy, ......................................................................................................................... ......................................................................................................................... .....BEST SELLER FOR EBOOK RECOMMEND............................................................. ......................................................................................................................... Blowout: Corrupted Democracy, Rogue State Russia, and the Richest, Most Destructive Industry on Earth,-- The Ride of a Lifetime: Lessons Learned from 15 Years as CEO of the Walt Disney Company,-- Call Sign Chaos: Learning to Lead,-- StrengthsFinder 2.0,-- Stillness Is the Key,-- She Said: Breaking the Sexual Harassment Story That Helped Ignite a Movement,-- Atomic Habits: An Easy & Proven Way to Build Good Habits & Break Bad Ones,-- Everything Is Figureoutable,-- What It Takes: Lessons in the Pursuit of Excellence,-- Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!,-- The Total Money Makeover: Classic Edition: A Proven Plan for Financial Fitness,-- Shut Up and Listen!: Hard Business Truths that Will Help You Succeed, ......................................................................................................................... .........................................................................................................................
       Reply 
    Are you sure you want to  Yes  No
    Your message goes here
  • DOWNLOAD THAT BOOKS INTO AVAILABLE FORMAT (2019 Update) ......................................................................................................................... ......................................................................................................................... Download Full PDF EBOOK here { http://bit.ly/2m6jJ5M } ......................................................................................................................... Download Full EPUB Ebook here { http://bit.ly/2m6jJ5M } ......................................................................................................................... Download Full doc Ebook here { http://bit.ly/2m6jJ5M } ......................................................................................................................... Download PDF EBOOK here { http://bit.ly/2m6jJ5M } ......................................................................................................................... Download EPUB Ebook here { http://bit.ly/2m6jJ5M } ......................................................................................................................... Download doc Ebook here { http://bit.ly/2m6jJ5M } ......................................................................................................................... ......................................................................................................................... ................................................................................................................................... eBook is an electronic version of a traditional print book that can be read by using a personal computer or by using an eBook reader. (An eBook reader can be a software application for use on a computer such as Microsoft's free Reader application, or a book-sized computer that is used solely as a reading device such as Nuvomedia's Rocket eBook.) Users can purchase an eBook on diskette or CD, but the most popular method of getting an eBook is to purchase a downloadable file of the eBook (or other reading material) from a Web site (such as Barnes and Noble) to be read from the user's computer or reading device. Generally, an eBook can be downloaded in five minutes or less ......................................................................................................................... .............. Browse by Genre Available eBooks .............................................................................................................................. Art, Biography, Business, Chick Lit, Children's, Christian, Classics, Comics, Contemporary, Cookbooks, Manga, Memoir, Music, Mystery, Non Fiction, Paranormal, Philosophy, Poetry, Psychology, Religion, Romance, Science, Science Fiction, Self Help, Suspense, Spirituality, Sports, Thriller, Travel, Young Adult, Crime, Ebooks, Fantasy, Fiction, Graphic Novels, Historical Fiction, History, Horror, Humor And Comedy, ......................................................................................................................... ......................................................................................................................... .....BEST SELLER FOR EBOOK RECOMMEND............................................................. ......................................................................................................................... Blowout: Corrupted Democracy, Rogue State Russia, and the Richest, Most Destructive Industry on Earth,-- The Ride of a Lifetime: Lessons Learned from 15 Years as CEO of the Walt Disney Company,-- Call Sign Chaos: Learning to Lead,-- StrengthsFinder 2.0,-- Stillness Is the Key,-- She Said: Breaking the Sexual Harassment Story That Helped Ignite a Movement,-- Atomic Habits: An Easy & Proven Way to Build Good Habits & Break Bad Ones,-- Everything Is Figureoutable,-- What It Takes: Lessons in the Pursuit of Excellence,-- Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!,-- The Total Money Makeover: Classic Edition: A Proven Plan for Financial Fitness,-- Shut Up and Listen!: Hard Business Truths that Will Help You Succeed, ......................................................................................................................... .........................................................................................................................
