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Ce mémoire n’aurait pas vu le jour sans le concours des personnes qui m’ont prêté leur foi, leur
patience et leur savoir, durant ces six mois de recherche et ces six années d’études à l’Université
d’Antananarivo.
Je tiens vivement à adresser mes remerciements les plus sincères à/au :
Monsieur RAVELOMANANA Mamy Raoul, Agrégé des universités en sciences
économiques, Chef du département Economie qui a bien voulu accepter d’encadrer le présent
mémoire.
Madame RAPARISON Emilienne, Professeur émérite à la faculté DEGS, Responsable du
troisième cycle au département Economie.
Tout le personnel enseignant et administratif de l’Université d’Antananarivo
Campus Numérique Francophone Océan Indien
Banque Centrale de Madagascar
Sans oublier mes parents et toute ma famille
Mes amis, ainsi que tous ceux qui ont contribué de près ou de loin à la réalisation de ce
document.
Merci et puisse Dieu vous bénir
BCM : Banque Centrale de Madagascar
BTA : Bon du Trésor par Adjudication
BRVM : Bourse Régionale des Valeurs Mobilières
BVMAC : Bourse de valeurs Mobilières de l’Afrique Centrale
CCP : Compte et Chèques Postaux
CT : Court Terme
MLT : Moyen et Long Terme
CEMAC : Communauté Economique et Monétaire de l’Afrique Centrale
FMI : Fonds Monétaire International
IDE : Investissement Direct Etranger
IMF : Institutions de Micro Finance
LVM : Location Vente Mutualiste
MID : Marché Interbancaire de Devise
OHADA : Organisation pour l’Harmonisation en Afrique des Droits des Affaires
PME : Petite et Moyenne Entreprise
SFD : Système de financement Décentralisé
UEMOA : Union Economique et Monétaire Ouest Africaine

?
 
   

2
   '

  '

D’une manière général, nous qualifions de produits financiers tout moyen concourant au
financement de l’économie dans son ensemble et des investissements en particulier. Avec les
institutions financières et les marchés financiers, les produits financiers forment le système
financier. Les institutions financières ont un rôle de mobilisation de l’épargne via les produits
financiers : collecter l’épargne pour l’allouer de façon optimal au secteur productif. L’efficience
des produits financiers est donc conditionnée à l’accumulation de l’épargne des différents
secteurs institutionnels.
Dans la nécessité d’injecter l’épargne dans le circuit économique, les intermédiaires
financiers notamment les banques se doivent d’accomplir au mieux l’activité de transformation.
Le secteur semi-formel ne doit pas être laissé en reste aussi bien au niveau de la collecte qu’au
niveau de l’affectation des ressources à travers des produits bien adaptés. La dépendance
vis-à-vis du financement extérieur des investissements publics et privés qui prévaut dans les pays
en développements ne saurait se substituer à la finance intermédiée, d’où l’importance de
dynamiser le financement intérieur.
La dynamisation du système de financement des pays à faible revenu devrait passer par la
création de la finance. Mis à part le simple transfert de l’épargne préalable à l’investissement, les
produits financiers devraient constituer le point de départ de tout financement. Les revenus qui
en seront dégagés permettront de renforcer la fonctionnalité du processus : plus de financement,
plus d’épargne et encore plus de financement.
Dans l’intermédiation, le crédit est évidemment le produit de référence. L’offre de crédit est
normalement corrélée avec l’activité économique. Cela témoigne de son importance et de son
rôle d’indicateur de bon fonctionnement de la sphère financière, surtout dans une économie
d’endettement où il n’y a pas de financement alternatif.
Mais un problème se pose au niveau du capital informationnel sur les emprunteurs et les
projets à financer : d’où le rationnement du crédit qui conduit à une faible couverture des besoins
de financement de l’économie. Les établissements financiers sont confrontés à divers types de
risques, à la fois financiers mais surtout de contrepartie. Le rationnement se fait soit par le taux,
soit par la quantité ou tout simplement par un système d’exclusion. Etant donné que le risque est
un caractère intrinsèque à l’investissement, il faut des institutions capables de le gérer de sorte
qu’elle ne soit pas un obstacle majeur à l’investissement.
Dans une approche macroéconomique du système de financement, la prise en compte du
rôle des marchés dans la dynamique économique ne doit pas être négligée, bien que l’optique
keynésienne privilégie le financement bancaire par rapport à ce dernier. La justification de
l’importance des marchés financiers se situe au fait qu’ils permettraient une meilleure allocation
des ressources par, entre autres, une réduction des risques. Quoi qu’il en soit, on s’accorde à ce
que le financement via le marché doit répondre à une exigence de l’économie réelle, car à
différents égards ils peuvent être déstabilisants et sous efficients pour une économie mal adaptée.
Tel est peut être le cas des pays africains disposant de bourses de valeurs aussi bien
nationales que régionales. En dépit de l’engouement porté à ces marchés, ils demeurent sous
capitalisés et beaucoup de conditions ne sont pas encore réunies. L’intermédiation n’est pas plus
avancée. Le secteur bancaire à forte liquidité représente 80% des actifs, la microfinance est en
plein essor mais son poids est encore modeste, il en est de même pour les autres établissements

