الأزمة المالية العالمية وانعكاساتها على اسواق الأوراق المالية العربية

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                         1987     1997      1998        2001         2007  2008                                     1929               (FTSE)    NIKKEI          SP500                                       100                                                         

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                                  

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                                             ) 1 (                         Insolvency and illiquidity

) 2 (   Fredric Mishkan             Moral Hazards      ) 3 (      

(1) Patric T . Downes,David Martson and Inci Otker , Mapping Financial Sector Vulnerability in nonCrisis Country IMF Discussion Paper1999

(2) Mannuel Hinds, Economic Effects of Financial Crisis. A Wowld Bank Policy Research Working Paper104,Dec.1998

(3)Fredric Mishkan , Financial Policies and the Prevention of Financial Crises in Emeging Market Countries . A Paper of the NBER Conference ,Economics of Financial Crises in Emerging Market Countries,Woosstock,Vermont,op .  

(3)

        ) 1 (                                                                       

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

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               ) 2 (  1             11         32     19        2         _{ } ct19–21 2000.

(1) Barry Jhonston,Jingqing Chai and Liliana Scumacher, Assesing Financial Systm Vulnerability. IMF Working Paper wp/00/76April2000

) 2 (                           29  28  4  2009   09 

(4)

            3       66    184     39     3      5    4     4     14   2008   03    2009                    1                        2                           3         410   2008           

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

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                      

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       01       15   2008                                       1.00   0.69   0.03   0.53   0.77   0.37   0.74   0.80   0.47      0.69   1.00   0.28   0.39   0.85   0.35   0.75   0.69   0.64      0.03   0.28   1.00   0.64   0.14   0.78   0.22   0.27   0.16      0.53   0.39   0.64   1.00   0.60   0.43   0.29   0.24   0.63      0.77   0.85   0.14   0.60   1.00   0.34   0.70   0.72   0.65      0.37   0.35   0.78   0.43   0.34   1.00   0.46   0.59   0.15      0.74   0.75   0.22   0.29   0.70   0.46   1.00   0.93   0.68        0.80   0.69   0.27   0.24   0.72   0.59   0.93   1.00   0.55      0.47   0.64   0.16   0.63   0.65   0.15   0.68   0.55   1.00      2008    23         Dow Jones     Topix      (FTSE100)            2008                      080   074    047        2007  2008      

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           2007  2008    1   2007       2007     2005  2006     38    3287   2315   2006       2007  1338551   888223   2006     507    518984    387       1037      1032    1011    00072  97     03    2   2008      494   1662   2008  3287   2007        2007   4198    2008     15        62                       (Bear Stearns)

(Fortis) (Merrill Lynch)  (Lehman Brothers) ) 1 (       2008  6498        386          

(1) www.tap.infi.tn communique de l'agence tunis afrique presse  tap  , site internet,2752009, p5.

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  02   2006  2008       2006 2007 2008  29730 41233 35844 .1  21122 27016 19947  4222 5339 63041   326852 518984 246337  13037 23086 15139  105951 135362 70181  8304 10894 9609  93496 138828 85923  49415 75495 65748  80745 121128 63099  86895 138179 68810  60905 95505 38044  4624 4931 92  96 97 76627  2829 2474 21236  888223 1338551 8454375             2006  2007  2008      03   2006  2008    2006 2007 2008  227 245 262   50 51 51  48 51 50    86 111 126  121 125 122  180 196 204  16 15 13  603 435 373    63 73 77     60 64 65  46 55 65  36 40 43  52 52 52  2 2 2  33 35 37  1623 1550 1542  

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  04      1994  2008    2006 2007 2008  21616 17424 28677  1387 1069 2088  563 727 1689  1402953 682287 523129  2214 5211 8686   59600 130896 133650  2032 994 1710  48954 64772 87958  9110 22009 14077  94736 103297 83096  19222 47746 63114  969 893 543  .334 0 .207 0 .02 313  20585 29927 48220  1067 817 1235  168500833 110806921 998185 .02             3          1                           ) 1 (    2                Lehman brothers   15   2008          AAA     T.Bills    3        ) 2 (      ) 1 (        7   2008   30 

(2) Hassoune Anouar, l'impact de la crise de liquidité sur les banques du golfe,  

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        Merrill lynch    Goldman Sachs         AAA          90     



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                                        1         2       3               4              5        _{ }

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          6                 7            8                   1          7   2008  2                                         

1  Barry Jhonston,Jingqing Chai and Liliana Scumacher, Assesing Financial Systm Vulnerability. IMF Working Paper wp/00/76April2000

2Fredric Mishkan , Financial Policies and the Prevention of Financial Crises in Emeging Market Countries . A Paper of the NBER Conference ,Economics of Financial Crises in Emerging Market Countries,Woosstock,Vermont, Oct19 21 2000

3Hassoune Anouar, l'impact de la crise de liquidité sur les banques du golfe, revue banque, décembre2008, N°708

4 Mannuel Hinds, Economic Effects of Financial Crisis. A Wowld Bank Policy Research Working Paper104,Dec.1998

5Patric T . Downes,David Martson and Inci Otker , Mapping Financial Sector Vulnerability in non Crisis Country IMF Discussion Paper1999

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