La gestion du risque de taux d'intérêt dans les collectivités locales : fondements analytiques et applications empiriques

Abstract : French local communities run an interest rate risk, affecting their daily acts. however, actual management only concerns debt hedging. We also propose a really global approach : interest rate risk will be managed by an analytically based sharing out among fixed and indexed debt. A local budget analysis gives effects on interest rate variations, on expenses and receipts. Models are estimates by econometrics of panel data. Empirical studies are based on 859 towns, during a 1933-1996 period. One year gaps are defined from variations of local public balance sheet, of 1996 to 1997, about elf cities of a French department (subdivision administered by a perfect). Such fixed and indexed sharing out allow to immunize French local communities budget or balance sheet, against interest rate risk.
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Theses
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http://docnum.univ-lorraine.fr/prive/BUD_T_2000_0010_MICHEL.pdf
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https://hal.univ-lorraine.fr/tel-01776947
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Submitted on : Tuesday, April 24, 2018 - 4:08:50 PM
Last modification on : Wednesday, April 25, 2018 - 1:32:36 AM

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Muriel Michel. La gestion du risque de taux d'intérêt dans les collectivités locales : fondements analytiques et applications empiriques. Economies et finances. Université Nancy 2, 2000. Français. ⟨NNT : 2000NAN20010⟩. ⟨tel-01776947⟩

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