{"id":3502,"date":"2018-10-19T09:50:58","date_gmt":"2018-10-19T09:50:58","guid":{"rendered":"https:\/\/www.bondvigilantes.com\/francais\/?p=3502"},"modified":"2018-10-30T09:53:32","modified_gmt":"2018-10-30T09:53:32","slug":"mas-peculiar-tightening-policy","status":"publish","type":"post","link":"https:\/\/bondvigilantes.com\/francais\/2018\/10\/mas-peculiar-tightening-policy\/","title":{"rendered":"L\u2019AMS et sa politique de resserrement atypique"},"content":{"rendered":"<p>Dans son dernier communiqu\u00e9 semestriel, l\u2019Autorit\u00e9 mon\u00e9taire de Singapour (AMS) a d\u00e9clar\u00e9 qu\u2019elle resserrerait l\u00e9g\u00e8rement sa politique mon\u00e9taire en augmentant le rythme d\u2019appr\u00e9ciation de la fourchette cible du taux de change effectif nominal (TCEN) du dollar de Singapour (SGD). Ce deuxi\u00e8me rel\u00e8vement cette ann\u00e9e, apr\u00e8s celui du mois d\u2019avril, confirme le resserrement mon\u00e9taire observ\u00e9 r\u00e9cemment dans de nombreuses \u00e9conomies asiatiques telles que la Cor\u00e9e du Sud, la Malaisie, l\u2019Indon\u00e9sie, l\u2019Inde et les Philippines. Tous ces pays ont r\u00e9cemment relev\u00e9 leurs taux pour contr\u00f4ler l\u2019inflation.<\/p>\n<p>Pour ajuster sa politique mon\u00e9taire, l\u2019AMS privil\u00e9gie l\u2019intervention directe sur les march\u00e9s des changes au comptant et \u00e0 terme, plut\u00f4t que le recours aux taux d\u2019int\u00e9r\u00eat, ce qui peut sembler atypique. Cependant, ce pays n\u2019est pas le seul dans ce cas\u00a0: le Costa Rica, le Laos, le Liban, le Nigeria et le Vietnam ont opt\u00e9 pour une approche similaire, m\u00eame si ces pays g\u00e8rent leur monnaie par rapport au dollar am\u00e9ricain, et non par rapport \u00e0 un panier de devises pond\u00e9r\u00e9 en fonction des \u00e9changes comme le fait Singapour. Une \u00e9tude publi\u00e9e en 2014 par Chow et al\u00b9 a confirm\u00e9 que pour les petites \u00e9conomies ouvertes comme Singapour (le commerce ext\u00e9rieur repr\u00e9sentait plus de 300 % du PIB en 2017), les r\u00e9gimes mon\u00e9taires bas\u00e9s sur le taux de change \u00e9taient plus appropri\u00e9s pour faire face aux chocs externes qu\u2019une approche centr\u00e9e sur les taux d\u2019int\u00e9r\u00eat.<\/p>\n<p>Le r\u00e9gime de change flottant administr\u00e9 que Singapour a instaur\u00e9 en 1981 s\u2019est av\u00e9r\u00e9 relativement efficace pour assurer la stabilit\u00e9 des prix, comme le montre le graphique ci-dessous.<\/p>\n<p><a href=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/4\/2021\/12\/1-FR-P18-10-200-The-MAS-and-its-peculiar-tightening-policy_FR-VF.png\" data-rel=\"lightbox-gallery-xxAl7hw2\" data-rl_title=\"\" data-rl_caption=\"\" title=\"\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-3505\" src=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/4\/2021\/12\/1-FR-P18-10-200-The-MAS-and-its-peculiar-tightening-policy_FR-VF.png\" alt=\"\" width=\"960\" height=\"720\" srcset=\"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/1-FR-P18-10-200-The-MAS-and-its-peculiar-tightening-policy_FR-VF.png 960w, https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/1-FR-P18-10-200-The-MAS-and-its-peculiar-tightening-policy_FR-VF-300x225.png 300w, https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/1-FR-P18-10-200-The-MAS-and-its-peculiar-tightening-policy_FR-VF-768x576.png 768w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/a><\/p>\n<p>Le graphique montre aussi le rythme estim\u00e9 de la fourchette cible du TCEN du SGD (ligne orange), exprim\u00e9e en pourcentage annuel d\u2019appr\u00e9ciation du SGD par rapport \u00e0 un panier de devises pond\u00e9r\u00e9 en fonction des \u00e9changes (estimation de Citi Research). Historiquement, l\u2019AMS a augment\u00e9 ce rythme lorsque l\u2019inflation franchissait l&rsquo;objectif d\u2019inflation implicite de 2 % (par exemple, en octobre 2007 ou en octobre 2010) et l\u2019a diminu\u00e9 lorsque l\u2019inflation \u00e9tait plus sage (en octobre 2008 ou en janvier 2015). Avec le recul offert par le graphique, on constate \u00e9galement que malgr\u00e9 les rel\u00e8vements de cette ann\u00e9e, la politique mon\u00e9taire demeure globalement accommodante\u00a0: le rythme d\u2019appr\u00e9ciation du TCEN du SGD est encore relativement faible, probablement autour de 1 %, selon Citi Research.