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ﳎﻠـﺔ ﺟﺪﻳﺪ ﺍﻻﻗﺘﺼﺎﺩ
ISSN : 1112-7341
ﺍﻠﺪ / 15ﺍﻟﻌـــﺪﺩ ،(2020) 1 :ﺹ 234 -215
ﺩﻭﺭ ﺍﳌﺸﺘﻘﺎﺕ ﺍﳌﺎﻟﻴﺔ ﰲ ﺃﺯﻣﺔ ﺍﻟﺮﻫﻦ ﺍﻟﻌﻘﺎﺭﻱ-ﺩﺭﺍﺳﺔ ﲢﻠﻴﻠﻴﺔ-
The role of financial derivatives in the mortgage crisis -
Analytical study-
3
ﺩ .ﺃﻣﺎﻝ ﺑﻮﲰﻴﻨﺔ ،1ﻁ.ﺩ ﻭﺳﺎﻡ ﻣﻮﻳﺴﻲ ، 2ﻁ.ﺩ ﺷﻬﺮﺯﺍﺩ ﺳﻮﻳﻜﻲ
1
ﺟﺎﻣﻌﺔ ﺃﻡ ﺍﻟﺒﻮﺍﻗﻲ )ﺍﳉﺰﺍﺋﺮ(amal_b82@yahoo.fr ،
2ﺟﺎﻣﻌﺔ ﺃﻡ ﺍﻟﺒﻮﺍﻗﻲ )ﺍﳉﺰﺍﺋﺮ(MOUICI.Wissem@univ-oeb.dz ،
3ﺟﺎﻣﻌﺔ ﺃﻡ ﺍﻟﺒﻮﺍﻗﻲ )ﺍﳉﺰﺍﺋﺮ(souiki.chahrazed @univ-oeb.dz،
ﺗﺎﺭﻳﺦ ﺍﻟﻨﺸﺮ2020/12/31 : ﺗﺎﺭﻳﺦ ﺍﻟﻘﺒﻮﻝ2020/12/11 : ﺗﺎﺭﻳﺦ ﺍﻻﺳﺘﻼﻡ2020/12/09 :
ﻣﻠﺨﺺ:
ﺗﻌﺪ ﺍﳌﺸﺘﻘﺎﺕ ﺍﳌﺎﻟﻴﺔ ﻋﻘﻮﺩ ﻣﺎﻟﻴﺔ ﺗﺸﺘﻖ ﻣﻦ ﻗﻴﻤﺔ ﺍﻷﺻﻞ ﳏﻞ ﺍﻟﻌﻘﺪ ،ﻭﻗﺪ ﻇﻬﺮﺕ ﰲ ﺍﻟﺒﺪﺍﻳﺔ
ﻟﻠﺘﺤﻮﻁ ﻣﻦ ﺍﳌﺨﺎﻃﺮ ،ﻭﺗﻌﻈﻴﻢ ﺍﻷﺭﺑﺎﺡ ،ﺇﻻ ﺃﻥ ﺍﻟﺘﻄﻮﺭ ﺍﻟﻜﺒﲑ ﺍﻟﺬﻱ ﺷﻬﺪﺗﻪ ﻫﺬﻩ ﺍﻷﺩﻭﺍﺕ،
ﻭﻛﺬﻟﻚ ﺍﺗﺴﺎﻉ ﻧﻄﺎﻕ ﺍﻟﺘﻌﺎﻣﻞ ﺎ ﺃﺩﻯ ﺇﱃ ﺣﺪﻭﺙ ﺍﻷﺯﻣﺎﺕ ،ﺃﺑﺮﺯﻫﺎ ﺃﺯﻣﺔ ﺍﻟﺮﻫﻦ ﺍﻟﻌﻘﺎﺭﻱ.
ﺪﻑ ﻫﺬﻩ ﺍﻟﺪﺭﺍﺳﺔ ﺇﱃ ﺇﺑﺮﺍﺯ ﺩﻭﺭ ﺍﳌﺸﺘﻘﺎﺕ ﺍﳌﺎﻟﻴﺔ ﰲ ﻧﺸﻮﺀ ﺃﺯﻣﺔ ﺍﻟﺮﻫﻦ ﺍﻟﻌﻘﺎﺭﻱ 2007
– .2008ﻭﺳﻴﺘﻢ ﺇﺗﺒﺎﻉ ﺍﳌﻨﻬﺞ ﺍﻻﺳﺘﻨﺒﺎﻃﻲ ﺍﻟﺘﺤﻠﻴﻠﻲ ﰲ ﻣﻌﺎﳉﺔ ﻫﺬﺍ ﺍﳌﻮﺿﻮﻉ.
