{"id":1454,"date":"2023-01-18T08:30:00","date_gmt":"2023-01-18T07:30:00","guid":{"rendered":"https:\/\/www.aucoffre.com\/academie\/?p=1454"},"modified":"2023-01-05T16:41:07","modified_gmt":"2023-01-05T15:41:07","slug":"deflation-japon-histoire","status":"publish","type":"post","link":"https:\/\/www.aucoffre.com\/academie\/deflation-japon-histoire\/","title":{"rendered":"La d\u00e9cennie perdue au Japon : croissance stagnante, d\u00e9flation durable"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Bien souvent, l\u2019Histoire \u00e9conomique reste marqu\u00e9e davantage par des \u00e9pisodes s\u00e9v\u00e8res d\u2019inflation (hyperinflation) que par la d\u00e9flation. Pourtant, un pays fait exception \u00e0 la r\u00e8gle, et pas des moindres : le Japon.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Depuis les ann\u00e9es 1990, le pays des samoura\u00efs essuie les cons\u00e9quences d\u2019une d\u00e9cennie perdue, apr\u00e8s l\u2019\u00e9clatement d\u2019une bulle sp\u00e9culative dont les cons\u00e9quences furent sans doute sous-estim\u00e9es.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Quelles sont les causes culturelles et politiques de cette d\u00e9flation ? Pourquoi a-t-elle perdur\u00e9 si longtemps ? Quelles solutions ont \u00e9t\u00e9 apport\u00e9es \u00e0 cette crise d\u00e9flationniste ? Quels enseignements peut-on tirer de cet \u00e9pisode \u00e9conomique ?<br><br>Zoom sur les effets d\u2019une d\u00e9cennie perdue qui impacte, encore aujourd\u2019hui, le pouvoir d\u2019achat et l\u2019\u00e9tat d\u2019esprit de la jeunesse nipponne.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Les causes de la d\u00e9flation japonaise<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">Le pi\u00e8ge de la d\u00e9flation<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Parce qu\u2019elle augmente la valeur de la monnaie, d\u2019aucuns pourraient croire que la d\u00e9flation est un atout pour la sant\u00e9 \u00e9conomique d\u2019un \u00c9tat.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Mais il n\u2019en est rien, et ce, pour plusieurs raisons :<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>L\u2019augmentation du pouvoir d\u2019achat des m\u00e9nages les pousse \u00e0 retarder leurs d\u00e9penses, par anticipation d\u2019une nouvelle baisse des co\u00fbts \u00e0 venir, ce qui appauvrit logiquement les entreprises, prestataires de biens et de services.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Le ph\u00e9nom\u00e8ne encourage les m\u00e9nages \u00e0 placer leur argent, ce qui ralentit encore davantage la circulation de la monnaie.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Les taux d\u2019int\u00e9r\u00eat (r\u00e9els) sont \u00e9lev\u00e9s sur les obligations d\u2019\u00c9tat, ce qui incite l\u00e0 encore la population \u00e0 \u00e9pargner, plut\u00f4t qu\u2019\u00e0 investir dans des actifs \u00e0 risque dont le rendement ne serait pas plus fort.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Pour \u00eatre rembours\u00e9e sur le long terme, la dette d\u2019un pays doit \u00eatre financ\u00e9e par des revenus dont le pouvoir d\u2019achat est stable (voire d\u00e9croissant), mais pas en plein boom.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Le cercle vicieux de la d\u00e9flation<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Concr\u00e8tement, la d\u00e9flation nipponne s\u2019est d\u00e9velopp\u00e9e et enracin\u00e9e pour plusieurs raisons (auxquelles la politique de change et la politique mon\u00e9taire du Japon n\u2019ont pas su faire face avec efficacit\u00e9 et r\u00e9activit\u00e9).