Problèmes financiers liés au retrait de Madagascar de la zone franc
par Zoary Abéline Razafindrafara
Thèse de doctorat en Gestion financière internationale
Sous la direction de Jean-Richard Sulzer.
Soutenue en 1987
à Paris 13 .
mots clés-
Résumé
La zone franc est une zone de cooperation a la fois monetaire et economique, caracterisee par l'existence de deux principales unions monetaires qui n'ont pas leur equivalent dans le reste du monde. La france en constitue le leader et elle joue egalement un role gendarme que ses partenaires africains ont conteste en 1972-1973. Apres negociations entre les parties, le nombre des representants francais dans la direction des deux principales banques centrales (bceao et beac) a alors ete reduit mais deux membres, madagascar et la mauritanie, ont prefere quitter purement et simplement la zone. Pour madagascar, cette decision a resulte d'un changement radical de regime a la suite des manifestations estudiantines de 1972. Elle a eu pour but essentiel d'assurer au pays une veritable independance economique. De nombreuses mesures ont ete prises afin de faire face aux difficultes, notamment un strict controle des changes et une drastique limitation des importations, mais elles n'ont pas permis a madagascar d'eviter les problemes d'endettement que l'ensemble des pays en developpement, y compris les membres de la zone franc, ont d'ailleurs connus vers la fin des annees soixante dix. Le recours excessif aux capitaux etrangers et l'intervention du fonds monetaire international ont entraine une dependance financiere accrue si bien que le bien-etre de la population a ete sacrifie au profit du paiement du service de la dette qui a absorbe une large part des ressources d'exportations. Cependant, bien que madagascar se trouve actuellement dans une situation apparemment plus critique que celle des pays restes dans la zone franc, il a eu l'avantage de jouir pleinement de sa souverainete et de definir librement sa politique economique, financiere et monetaire. Cette experience va lui permettre de redresser les erreurs passees et de continuer a aller de l'avant.
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Titre traduit
Financial problems related to the withdrawal of madagascar from the french franc area
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Résumé
The french franc area is an area of both monetary and economic cooperation, which is characterized by the coexistence of two main monetary unions that have no equivalent in the rest of the world. France is the leader in this area and also acts there as a policeman, a part that her african partners challenged in 1972-1973. After negotiations between the parties to the case had taken place, the number of the french representatives in the leadership of the two main central banks (bceao and beac) was reduced but the two countries, madagascar and mauritania, preferred to part from the french franc area altogether. As for madagascar, this decision was the consequence of a radical change in the political regime, as a result of the 1972 student demonstrations. Its main aim was to allow the country a real economic independance. Many steps were taken in order to meet a number of difficulties, especially a strict foreign exchange control and a drastic limitation of the imports, but these measures did not allow madagascar to stave off indebtedness, a problem that every developing country met at the end of the seventies, including the members of the french franc area. The excessive recourse to foreign capital and the intervention of the international monetary fund were the cause of an incrased financial dependence, with the result that the welfare of the population was reduced at the sacrifice of the debt service, which absorbed a large part of the income drawn from the exports. However, although madagascar currently is in an apparently more critical situation than the countries which remained in the french franc area, she benefited from her full sovereignty and could freely determine her economic, financial and monetary policy. This experiment will help her rectify past errors and go on progressing.
