Rapidement diffusées d'un pays à l'autre, ces crises mettent en péril les autres pays émergents et même le monde industriel. Les capitaux internationaux peuvent se déplacer instantanément. Lorsque les gestion-naires de la Caisse de retraite de Californie ou d'autres fonds de pension constatent des difficultés au Brésil, ils ont tendance à se retirer de toute l'Amérique latine, voire du monde émergent tout entier.
Ces crises demandent un jugement politique aussi bien qu'une expertise économique et monétaire. Lorsque l'Indonésie (gros emprunteur) demande des fonds, le FMI, qu'il le veuille ou non, est forcé par ses actionnaires de porter un jugement sur l'action de Djakarta au Timor-Oriental. On a souvent reproché au Fonds de financer les dictateurs ou d'aider davantage les amis des États-Unis (1er actionnaire). Au comité intérimaire, instance politique du FMI, les pays industriels sont presque les seuls à être représentés (les autres membres leur sont associés, car ils leur donnent leurs droits de vote).
Afin qu'on cesse de lui reprocher d'être un agent des pays riches, exerçant un pouvoir totalitaire sur le monde en développement, le FMI participe au G20. Cette nouvelle instance associe des représentants des pays industriels (G7), de l'Union européenne, des porte-parole des géants du monde en développement (Chine, Russie, Inde, Brésil), du FMI et de la Banque mondiale.
Les principaux experts critiquent la taille grandissante des crédits (le « paquet » brésilien de 1998 se montait à 40 milliards de dollars), ainsi que l'élargissement de l'ajustement structurel, loin de la macroéconomie, débordant sur les sphères politique et sociale
F. L.
➙ Ajustement structurel, SMI
Foire
Lieu d'échange périodique se tenant dans un même lieu à des dates fixes.
Les foires ont eu un rôle essentiel aux temps féodaux (xe-xve siècle), à une époque où les espaces marchands permanents et la circulation des produits étaient encore limités. Aussi, de grands seigneurs ou des villes organisaient une ou plusieurs fois par an de grands rendez-vous attirant des marchands de contrées lointaines. Ils savaient pouvoir y vendre leurs produits, y acheter des denrées rares, être protégés et bénéficier du service de changeurs.
Les plus grandes foires féodales furent celles de Champagne (Troyes, Provins, Bar-sur-Aube...), de Lyon, de Saint-Denis, les foires flamandes (Ypres, Lille, Bruges), celles de Beaucaire, de Carcassonne, de Plaisance en Italie.
Aujourd'hui, de grandes foires-expositions internationales se tiennent encore annuellement, telles la Foire de Paris (qui a reçu en 1999 plus de 700 000 visiteurs), celle du Livre, à Francfort (attirant plus de cent pays et près de 300 000 visiteurs), celle de Leipzig (dans l'ancienne RDA), qui permettait un contact économique entre l'Occident et le monde communiste avant la réunification allemande, celles de Barcelone, de Hongkong, de Chicago…
P. B.
Fonctionnaire
Employé de l'Administration publiqueou de certaines entreprises publiques.
La France compte actuellement 6,33 millions de fonctionnaires (y compris les non-titulaires), soit 27 % de la population active, ce qui la place au-dessus de la plupart des pays voisins. Les effectifs se répartissent entre l'État et divers organismes d'administration centrale (2,91 millions), les collectivités locales (1,58 million), les organismes de sécurité sociale (1,18 million, y compris le personnel des hôpitaux) et les entreprises publiques (859 600 hors secteur concurrentiel). La fonction publique française recrute par des concours qui vont de la catégorie A (les cadres) à la catégorie D (les ouvriers et les personnels faiblement qualifiés, une catégorie qui tend à disparaître au profit de la catégorie C, dont le niveau scolaire est plus élevé). Les plus hauts fonctionnaires sont souvent issus de l'ENA (École nationale d'administration), créée à l'issue de la Seconde Guerre mondiale. Bénéficiant de la sécurité de l'emploi, d'un avancement largement à l'ancienneté et d'un régime de retraite très avantageux, les fonctionnaires sont à la fois enviés et critiqués par les salariés du privé. Deux discours s'affrontent : celui qui les présente comme des bureaucrates moins productifs que le reste de la nation et toujours prêts à arracher des avantages en faisant grève ; et celui qui en fait des serviteurs tout dévoués au service public, défenseurs en première ligne des droits sociaux de chacun. En novembre-décembre 1995, trois semaines de grèves des transports publics, rejoints par d'autres catégories, ont polarisé ces deux attitudes extrêmes
S. G.
➙ État, service public
Fondamentaux
Valeurs essentielles de l'économie réelle (productivité, rentabilité du capital, coût du travail, chômage, etc.) et traduisant ses conditions d'équilibre à long terme.
Les prix sur les différents marchés doivent donc traduire ces fondamentaux ; toutefois, à court terme, ils peuvent s'en éloigner, comme dans le cas des bulles spéculatives (immobilier à Paris au début des années 1990)
E. L. H.
Fonds communs de placement
Créé en 1979, le FCP est une copropriété de valeurs mobilières. Ce portefeuille de titres, possédé par plusieurs porteurs de parts, est géré par une société de gestion.
Si certains épargnants gèrent eux-mêmes leur portefeuille, nombreux sont ceux qui, ne comprenant rien à la Bourse, s'en remettent à leurs banques. Ils choisissent la solution la plus facile – mais pas toujours la plus rentable – en achetant des titres d'organismes de placements collectifs en valeurs mobilières (OPCVM), notion qui regroupe les sicav et les FCP.
Cette gestion collective est aussi une bonne façon de diversifier géographiquement un portefeuille, car il est plus compliqué d'acheter des valeurs étrangères en direct que des valeurs françaises. Les frais sont plus élevés si elles ne sont pas cotées à la Bourse de Paris. Et il est plus difficile d'avoir des informations régulières. Si on achète des actions de sicav ou des parts de fonds communs de placement (FCP) investis en valeurs étrangères, c'est le gérant de la sicav ou du FCP qui fera ce travail
D. G.
➙ Patrimoine, placement, portefeuille
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