8
 
   

financiers. Les crédits sont généralement de court terme et les actifs peu diversifiés. L’évolution
du système financier de ces pays a peu contribué à leur développement économique.
Pour Madagascar, l’évolution du secteur des services financiers s’est passée à peu près dans
le même contexte et dans les mêmes conditions. Les multiples restructurations se devaient
d’améliorer l’ensemble du système et la gamme de produits disponibles. L’environnement des
investissements malgache est caractérisé par un accès difficile aux crédits. Le risque induit par
l’asymétrie d’information entre les institutions financières et les entreprises est tel que les
conditions de collatéraux exigées sont difficilement réalisables.
Le secteur des assurances participe modestement au financement des investissements privés.
En effet, plus de la moitié de leurs avoirs sont placé en bon du trésor, et le reste est reparti en
dépôt à terme, en effet négociable à court terme, dans l’immobilier et en prêt hypothécaire. La
caisse de retraite n’est pas plus active. La caisse d’épargne, dans son activité de collecte de fonds
est assez efficace et sa place dans la mobilisation de l’épargne ne pourrait que s’améliorer du fait
qu’elle va se lancer dans le microcrédit. La poste de par les comptes et chèques postaux et les
comptes sur livret n’est pas en reste même si elle ne fait que de la collecte et que ses dépôts ont
considérablement chuté. Madagascar ne dispose que de trois établissements financiers spécialisés
dans la fourniture de fonds propres aux entreprises avec une assez modeste contribution alors
que ce type de financement est à notre sens, le plus à même de dépasser les limites de la finance
intermédiée.
Le secteur bancaire, caractérisé par sa surliquidité domine la structure financière malgache.
Plus du tiers du passif est constitué de dépôt, principalement de dépôts à vue qui viennent pour
moitié des trésorerie des entreprises. Toutefois ces dépôts ne représentent que 15% du PIB. A
l’actif, 80% du bilan sont des emplois liquides, dont 30% des crédits à court terme. Les taux
débiteurs n’étant pas élastiques aux risques encourus, un rationnement par la quantité se fait au
sein du secteur. L’activité de transformation n’est visiblement pas correctement assurée. Le
manque de projet bancable, une forte aversion au risque des banquiers, et l’attractivité des bons
du trésor y sont pour quelque chose. L’instauration d’un fonds de garantie devait garantir aux
entreprises un meilleur accès au crédit bancaire, mais les résultats enregistrés jusqu’ici ne sont
pas très probants.
Depuis l’émergence des institutions de microfinance à Madagascar à la fin des années 90 et
surtout ces cinq dernières années, ce secteur apparaît à la fois comme un alternatif et un
complément au système bancaire classique. D’une part, ces institutions offrent des produits
d’épargne et de crédit de faible montant à une frange de la population qui ne peut avoir accès aux
produits bancaires. Et d’autre part, elles se refinancent partiellement auprès des banques, sans
parler des microcrédits et des prises de participation des banques dans le capital de ces
institutions. Cela confirme le rôle de relais que joue la microfinance au sein du système financier
malgache. L’attrait que constituent les produits d’épargne ne s’explique pas en terme de taux
débiteur, mais plutôt par la facilité d’accès à ces produits. Mais cette facilité d’accès n’est pas
sans danger pour ces institutions étant donné le taux élevé de portefeuille à risque qui pèse sur le
secteur, ce qui induit une faible productivité. Concernant les crédits à long terme, on retrouve les
problèmes du secteur bancaire : manque de garantie, problème de transformation des ressources
à court terme en emploi de long terme, l’attractivité des bons du trésor. De plus, les produits du
secteur sont peu diversifiés. Il y a une tendance à se cantonner au microcrédit alors que d’autres
types de financements tels que le crédit-bail peuvent être exploités.
Si on se réfère au financement par le marché, Madagascar dispose d’un marché des bons du
trésor qui permet à l’Etat de financer une partie de ses déficits budgétaires. Il permet aussi en
quelque sorte une gestion indirecte de la liquidité du système bancaire et financier. Les bons du
trésor constituent jusque là un assez bon moyen de financement intérieur efficace pour l’Etat