ﻭﻗﺪ ﺗﻮﺻﻠﺖ ﻫﺬﻩ ﺍﻟﺪﺭﺍﺳﺔ ﺇﱃ ﲨﻠﺔ ﻣﻦ ﺍﻟﻨﺘﺎﺋﺞ ﺃﳘﻬﺎ :ﺍﻻﺳﺘﺨﺪﺍﻡ ﺍﻟﻮﺍﺳﻊ ﻟﻌﻘﻮﺩ ﺍﳌﺸﺘﻘﺎﺕ
ﻛﺎﻥ ﻟﻪ ﺗﺄﺛﲑ ﺳﻠﱯ ﻋﻠﻰ ﻋﻜﺲ ﺗﻮﻗﻌﺎﺕ ﺍﳌﺘﻌﺎﻣﻠﲔ ،ﳑﺎ ﺃﺩﻯ ﺇﱃ ﺇﺣﺪﺍﺙ ﺧﺴﺎﺋﺮ ﻋﻠﻰ ﻣﺴﺘﻮﻯ
ﺍﳌﺆﺳﺴﺎﺕ ﺍﳌﺎﻟﻴﺔ ،ﻛﺬﻟﻚ ﻛﺎﻧﺖ ﺍﳌﺸﺘﻘﺎﺕ ﺍﳌﺎﻟﻴﺔ ﺍﻟﺴﺒﺐ ﺍﻟﺮﺋﻴﺴﻲ ﰲ ﻧﺸﻮﺏ ﺃﺯﻣﺔ ﺍﻟﺮﻫﻦ
ﺍﻟﻌﻘﺎﺭﻱ.
ﺍﻟﻜﻠﻤﺎﺕ ﺍﳌﻔﺘﺎﺣﻴﺔ :ﻣﺸﺘﻘﺎﺕ ﻣﺎﻟﻴﺔ ،ﺃﺯﻣﺔ ﺍﻟﺮﻫﻦ ﺍﻟﻌﻘﺎﺭﻱ ،ﳐﺎﻃﺮ.
ﺗﺼﻨﻴﻔﺎﺕ E52 ،G20 : JEL
215
2020 ﺩﻳﺴﻤﱪ.(1) ﻋﺪﺩ ﺭﻗﻢ.(15) ﳎﻠﺪ ﺭﻗﻢ.ﳎﻠﺔ ﺟﺪﻳﺪ ﺍﻻﻗﺘﺼﺎﺩ
Abstract:
Financial Derivatives financial contracts is derived from the value
of the asset to replace the contract initially appeared to hedge risks and
maximize profits, but that the substantial development of these tools
as well as the widening of the scope of the deal led to the occurrence
of crises, the most prominent of mortgage.
This study aims to highlight the role of financial derivatives in
the emergence of the 2007 – 2008 mortgage crisis.the analytical
descriptive approach to this topic will be followed.
The study reached a series of results, the most important of which
are : the widespread use of derivatives contracts that have had a
negative impact on the countrary of the expectations of the dealers,
resulting in losses at the level of financial institutions as well as
financial derivatives were the main cause of the outbreak the mortgage
crisis.
Keywords: Financial Derivatives, Mortgage Crisis, Risk.