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">L\u2019augmentation g\u00e9n\u00e9ralis\u00e9e du pouvoir d\u2019achat emp\u00eache les entreprises de proc\u00e9der \u00e0 un r\u00e9\u00e9quilibrage concurrentiel : baisser leurs prix ne sert \u00e0 rien. L\u2019\u00e9tape suivante : les soci\u00e9t\u00e9s les plus faibles peinent \u00e0 faire face et s\u2019endettent, ce qui accro\u00eet le risque de d\u00e9faut de paiement. R\u00e9sultat : les \u00e9tablissements bancaires s\u2019affaiblissent \u00e0 leur tour !<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Bon&nbsp; savoir <strong>:<\/strong> Sur la vingtaine de banques pr\u00e9sentes au Japon dans les ann\u00e9es 1990, seuls cinq grands groupes ont su traverser l\u2019\u00e9preuve de la d\u00e9flation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Les entreprises en bonne sant\u00e9 financi\u00e8re, quant \u00e0 elles, pr\u00e9f\u00e8rent \u00e9pargner plut\u00f4t que d\u2019investir, puisque les taux d\u2019int\u00e9r\u00eat r\u00e9els sont des plus \u00e9lev\u00e9s. R\u00e9sultat : ni croissance, ni d\u00e9veloppement. Et c\u2019est justement pour cela que l\u2019on parle de d\u00e9cennie perdue au Japon : la d\u00e9flation a impliqu\u00e9 12 \u00e0 15 ann\u00e9es de croissance nulle.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">D\u00e9flation au Japon : des mesures insuffisantes<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">Les instruments utilis\u00e9s face \u00e0 la crise<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Dans la pratique, les autorit\u00e9s nippones ont mis en place plusieurs r\u00e9ponses \u00e0 la d\u00e9flation, toutes insuffisantes :<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>l\u2019augmentation des taux d\u2019int\u00e9r\u00eat r\u00e9els et nominaux ;<\/li>\n\n\n\n<li>l\u2019augmentation de la masse mon\u00e9taire ;<\/li>\n\n\n\n<li>l\u2019injection de liquidit\u00e9s via l\u2019achat massif d\u2019obligations d\u2019\u00c9tat (bons du Tr\u00e9sor) ;<\/li>\n\n\n\n<li>la baisse drastique du taux d\u2019escompte (<a href=\"https:\/\/www.melchior.fr\/etude-de-cas\/leconomie-de-la-deflation-le-cas-du-japon\">6% en 1990, \u00e0 0,5% en 1995<\/a>) ;<\/li>\n\n\n\n<li>l\u2019accumulation de r\u00e9serves de change.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Au fond, on distingue deux probl\u00e8mes structurels qui ont emp\u00each\u00e9 \u00e0 toutes ces mesures d\u2019atteindre leur plein potentiel. D\u2019une part, les entreprises et m\u00e9nages ont toujours fait un <strong>usage frugal de leur pouvoir d\u2019achat<\/strong>, emp\u00eachant l\u2019\u00e9conomie de repartir du bon pied.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">D\u2019autre part, il est reproch\u00e9 au Japon d\u2019avoir mis trop de temps \u00e0 mettre ces mesures en \u0153uvre, sous couvert de vouloir remettre au lendemain les sacrifices qui s\u2019imposaient dans l\u2019imm\u00e9diat. Avec le recul, <strong>cette procrastination par crainte a co\u00fbt\u00e9 cher \u00e0 l\u2019\u00c9tat nippon<\/strong>, et ce, pour de nombreuses ann\u00e9es.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Les th\u00e9ories \u00e9conomiques<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Une large part des \u00e9conomistes expliquent cette d\u00e9cennie perdue japonaise par plusieurs erreurs successives qui auraient \u00e9t\u00e9 commises par la Banque centrale du Japon et sa politique mon\u00e9taire.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Premi\u00e8rement, l\u2019\u00e9cole mon\u00e9tariste plaide pour une <strong>injection de liquidit\u00e9s<\/strong> afin d\u2019augmenter drastiquement la masse mon\u00e9taire, ce qui aurait pour effet de faire perdre de la valeur \u00e0 la monnaie, pour retrouver un niveau d\u2019\u00e9quilibre entre d\u00e9flation et inflation. Et pourtant : entre 1993 et 1999, la masse mon\u00e9taire nipponne a cr\u00fb de 50%, soit 10 fois plus que le PIB nominal du pays.