9
   '

même si la palette d’instrument de lever de fonds est pratiquement réduite à ce seul produit. Les
taux sur ce marché n’ont cessés de s’accroître en dépit d’une concurrence accrue. Cette
augmentation est telle que les taux des bons du trésor sont nettement supérieurs aux taux
débiteurs de l’ensemble des institutions financières. Cela se traduit logiquement par un effet
d’éviction sur les investissements privés. En effet, les banques ainsi que les institutions non
bancaires canalisent leurs ressources, surtout à court terme, sur le marché des bons du trésor. Ce
au dépend aussi bien des crédits à long terme par la transformation bancaire, que de tout autre
types de crédit à court terme.
Madagascar dispose d’un marché interbancaire de devise en continu, où se détermine le taux
de change. Pour les opérations internationales, notamment les exportations et les importations, le
traitement des opérations sur ce marché est assez restreint mais l’essentiel des transactions est
assuré. Ce par la possibilité de détenir un compte en devise. Nous ne disposons pas encore de
marché à terme, ni de toute forme de couverture. Néanmoins en guise de couverture face au
risque de change et de liquidité sur le marché, les importateurs et les exportateurs ont quand
même la possibilité de recourir, soit à un compte différé, soit à une vente au préalable.
Pour ce qui est du marché des valeurs mobilières, nous savons qu’il n’y en a pas encore et
donc aucun service et aucun produit n’est concrètement à répertorier. Mais il est clair qu’on veut
se doter d’un marché de titres, autre que celui des bons du trésor. Mais tel qu’il a été évoqué plus
haut, son instauration doit reposer sur une nécessité économique en sus des autres conditions
concourant à sa viabilité. Dans notre cas, ces préalables économiques concernent surtout une
mobilisation plus active de l’épargne intérieure, ainsi que l’augmentation de la taille et du taux
d’investissement. Viennent ensuite les conditions liées au statut juridique des entreprises
malgache, et à une gestion saine des activités.
Il en ressort que beaucoup de conditions ne sont pas réunies pour une mobilisation efficace
des ressources à travers les produits financiers. Le peu de produits financiers existants n’assurent
pas encore convenablement le financement de l’économie.

1
 
   

;
 


L’épargne des agents économiques occupe une place importante dans le financement de
l’économie et doit de ce fait faire l’objet d’une mobilisation active au sein du système financier.
Ce dernier et son amélioration a une incidence certaine sur la croissance économique et le
développement. Ce lien est d’autant plus perceptible à travers l’intermédiation et les autres
modes de financement. Pour les pays africains, en l’occurrence le nôtre, la structure et l’impact
de ces modes de financement restent à définir et à évaluer. Au regard de l’environnement
financier, on peut essayer de saisir l’efficience des produits financiers existants à Madagascar en
adoptant une approche macroéconomique de l’environnement financière qui s’articule autour du
système bancaire classique, de la micro finance et, éventuellement, des marchés financiers ; tout
en décrivant les caractéristiques propres à chaque secteur dans les conditions actuelles.
RUBRIQUE :Monnaie - Banque - Finance
MOTS CLES : Epargne - Investissement - Finance - Système financier - Intermédiation -
Crédit - Produits financiers - Marchés financiers - Efficience
DIRECTEUR DE MEMOIRE : Monsieur RAVELOMANANA Mamy RaoulAgrégé des
Universités en Sciences EconomiquesChef du département Economie
AUTEUR : GAGAHY Joliot Odilon
ADRESSE:G2 CU Ambolokandrina Antananarivo joliotod@yahoo.fr

3
 
   

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