JEL Classification Codes: G20 ،E52
__________________________________________
amal_b82@yahoo.fr : ﺍﻹﳝﻴﻞ، ﺃﻣﺎﻝ ﺑﻮﲰﻴﻨﺔ:ﺍﳌﺆﻟﻒ ﺍﳌﺮﺳﻞ
: ﻣﻘﺪﻣﺔ.1
، ﺻﺎﻧﻌﻲ ﺍﻟﺴﻴﺎﺳﺎﺕ،ﻟﻄﺎﳌﺎ ﻛﺎﻥ ﺗﻄﻮﻳﺮ ﺳﻮﻕ ﺍﳌﺸﺘﻘﺎﺕ ﻣﻮﺿﻮﻉ ﺍﻫﺘﻤﺎﻡ ﺍﻟﺒﺎﺣﺜﲔ
ﺇﺫ ﺗﺴﺎﻫﻢ ﻭﺑﺸﻜﻞ ﻛﺒﲑ ﰲ،ﻭﺍﻟﻮﻛﺎﻻﺕ ﺍﳌﺎﻟﻴﺔ ﳌﺎ ﺗﻠﻌﺒﻪ ﻣﻦ ﺩﻭﺭ ﺣﻴﻮﻳﻲ ﰲ ﺍﻟﻨﻈﺎﻡ ﺍﳌﺎﱄ
ﺇﺫ ﻳﻘﺪﻡ ﺳﻮﻕ ﺍﳌﺸﺘﻘﺎﺕ ﺁﻟﻴﺔ ﻓﻌﺎﻟﺔ ﺗﺴﻬﻞ ﺗﻘﺎﺳﻢ ﳐﺎﻃﺮ،ﳐﺘﻠﻒ ﺟﻮﺍﻧﺐ ﺍﻻﻗﺘﺼﺎﺩ ﻛﻜﻞ
ﳑﺎ ﻳﺴﺎﻋﺪ ﺍﳌﻨﺘﺠﲔ ﻋﻠﻰ ﺍﻟﺘﻌﺎﻣﻞ ﻣﻊ ﺗﻘﻠﺐ،ﺍﻷﺳﻌﺎﺭ ﻟﻠﺴﻠﻊ ﺍﳌﺘﺪﺍﻭﻟﺔ ﰲ ﺍﻟﺴﻮﻕ
ﺎ ﰲ ﺍﻟﺘﺤﻮﻁ ﺍﻟﺴﻠﺲ ﻭﺇﺩﺍﺭﺓ ﺍﳌﺨﺎﻃﺮ ﻣﻦ ﺧﻼﻝ ﺗﻌﺰﻳﺰﺍ ﺭﺋﻴﺴﻴﻛﻤﺎ ﻳﻠﻌﺐ ﺩﻭﺭ. ﺍﻷﺳﻌﺎﺭ
ﻭﺑﺎﻟﺮﻏﻢ ﻣﻦ ﺃﻥ ﻋﻨﺼﺮ ﺍﳌﺨﺎﻃﺮﺓ،ﺗﺪﻓﻘﺎﺕ ﺭﺃﺱ ﺍﳌﺎﻝ ﺇﱃ ﺍﻟﺪﺍﺧﻞ ﺍﻟﺒﻠﺪﺍﻥ ﺍﻟﻨﺎﺷﺌﺔ ﻭﺍﻟﻨﺎﻣﻴﺔ
ﺎ ﻟﺪﻯ ﺍﳌﺴﺘﺜﻤﺮﻳﻦ ﰲ ﺇﻻ ﺃﻥ ﻫﺬﻩ ﺍﳌﺨﺎﻃﺮ ﺗﺒﻠﻎ ﺫﺭﻭ،ﻣﻼﺯﻡ ﻟﻼﺳﺘﺜﻤﺎﺭ ﺃﻳﺎ ﻛﺎﻥ ﳎﺎﻟﻪ