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Bon \u00e0 savoir : Les mon\u00e9taristes soutenaient ainsi le renforcement de l\u2019<a href=\"https:\/\/www.loretlargent.info\/economie\/comprendre-agregats-monetaires\/27478\/\">agr\u00e9gat mon\u00e9taire<\/a> M2. Celui-ci contient notamment la monnaie en circulation, les comptes ch\u00e8ques et les livrets d\u2019\u00e9pargne, excluant toute \u00e9pargne \u00e0 plus long terme.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Seconde option pr\u00f4n\u00e9e par les \u00e9conomistes, <strong>l\u2019achat direct de titres priv\u00e9s<\/strong> par la Banque centrale du Japon sur les march\u00e9s financiers afin de restructurer le syst\u00e8me bancaire. En impactant ainsi directement les march\u00e9s financiers, elle aurait alors cr\u00e9\u00e9 une anticipation inflationniste susceptible de r\u00e9\u00e9quilibrer l\u2019\u00e9conomie. Nouveau probl\u00e8me, \u00e9thique cette fois-ci : un tel interventionnisme entre-t-il dans la mission d\u2019une banque centrale ?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">En outre, l\u2019\u00e9conomie japonaise fait preuve d\u2019une \u00e9lasticit\u00e9 faible : autrement dit, quand les taux d\u2019int\u00e9r\u00eat sont r\u00e9ajust\u00e9s, les d\u00e9cisions d\u2019investissement ne s\u2019adaptent pas toujours aussi vite que pr\u00e9vu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Dernier espoir : la politique du change. Parce que le yen est une monnaie forte, sa <strong>d\u00e9pr\u00e9ciation face au dollar<\/strong> pourrait occasionner une explosion des prix \u00e0 l\u2019importation (pay\u00e9s en devise nationale). Ainsi, une monnaie japonaise d\u00e9valu\u00e9e pourrait, comme souhait\u00e9, perdre de sa valeur : malheureusement, le commerce international ne repr\u00e9sente qu\u2019une faible part de la croissance nippone\u2026<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Les cons\u00e9quences de la d\u00e9flation japonaise<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">L\u2019affaiblissement des banques<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Avec l\u2019essor des cr\u00e9dits impay\u00e9s et les pertes en capitaux dues \u00e0 la chute des cours boursiers, les banques japonaises se trouvent de plus en plus affaiblies durant la d\u00e9cennie perdue.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Leur erreur : avoir pr\u00eat\u00e9 davantage aux d\u00e9biteurs en difficult\u00e9 financi\u00e8re<\/strong> (esp\u00e9rant ainsi les aider \u00e0 rembourser leurs dettes d\u00e9j\u00e0 existantes) qu\u2019aux clients en bonne sant\u00e9. Un cas de figure d\u00e9crit par les \u00e9conomistes comme une \u00ab s\u00e9lection adverse \u00bb.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Le r\u00f4le pr\u00e9pond\u00e9rant que jouent les banques dans l\u2019\u00e9conomie nippone engendre alors une fragilisation de toutes les entreprises et de tous les secteurs, peu importe leur niveau de sant\u00e9 financi\u00e8re.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Un impact sur le long terme<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Si le risque syst\u00e9mique a disparu depuis 1999, il n\u2019en reste pas moins que le Japon doit, aujourd\u2019hui encore, composer avec la d\u00e9flation latente de son \u00e9conomie. La troisi\u00e8me puissance \u00e9conomique mondiale a ainsi d\u00fb faire face \u00e0 un <a href=\"https:\/\/www.lemonde.fr\/economie\/article\/2020\/09\/12\/au-japon-ancre-dans-la-deflation-la-generation-qui-a-20-ans-ne-reve-pas-en-grand_6051934_3234.html\">pic de ch\u00f4mage \u00e0 5,5%<\/a> dans les ann\u00e9es 2000 : un record pour le pays.