       Reply 
    Are you sure you want to  Yes  No
    Your message goes here
  • Be the first to like this

Les fondements économiques d'une tragédie grecque

  1. 1. Économie Les fondements économiques d’une tragédie Grecque Roger Claessens, Prof. UBI Vous trouverez cette présentation sur le site: www.rogerclaessens.be 1
  2. 2. « L’étude de l’économique  est une question de choix.  Elle ne nous dit pas quoi  choisir. Elle nous aide à  comprendre                    les conséquences de nos choix ». 2
  3. 3. INSECURITE3
  4. 4. 4
  5. 5. Les fondements économiques d’une tragédie Grecque Roger Claessens, Prof. UBI Vous trouverez cette présentation sur le site: www.rogerclaessens.be 5 1
  6. 6. Produits & Services PIB Consommateurs Emploi Entrepreneurs Offre Quoi? Comment? Pour qui? Dem ande Dem ande Offre Gouvernement 6 Banque CentraleGouvernement
  7. 7. PIB = C+I+G+(X-M) Le  Produit  National  Brut  est  la  somme  des  dépenses privées des consommateurs (C), des  dépenses  privées  d’investissement  (I),  des  dépenses  gouvernementales  (G)  et  des  dépenses  extérieures  nettes  (eXports  –  iMports) de produits finis et de services. 7
  8. 8. “LA” FORMULE EN PHYSIQUE E=mc² (A. Einstein)
  9. 9. “LA” FORMULE EN ECONOMIE PQ=MV (I. Fisher)
  10. 10. • P.Q = M.V • P = Les prix des biens et services • Q = quantité des biens & services produits par une économie nationale (= PNB) • M = Masse monétaire (actifs des consommateurs et des entrepreneurs, correspondant au passif du système bancaire et à celui de la banque centrale) • V = vélocité de circulation de l’argent 10
  11. 11. CONSOMMATEURS 11
  12. 12. Prix Nobel = Prise de Décision Daniel Kahneman 12
  13. 13. “WE ARE A MOONWALKER NATION” President Obama visits Facebook – le 20/4/2011 13
  14. 14. La courbe de préférence des emprunteurs 14 Les taux d’intérêt
  15. 15. HR B3
  16. 16. ENTREPRENEURS 16
  17. 17. Adam Smith Schumpeter
  18. 18. Nous constatons, dans notre partie du monde, que: nous imposons aux entrepreneurs des contraintes administratives lourdes, des contributions sociales élevées et un taux de taxation important. 18
  19. 19. L’entrepreneur est également quelqu’un qui cherchera continuellement à équilibrer flexibilité et réduction des coûts dans le but d’atteindre la structure optimale de son entreprise, poussant la productivité, qui est l’atout compétitif d’une nation. 19
  20. 20. • Comment ressentir l’état d’esprit des 2 piliers de l’économie que sont les entrepreneurs et les consommateurs 20
  21. 21. Il y a environ 300300 indicateurs économiques clefs.
  22. 22. 22
  23. 23. Exemples d’indicateurs économiques clés 1. Croissance 2. Population, emploi et chômage 3. Taux d’imposition 4. Consommation 5. Investissements et épargne 6. La balance des paiements 7. Le taux de change 8. La masse monétaire et les marchés financiers 9. Prix et salaires 23
  24. 24. • Les indicateurs économiques permettent d’augmenter la probabilité de prendre une bonne décision grâce à une compréhension accrue d’une situation donnée. • Ils sont le langage de l’économie. 24
  25. 25. ENTREPRENEURS 25
  26. 26. 26
  27. 27. 1.1. Le marché monétaireLe marché monétaire 2.2. Le marché des capitauxLe marché des capitaux 3.3. Le marché des changesLe marché des changes 4.4. Le marché boursierLe marché boursier 5.5. Le marché des futursLe marché des futurs 27
  28. 28. • Le marché est disponible pour les transactions financières jusqu’à un an pour les professionnels du secteur financier. • Les périodes sont standard et le calcul des intérêts se fait sur une base journalière précise. • Au delà de la période d’un an, on parle du marché des capitaux. (1) Le marché monétaire 28
  29. 29. • Le marché des capitaux couvre les opérations à plus d’un an. • Les intervenants sont principalement les gouvernements et les emprunteurs institutionnels et sociétés multinationales. Les taux reflètent les attentes d’inflation. • L’instrument principal est l’obligation. (2) Le marché des capitaux 29
  30. 30. Prix d’une obligation Taux d’intérêt 30 (2) Le marché des capitaux
  31. 31. Les cercles de Samuelson évoluent dans une économie de marché fermé. Quand un consommateur achète un bien dans un autre circuit économique/monétaire il devra échanger sa devise nationale en une devise étrangère. (3) Le marché du change 31