ﺎ ﻋﻘﻮﺩﺍ ﺗﺘﻌﺎﻣﻞ ﻣﻊﻋﻘﻮﺩ ﺍﳌﺸﺘﻘﺎﺕ ﺍﳌﺎﻟﻴﺔ ﺑﺴﺒﺐ ﺣﺎﻟﺔ ﻋﺪﻡ ﺍﻟﺘﺄﻛﺪ ﺍﶈﻴﻄﺔ ﺑﺄﺳﻌﺎﺭﻫﺎ ﻛﻮ
ﺎ ﻣﻌﺎﻣﻼﺕ ﺻﻔﺮﻳﺔ ﻻ ﲢﻘﻖ ﺃﻱ ﻗﻴﻤﺔ ﻣﻀﺎﻓﺔ ﻟﻸﺻﻞ ﺍﻟﺬﻱ ﻛﻤﺎ ﺗﻮﺻﻒ ﺑﺄ،ﺍﳌﺴﺘﻘﺒﻞ
216
ﺩﻭﺭ ﺍﳌﺸﺘﻘﺎﺕ ﺍﳌﺎﻟﻴﺔ ﰲ ﺃﺯﻣﺔ ﺍﻟﺮﻫﻦ ﺍﻟﻌﻘﺎﺭﻱ-ﺩﺭﺍﺳﺔ ﲢﻠﻴﻠﻴﺔ-
ﻋﻘﺪﺕ ﻋﻠﻴﻪ ،ﻭﺇﳕﺎ ﻣﺎ ﻳﺮﲝﻪ ﺃﺣﺪ ﻃﺮﰲ ﺍﻟﺼﻔﻘﺔ ﳜﺴﺮﻩ ﺍﻟﻄﺮﻑ ﺍﳌﻘﺎﺑﻞ .ﻭﺑﺎﻟﺮﻏﻢ ﻣﻦ ﺃﻥ
ﺍﻟﺒﻌﺾ ﻳﺮﻯ ﺃﻥ ﻣﺜﻞ ﻫﺬﻩ ﺍﻷﺩﻭﺍﺕ ﺗﻌﺰﺯ ﻣﻦ ﺍﻟﺴﻴﻮﻟﺔ ﻭﻳﺘﻢ ﺗﻮﺯﻳﻊ ﺍﳌﺨﺎﻃﺮ ﻋﻦ ﻃﺮﻳﻖ
ﺍﻟﺘﻌﺎﻣﻞ ﻓﻴﻬﺎ ﻭﳍﺎ ﺑﻌﺾ ﺍﳌﺰ ﺍﻳﺎ ،ﺇﻻ ﺃﻧﻪ ﻣﻦ ﺍﳉﻠﻲ ﺃﻥ ﺳﻠﺒﻴﺎﺎ ﺃﻛﺜﺮ ﺑﻜﺜﲑ ،ﻓﺎﻟﺒﻌﺾ ﻳﻌﺘﱪﻫﺎ
ﺍﻟﺴﺒﺐ ﺍﻟﺮﺋﻴﺴﻲ ﰲ ﺧﻠﻖ ﺍﻷﺯﻣﺎﺕ .ﳌﺎ ﳍﺎ ﺗﺄﺛﲑ ﺳﻠﱯ ﻋﻠﻰ ﺍﻟﻨﻈﻢ ﺍﳌﺎﻟﻴﺔ ﻣﻦ ﺧﻼﻝ ﺇﺩﺧﺎﳍﺎ
ﺃﻛﺜﺮ ﺩﻳﻨﺎﻣﻴﻜﻴﺎﺕ ﺍﻷﺯﻣﺎﺕ ﺍﻟﱵ ﻻ ﳝﻜﻦ ﺍﻟﺘﻨﺒﺆ ﺎ ﻭﻫﻮ ﳏﺮﻙ ﻟﻠﻌﺪﻭﻯ ،ﻭﺃﺯﻣﺔ ﺍﻟﺮﻫﻦ
ﺍﻟﻌﻘﺎﺭﻱ ﺧﲑ ﺩﻟﻴﻞ ﻋﻠﻰ ﺫﻟﻚ.
