{"id":23342,"date":"2022-10-27T12:22:40","date_gmt":"2022-10-27T12:22:40","guid":{"rendered":"https:\/\/bondvigilantes.com\/francais\/?p=23342"},"modified":"2022-10-27T13:49:43","modified_gmt":"2022-10-27T13:49:43","slug":"un-bonbon-ou-un-sort-qt-ou-qe","status":"publish","type":"post","link":"https:\/\/bondvigilantes.com\/francais\/2022\/10\/un-bonbon-ou-un-sort-qt-ou-qe\/","title":{"rendered":"Un bonbon ou un sort\u00a0: \u00ab\u00a0QT\u00a0\u00bb ou\u00a0\u00ab\u00a0QE\u00a0\u00bb"},"content":{"rendered":"\n

Le resserrement quantitatif (QT) est appel\u00e9 \u00e0 d\u00e9buter pour de bon le 1er<\/sup> novembre – juste \u00e0 temps pour Halloween ! La Banque d\u2019Angleterre pr\u00e9voit de lancer un s\u00e9rieux et \u00e9nergique programme de vente des actifs qu\u2019elle a achet\u00e9s pendant l\u2019assouplissement quantitatif en guise de \u00ab bonbon \u00bb<\/strong> offert aux d\u00e9tenteurs de ces actifs et de mesure mon\u00e9taire qu\u2019elle a d\u00fb prendre en vue de stimuler l\u2019\u00e9conomie dans la mesure o\u00f9 les taux \u00e9taient d\u00e9j\u00e0 au plus bas. C\u2019est d\u00e9sormais l\u2019heure du \u00ab sort \u00bb<\/strong>. La Banque d\u00e9crit sur son propre site Internet<\/a> les raisons pour lesquelles elle se lance dans l\u2019assouplissement quantitatif (\u00ab QE \u00bb)\u2026 voyons comment elle d\u00e9crirait le resserrement quantitatif (\u00ab QT \u00bb) :<\/p>\n\n\n\n

\"\"<\/a>

<\/figcaption><\/figure>\n\n\n\n

Source : <\/em>https:\/\/www.bankofengland.co.uk\/monetary-policy\/quantitative-easing<\/em><\/a>, M&G<\/em><\/p>\n\n\n\n

Le \u00ab QE \u00bb avait un effet stimulant, le \u00ab QT \u00bb vise quant \u00e0 lui \u00e0 ralentir la croissance. Nous sommes convaincus que l\u2019assouplissement quantitatif a conduit \u00e0 une acc\u00e9l\u00e9ration de l\u2019inflation<\/a> \u2013 par cons\u00e9quent, en r\u00e9duisant la masse mon\u00e9taire, le \u00ab QT \u00bb agira comme un frein sur l\u2019inflation.<\/p>\n\n\n\n

L\u2019un des effets secondaires potentiels non mentionn\u00e9s dans le guide de la Banque d\u2019Angleterre est l\u2019\u00e9ventuel impact sur la livre sterling. Le m\u00e9canisme de transmission des variations des taux d\u2019int\u00e9r\u00eat aux devises est un potentiel catalyseur propice \u00e0 des fluctuations de change.<\/p>\n\n\n\n

Un autre effet direct du \u00ab QE \u00bb\/\u00ab QT \u00bb est le suivant : l\u2019offre exc\u00e9dentaire d\u2019une chose r\u00e9duit sa valeur et vice versa. Dans ces conditions, nous nous attendons \u00e0 voir se d\u00e9pr\u00e9cier et s\u2019appr\u00e9cier les devises des pays o\u00f9 la banque centrale se livre respectivement \u00e0 l\u2019assouplissement quantitatif ou au resserrement quantitatif. Lorsque tous les pays impriment ou d\u00e9truisent de la monnaie tous ensemble, l\u2019impact n\u2019est pas perceptible. Mais, lorsqu\u2019un pays imprime de la monnaie et que l\u2019autre d\u00e9truit la sienne, cette derni\u00e8re devrait alors \u00eatre plus forte. C\u2019est ce qui explique le graphique effrayant ci-dessous.<\/p>\n\n\n\n

\"\"<\/a>

Source : M&G, Bloomberg (au 24 octobre 2022).
<\/figcaption><\/figure>\n\n\n\n

Le \u00ab QT \u00bb va avoir pour effet de ralentir l\u2019\u00e9conomie et de lutter contre l\u2019inflation pour les raisons expliqu\u00e9es ci-dessus. Cet objectif de politique mon\u00e9taire pourrait \u00eatre encore un peu plus favoris\u00e9 par une appr\u00e9ciation ult\u00e9rieure de la devise.<\/p>\n","protected":false},"excerpt":{"rendered":"

Le resserrement quantitatif (QT) est appel\u00e9 \u00e0 d\u00e9buter pour de bon le 1er novembre – juste \u00e0 temps pour Halloween ! La Banque d\u2019Angleterre pr\u00e9voit de lancer un s\u00e9rieux et \u00e9nergique programme de vente des actifs qu\u2019elle a achet\u00e9s pendant l\u2019assouplissement quantitatif en guise de \u00ab bonbon \u00bb offert aux d\u00e9tenteurs de ces actifs et de mesure mon\u00e9taire qu\u2019elle a d\u00fb prendre en vue de stimuler l\u2019\u00e9conomie dans la mesure o\u00f9 les taux \u00e9taient d\u00e9j\u00e0 au plus bas. C\u2019est d\u00e9sormais l\u2019heure du \u00ab sort \u00bb. La Banque d\u00e9crit sur…<\/p>\n","protected":false},"author":3,"featured_media":23344,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[352],"tags":[355,139,354,353],"class_list":["post-23342","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-halloween","tag-bank-of-england","tag-politique-monetaire","tag-quantitative-easing","tag-quantitative-tightening"],"acf":[],"yoast_head":"\nUn bonbon ou un sort\u00a0: \u00ab\u00a0QT\u00a0\u00bb ou\u00a0\u00ab\u00a0QE\u00a0\u00bb - Francais<\/title>\n<meta name=\"description\" content=\"Le resserrement quantitatif (QT) est appel\u00e9 \u00e0 d\u00e9buter pour de bon le 1er novembre - juste \u00e0 temps pour Halloween ! 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