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Aujourd\u2019hui, <strong>la frugalit\u00e9 est toujours de vigueur<\/strong>, notamment chez les jeunes g\u00e9n\u00e9rations. Inqui\u00e9tude pour leur avenir, diminution des d\u00e9penses en voyages \u00e0 l\u2019\u00e9tranger (-30%) et en ventes de voitures (-20%)&#8230; Tout cela, accentu\u00e9 par le vieillissement et l\u2019entassement de la population sur l\u2019archipel.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Le d\u00e9lai mis par les autorit\u00e9s japonaises \u00e0 instaurer des mesures dignes de ce nom a finalement fait tra\u00eener en longueur un ph\u00e9nom\u00e8ne de d\u00e9flation qui aurait pu (et d\u00fb) \u00eatre pris en charge rapidement afin de peser sur les anticipations d\u2019inflation. Bien que le Japon ait toujours \u00e9vit\u00e9 la d\u00e9pression (\u00e9tat extr\u00eame de d\u00e9flation), le pays garde des s\u00e9quelles, autant dans le secteur public que priv\u00e9, de cette d\u00e9cennie perdue.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Alors que la d\u00e9flation \u00e9tait traditionnellement vue sous l\u2019angle d\u2019un objet d\u2019\u00e9tude en \u00e9conomie, ce ph\u00e9nom\u00e8ne mon\u00e9taire a pourtant mis un terme au \u00ab miracle \u00e9conomique japonais \u00bb. Morale de cette histoire : en termes de politique mon\u00e9taire, ne jamais remettre au lendemain les mesures que l\u2019on peut prendre aujourd\u2019hui.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bien souvent, l\u2019Histoire \u00e9conomique reste marqu\u00e9e davantage par des \u00e9pisodes s\u00e9v\u00e8res d\u2019inflation (hyperinflation) que par la d\u00e9flation. Pourtant, un pays fait exception \u00e0 la r\u00e8gle, et pas des moindres : le Japon.&nbsp; Depuis les ann\u00e9es 1990, le pays des samoura\u00efs essuie les cons\u00e9quences d\u2019une d\u00e9cennie perdue, apr\u00e8s l\u2019\u00e9clatement d\u2019une bulle sp\u00e9culative dont les cons\u00e9quences furent [&hellip;]<\/p>\n","protected":false},"author":11,"featured_media":1455,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","jnews-multi-image_gallery":[],"jnews_single_post":{"subtitle":"","format":"standard","video":"","gallery":"","source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"1","single_blog_custom":"","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"1","show_view_counter":"1","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"0","post_reading_time_wpm":"300","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"1","show_prev_next_post":"1","show_popup_post":"1","number_popup_post":"1","show_author_box":"0","show_post_related":"0","show_inline_post_related":"0"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored by","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo_enable":"0","sponsored_post_logo":"","sponsored_post_desc":"","disable_ad":"0"},"jnews_primary_category":{"id":""},"jnews_social_meta":{"fb_title":"","fb_description":"","fb_image":"","twitter_title":"","twitter_description":"","twitter_image":""},"jnews_override_counter":{"override_view_counter":"0","view_counter_number":"0","override_share_counter":"0","share_counter_number":"0","override_like_counter":"0","like_counter_number":"0","override_dislike_counter":"0","dislike_counter_number":"0"},"footnotes":""},"categories":[81],"tags":[141,87,97],"niveau":[130],"class_list":["post-1454","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economie","tag-curiosite","tag-economie","tag-histoire","niveau-debutant"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>D\u00e9flation au Japon : histoire d&#039;une d\u00e9cennie perdue<\/title>\n<meta name=\"description\" content=\"Durant les ann\u00e9es 1990, la d\u00e9flation a fait stagner l\u2019\u00e9conomie japonaise. 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