ﺗﺄﺳﻴﺴﺎ ﳌﺎ ﺳﺒﻖ ﺫﻛﺮﻩ ﳝﻜﻦ ﺻﻴﺎﻏﺔ ﺇﺷﻜﺎﻟﻴﺔ ﺍﻟﺪﺭﺍﺳﺔ ﰲ ﺍﻟﺴﺆﺍﻝ ﺍﳉﻮﻫﺮﻱ ﺍﻟﺘﺎﱄ:
ﺃﻱ ﺩﻭﺭ ﻟﻌﺒﺘﻪ ﺍﳌﺸﺘﻘﺎﺕ ﺍﳌﺎﻟﻴﺔ ﰲ ﻧﺸﻮﺀ ﺃﺯﻣﺔ ﺍﻟﺮﻫﻦ ﺍﻟﻌﻘﺎﺭﻱ؟
ﺃﳘﻴﺔ ﺍﻟﺪﺭﺍﺳﺔ
ﺗﻨﺒﻊ ﺃﳘﻴﺔ ﺍﻟﺒﺤﺚ ﻣﻦ ﺍﻷﳘﻴﺔ ﺍﻟﻜﺒﲑﺓ ﻟﻸﺳﻮﺍﻕ ﺍﳌﺎﻟﻴﺔ ﺧﺎﺻﺔ ﺑﻌﺪ ﺍﻟﺘﺤﻮﻝ ﻣﻦ
ﳎﺮﺩ ﺍﻻﻋﺘﻤﺎﺩ ﻋﻠﻰ ﺍﻷﺩﻭﺍﺕ ﺍﻟﺒﺴﻴﻄﺔ ﺇﱃ ﺍﻟﺒﺤﺚ ﻋﻦ ﻣﻨﺘﺠﺎﺕ ﻣﺎﻟﻴﺔ ﻣﺴﺘﺤﺪﺛﺔ ﺗﻐﻄﻲ
ﺍﺣﺘﻴﺎﺟﺎﺕ ﺍﳌﺴﺘﺜﻤﺮﻳﻦ ﺧﺎﺻﺔ ﻭﺃﻥ ﻫﺬﻩ ﺍﻷﺧﲑﺓ ﻗﺪ ﺍﻧﺘﺸﺮ ﺍﺳﺘﻌﻤﺎﳍﺎ ﰲ ﺟﻞ ﺩﻭﻝ ﺍﻟﻌﺎﱂ
ﺣﱴ ﺍﻟﻨﺎﻣﻴﺔ ﻣﻨﻬﺎ ﻫﺬﺍ ﻣﻦ ﺟﻬﺔ ،ﻭﻣﻦ ﺟﻬﺔ ﺃﺧﺮﻯ ﺗﻨﺒﻊ ﺃﳘﻴﺔ ﲝﺜﻨﺎ ﻣﻦ ﺃﳘﻴﺔ ﺍﻷﺯﻣﺔ ﺍﳌﺎﻟﻴﺔ
ﺍﻟﱵ ﻋﺼﻔﺖ ﺑﺎﻻﻗﺘﺼﺎﺩ ﺳﻨﺔ 2008ﻭﳐﺘﻠﻒ ﺍﻟﺘﺪﺍﻋﻴﺎﺕ ﺍﻟﱵ ﺧﻠﻔﺘﻬﺎ ﻋﻠﻰ ﻛﻞ ﺍﻷﺻﻌﺪﺓ
ﻭﰲ ﻛﻞ ﺩﻭﻝ ﺍﻟﻌﺎﱂ ﺇﱃ ﻳﻮﻣﻨﺎ ﻫﺬﺍ.
ﻟﺬﺍ ﻗﻤﻨﺎ ﺑﺘﺴﻠﻴﻂ ﺍﻟﻀﻮﺀ ﻋﻠﻰ ﻭﺍﺣﺪﺓ ﻣﻦ ﺃﻫﻢ ﺍﻷﺩﻭﺍﺕ ﺍﳌﺎﻟﻴﺔ ﺍﻟﱵ ﺍﺗﺴﻊ ﻧﻄﺎﻕ
ﺍﻟﺘﻌﺎﻣﻞ ﺎ ﰲ ﺍﻷﺳﻮﺍﻕ ﺍﳌﺎﻟﻴﺔ ،ﺃﻻ ﻭﻫﻲ ﻋﻘﻮﺩ ﺍﳌﺸﺘﻘﺎﺕ ﺍﳌﺎﻟﻴﺔ ﻭﻣﺎ ﺍﻧﻄﻮﺕ ﻋﻠﻴﻪ ﻋﻤﻠﻴﺔ
ﺍﻟﺘﻌﺎﻣﻞ ﺎ ﻣﻦ ﺍﳚﺎﺑﻴﺎﺕ ﻭﺳﻠﺒﻴﺎﺕ ﺃﺩﺕ ﺇﱃ ﺇﺣﺪﺍﺙ ﺃﺯﻣﺎﺕ ﻣﺎﻟﻴﺔ ﺣﺎﺩﺓ.