  32. 32. 32 € $ ConsommateurConsommateur MarchéMarché (3) Le marché du change
  33. 33. • Le marché des changes est le plus gros marché mondial. • Le chiffre d’affaire journalier se situe dans les alentours de $4.000.000.000.000. (3) Le marché du change 33
  34. 34. Il s’agit clairement du plus gros marché mondial, mais aussi du plus imprévisible, même si, théoriquement, il y a un lien fondamental entre les taux d’intérêts, la balance des paiements des pays et les taux de change de leurs devises. (3) Le marché du change 34
  35. 35. • 1970 : £ = 120 FB = € 3 • 2003 : £ = 66 FB = € 1.60 • 2015 : £ = 50 FB = € 1.38 Il y a une relation entre l’inflation et le taux d’intérêt et le taux de change (3) Le marché du change 35
  36. 36. Différence deDifférence de taux d’intérêttaux d’intérêt DifférenceDifférence attendue duattendue du tauxtaux d’inflationd’inflation DifférenceDifférence entre lesentre les cours àcours à termeterme et les taux auet les taux au comptantcomptant ChangementChangement attendu desattendu des taux autaux au comptantcomptant Égal àÉgal à Égal àÉgal à Égal àÉgal à Égal àÉgal à (3) Le marché du change 36
  37. 37. (4) Le marché boursier 37
  38. 38. Marché à terme Marché des futures Montants spécifiques Montants standards Hors cote Marché organisé Risque de règlement Liquidation facile 1 an max Ce que le marché accepte 5) Le marché des futurs 38
  39. 39. 39 Gouvernement
  40. 40. Revenus Dépenses 40 (d) L’intervention du gouvernement
  41. 41. Comment un état peut faire faillite
  42. 42. Trade in goods balance -20 Plus Trade in services balance 4 Plus Transfer payments 2 Plus Investment income 6 Equals CURRENT ACCOUNT -8 Equals CAPITAL ACCOUNT 5 Plus Balancing item 3 BALANCE OF PAYMENTS 0 42
  43. 43. “Le vrai test pour l’Euro surgira d’ici une dizaine d’années quand la génération du baby-boom partira à la retraite. Avec un impressionnant passif de pensions non couvert, les gouvernements européens vont avoir de plus en plus de mal à garder leur déficit budgétaire dans les limites déterminées lors de leur entrée dans l’Euro.” FT il y a 15 ans 43
  44. 44. Emploi 44
  45. 45. 1. Vieillissement 2. Extrême-Orient 3. Connectivité 4. Les technologies dites “GRIN” technologies 5. Environnement (genetics, robotics, internet, nano technology) Le trend 47
  46. 46. People often talk about financial markets as if they were casinos, but they are more dangerous than any gambling den. The numbers on a roulette wheel never change, but markets offer no guarantee that yesterday’s odds will be the same tomorrow. 48
  47. 47. 49 Banque Centrale
  48. 48. • 5 leviers principaux d’une banque centrale 1. La planche à billets 2. Les taux d’intérêt court terme 3. Les réserve fractionnelles 4. L’ open market 5. Les ratios des banques 50
  49. 49. P.Q. = M.V La question à laquelle le banquier central doit trouver une réponse est: •“Quel est le niveau adéquat des disponibilités dans le circuit économique?” La réponse la plus facile est le montant permettant l’achat de tous les biens et services produits, en atteignant le plein emploi sans augmentation de prix. (approche monétariste) 51
  50. 50. 1- La planche à billets
  51. 51. La création monétaire
  52. 52. La courbe de préférence des emprunteurs 54 2- Les taux d’intérêt
  53. 53. • La courbe de préférence des prêteurs 55
  54. 54. Le taux d’intérêt = le coût de l’emprunt et le loyer d’un dépôt 56
  55. 55. Quand les perspectives changent, la courbe se déplace 57
  56. 56. Somme des actifs Somme des passifs envers des tiers Valeur nette Actifs-passifs envers des tiers Note: représentation du bilan d’une banque 58
  57. 57. Les réserves obligatoires Banque commerciale Banque centrale %% DépôtsPrêts Dépôts
  58. 58. « Open market policy » (quantitative easing) Banque commerciale Banque centrale Achète des obligations Euro 60
  59. 59. La structure du bilan Banque commerciale 61
  60. 60. 62
  61. 61. Les fondements économiques d’une tragédie Grecque Roger Claessens, Prof. UBI Vous trouverez cette présentation sur le site: www.rogerclaessens.be 69 2
  62. 62. Percentage of tax collected Source OECD
  63. 63. FT
  64. 64. “ There is clearly a lot of anger building up in the system”
  65. 65. Conséquences Conséquences d’un « exit » d’un « exit » Serbia
  66. 66. Prof. Galbraith
  67. 67. 01/03/201 5
  68. 68. contact@rogerclaessens.be 93 www.rogerclaessens.be

×