<\/p>\n<p>Quant au SGD en lui-m\u00eame, il a fait preuve d&rsquo;une relative stabilit\u00e9 face au panier de devises pond\u00e9r\u00e9 en fonction des \u00e9changes sur les deux derni\u00e8res ann\u00e9es, m\u00eame s&rsquo;il a commenc\u00e9 \u00e0 s\u2019appr\u00e9cier ces derniers mois. On peut le constater sur le graphique ci-dessous, qui montre le taux de change du SGD pond\u00e9r\u00e9 en fonction des \u00e9changes tel que calcul\u00e9 par l\u2019AMS, ainsi que les estimations de Goldman Sachs concernant la fourchette cible. L&rsquo;appr\u00e9ciation graduelle du SGD au fil du temps vis\u00e9e par l\u2019AMS refl\u00e8te les solides fondamentaux de la ville-\u00c9tat et la forte croissance de la productivit\u00e9, autant de gages de stabilit\u00e9 des flux de capitaux.<\/p>\n<p><a href=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/4\/2021\/12\/2-FR-P18-10-200-The-MAS-and-its-peculiar-tightening-policy_FR-VF.png\" data-rel=\"lightbox-gallery-xxAl7hw2\" data-rl_title=\"\" data-rl_caption=\"\" title=\"\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-3507\" src=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/4\/2021\/12\/2-FR-P18-10-200-The-MAS-and-its-peculiar-tightening-policy_FR-VF.png\" alt=\"\" width=\"960\" height=\"720\" srcset=\"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/2-FR-P18-10-200-The-MAS-and-its-peculiar-tightening-policy_FR-VF.png 960w, https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/2-FR-P18-10-200-The-MAS-and-its-peculiar-tightening-policy_FR-VF-300x225.png 300w, https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/2-FR-P18-10-200-The-MAS-and-its-peculiar-tightening-policy_FR-VF-768x576.png 768w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/a><\/p>\n<p>Le recours au taux de change comme principal outil d&rsquo;ajustement de la politique mon\u00e9taire implique que l&rsquo;AMS renonce au contr\u00f4le des taux d&rsquo;int\u00e9r\u00eat nationaux, qui sont d\u00e9sormais d\u00e9termin\u00e9s par les forces du march\u00e9 et les anticipations de taux de change des investisseurs. Cela conforte le principe de \u00ab\u00a0l&rsquo;impossible trinit\u00e9\u00a0\u00bb, qui veut qu&rsquo;un pays ne peut avoir simultan\u00e9ment la libre circulation des capitaux, un r\u00e9gime de change fixe et le contr\u00f4le des taux d&rsquo;int\u00e9r\u00eat.<\/p>\n<p>Le graphique ci-dessous compare le SIBOR \u00e0 3\u00a0mois (un barom\u00e8tre des taux d&rsquo;int\u00e9r\u00eat \u00e0 Singapour) et le LIBOR USD \u00e0 3 mois. Ces deux taux pr\u00e9sentent une corr\u00e9lation positive, qui s&rsquo;est toutefois invers\u00e9e derni\u00e8rement car le LIBOR USD est d\u00e9sormais sup\u00e9rieur au SIBOR SGD. Cette divergence est en partie imputable au fait que les investisseurs pr\u00e9voient d\u00e9sormais une appr\u00e9ciation du SGD par rapport \u00e0 l&rsquo;USD au fil du temps. Ils sont donc dispos\u00e9s \u00e0 accepter une r\u00e9mun\u00e9ration plus faible du SGD dans la mesure o\u00f9 l&rsquo;appr\u00e9ciation de cette devise compensera le diff\u00e9rentiel de taux. Il s&rsquo;agit d&rsquo;un concept appel\u00e9 \u00ab\u00a0parit\u00e9 de taux d&rsquo;int\u00e9r\u00eat non couverte\u00a0\u00bb.<\/p>\n<p><a href=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/4\/2021\/12\/3-FR-P18-10-200-The-MAS-and-its-peculiar-tightening-policy_FR-VF.png\" data-rel=\"lightbox-gallery-xxAl7hw2\" data-rl_title=\"\" data-rl_caption=\"\" title=\"\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-3508\" src=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/4\/2021\/12\/3-FR-P18-10-200-The-MAS-and-its-peculiar-tightening-policy_FR-VF.png\" alt=\"\" width=\"960\" height=\"720\" srcset=\"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/3-FR-P18-10-200-The-MAS-and-its-peculiar-tightening-policy_FR-VF.png 960w, https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/3-FR-P18-10-200-The-MAS-and-its-peculiar-tightening-policy_FR-VF-300x225.png 300w, https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/3-FR-P18-10-200-The-MAS-and-its-peculiar-tightening-policy_FR-VF-768x576.png 768w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/a><\/p>\n<p>Si l&rsquo;on fait abstraction des difficult\u00e9s locales li\u00e9es aux prix \u00e9lev\u00e9s de l&rsquo;immobilier et au vieillissement d\u00e9mographique, les perspectives restent assez bonnes pour Singapour. La croissance devrait ralentir l\u00e9g\u00e8rement tout en demeurant sup\u00e9rieure \u00e0 la tendance et l&rsquo;inflation sous-jacente devrait encore augmenter pour se stabiliser juste au-dessus de l&rsquo;objectif d&rsquo;inflation de 2 % avec la r\u00e9sorption du sous-emploi. En outre, la banque centrale a accumul\u00e9 de confortables r\u00e9serves de change au fil du temps et la dette publique de Singapour est l&rsquo;une des rares au monde \u00e0 b\u00e9n\u00e9ficier d&rsquo;un \u00ab\u00a0triple A\u00a0\u00bb de la part des trois principales agences de notation.<\/p>\n<p>Pour cette raison, la d\u00e9tention d&rsquo;actifs libell\u00e9s en SGD dans un portefeuille obligataire mondial pourrait s&rsquo;av\u00e9rer assez b\u00e9n\u00e9fique au fil du temps. Si la croissance mondiale reste sur une trajectoire ascendante, le SGD devrait continuer de s&rsquo;appr\u00e9cier progressivement face au panier de devises, conform\u00e9ment au souhait de l&rsquo;AMS. En revanche, en cas de nette accentuation des tensions commerciales et des risques g\u00e9opolitiques, les solides fondamentaux de Singapour et les interventions de l&rsquo;AMS devraient limiter l&rsquo;ampleur de sa d\u00e9pr\u00e9ciation. \u00c0 titre d\u2019illustration, le SGD a nettement surperform\u00e9 l&rsquo;EUR et la GBP lors de la derni\u00e8re crise financi\u00e8re mondiale.<\/p>\n<p>&nbsp;<\/p>\n<p>\u00b9 \u00ab\u00a0Monetary Regime Choice in Singapore\u00a0: Would a Taylor Rule Outperform Exchange-Rate Management\u00a0?\u00a0\u00bb.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dans son dernier communiqu\u00e9 semestriel, l\u2019Autorit\u00e9 mon\u00e9taire de Singapour (AMS) a d\u00e9clar\u00e9 qu\u2019elle resserrerait l\u00e9g\u00e8rement sa politique mon\u00e9taire en augmentant le rythme d\u2019appr\u00e9ciation de la fourchette cible du taux de change effectif nominal (TCEN) du dollar de Singapour (SGD). Ce deuxi\u00e8me rel\u00e8vement cette ann\u00e9e, apr\u00e8s celui du mois d\u2019avril, confirme le resserrement mon\u00e9taire observ\u00e9 r\u00e9cemment dans de nombreuses \u00e9conomies asiatiques telles que la Cor\u00e9e du Sud, la Malaisie, l\u2019Indon\u00e9sie, l\u2019Inde et les Philippines. Tous ces pays ont r\u00e9cemment relev\u00e9 leurs taux pour contr\u00f4ler l\u2019inflation. Pour&#8230;<\/p>\n","protected":false},"author":88,"featured_media":3505,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[70,24,43],"tags":[140,291],"class_list":["post-3502","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banques-centrales-2","category-devises","category-politique-monetaire","tag-marches-emergents","tag-singapour"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.8 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>L\u2019AMS et sa politique de resserrement atypique - Francais<\/title>\n<meta name=\"description\" content=\"Dans son dernier communiqu\u00e9 semestriel, l\u2019Autorit\u00e9 mon\u00e9taire de Singapour (AMS) a d\u00e9clar\u00e9 qu\u2019elle resserrerait l\u00e9g\u00e8rement sa politique mon\u00e9taire en\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bondvigilantes.com\/francais\/2018\/10\/mas-peculiar-tightening-policy\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Pierre Chartres\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2018\\\/10\\\/mas-peculiar-tightening-policy\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2018\\\/10\\\/mas-peculiar-tightening-policy\\\/\"},\"author\":{\"name\":\"Pierre Chartres\",\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/#\\\/schema\\\/person\\\/b7da04115725a37dc0c80e021ae49ad6\"},\"headline\":\"L\u2019AMS et sa politique de resserrement atypique\",\"datePublished\":\"2018-10-19T09:50:58+00:00\",\"dateModified\":\"2018-10-30T09:53:32+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2018\\\/10\\\/mas-peculiar-tightening-policy\\\/\"},\"wordCount\":988,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2018\\\/10\\\/mas-peculiar-tightening-policy\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/wp-content\\\/uploads\\\/sites\\\/4\\\/2021\\\/12\\\/1-FR-P18-10-200-The-MAS-and-its-peculiar-tightening-policy_FR-VF.png\",\"keywords\":[\"march\u00e9s \u00e9mergents\",\"Singapour\"],\"articleSection\":[\"Banques centrales\",\"devises\",\"politique mon\u00e9taire\"],\"inLanguage\":\"fr-FR\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2018\\\/10\\\/mas-peculiar-tightening-policy\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2018\\\/10\\\/mas-peculiar-tightening-policy\\\/\",\"url\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2018\\\/10\\\/mas-peculiar-tightening-policy\\\/\",\"name\":\"L\u2019AMS et sa politique de resserrement atypique - 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