ﻣﻨﻬﺞ ﺍﻟﺪﺭﺍﺳﺔ
ﳌﻌﺎﳉﺔ ﻫﺬﺍ ﺍﳌﻮﺿﻮﻉ ،ﺳﻴﺘﻢ ﺍﻋﺘﻤﺎﺩ ﺍﳌﻨﻬﺞ ﺍﻻﺳﺘﻨﺒﺎﻃﻲ ﻭﺍﳌﻨﻬﺞ ﺍﻟﺘﺤﻠﻴﻠﻲ ،ﻭﻫﺬﺍ
ﻟﻮﺻﻒ ﺍﻟﻈﺎﻫﺮﺓ ﺍﳌﺪﺭﻭﺳﺔ ﻭﺗﺼﻮﻳﺮﻫﺎ ﻛﻤﻴﺎ ﻋﻦ ﻃﺮﻳﻖ ﲨﻊ ﺑﻴﺎﻧﺎﺕ ﻭﻣﻌﻠﻮﻣﺎﺕ ﻭﲢﻠﻴﻠﻬﺎ
ﻭﺩﺭﺍﺳﺘﻬﺎ.
217
ﳎﻠﺔ ﺟﺪﻳﺪ ﺍﻻﻗﺘﺼﺎﺩ .ﳎﻠﺪ ﺭﻗﻢ ) .(15ﻋﺪﺩ ﺭﻗﻢ ) .(1ﺩﻳﺴﻤﱪ 2020
ﺗﻘﺴﻴﻤﺎﺕ ﺍﻟﺪﺭﺍﺳﺔ :ﻟﺪﺭﺍﺳﺔ ﻫﺬﺍ ﺍﳌﻮﺿﻮﻉ ﻭﺍﻹﳌﺎﻡ ﲟﺨﺘﻠﻒ ﺟﻮﺍﻧﺒﻪ ﺳﻴﺘﻢ ﺗﻘﺴﻴﻤﻪ
ﺇﱃ ﳏﻮﺭﻳﻦ ﻛﻤﺎ ﻳﻠﻲ:
ﺍﶈﻮﺭ ﺍﻷﻭﻝ :ﺍﻟﺘﺄﺻﻴﻞ ﺍﻟﻨﻈﺮﻱ ﻟﻠﻤﺸﺘﻘﺎﺕ ﺍﳌﺎﻟﻴﺔ ﻭﻷﺯﻣﺔ ﺍﻟﺮﻫﻦ ﺍﻟﻌﻘﺎﺭﻱ؛
ﺍﶈﻮﺭ ﺍﻟﺜﺎﱐ :ﻋﻼﻗﺔ ﺍﳌﺸﺘﻘﺎﺕ ﺍﳌﺎﻟﻴﺔ ﺑﺄﺯﻣﺔ ﺍﻟﺮﻫﻦ ﺍﻟﻌﻘﺎﺭﻱ .2008 -2007
.2ﺍﻟﺘﺄﺻﻴﻞ ﺍﻟﻨﻈﺮﻱ ﻟﻠﻤﺸﺘﻘﺎﺕ ﺍﳌﺎﻟﻴﺔ ﻭﻷﺯﻣﺔ ﺍﻟﺮﻫﻦ ﺍﻟﻌﻘﺎﺭﻱ
ﺳﻨﺤﺎﻭﻝ ﻣﻦ ﺧﻼﻝ ﻫﺬﺍ ﺍﳉﺰﺀ ﺍﻟﺘﻄﺮﻕ ﺇﱃ ﻣﺎﻫﻴﺔ ﺍﳌﺸﺘﻘﺎﺕ ﺍﳌﺎﻟﻴﺔ ﻭ ﳐﺘﻠﻒ
ﺃﻧﻮﺍﻋﻬﺎ ،ﻭﻛﺬﺍ ﻋﺮﺽ ﺃﻫﻢ ﺍﻟﻨﻘﺎﻁ ﺍﳌﺘﻌﻠﻘﺔ ﺑﺄﺯﻣﺔ ﺍﻟﺮﻫﻦ ﺍﻟﻌﻘﺎﺭﻱ .2008
1.2ﻣﺪﺧﻞ ﻟﻠﻤﺸﺘﻘﺎﺕ ﺍﳌﺎﻟﻴﺔ:
ﺗﻌﺘﱪ ﺍﳌﺸﺘﻘﺎﺕ ﺍﳌﺎﻟﻴﺔ ﻣﻦ ﺃﻫﻢ ﺍﻷﺩﻭﺍﺕ ﺍﳌﺎﻟﻴﺔ ﺍﳌﺴﺘﺤﺪﺛﺔ ﻭﺍﻟﱵ ﳍﺎ ﺩﻭﺭ ﻛﺒﲑ ﰲ
ﺍﻻﻗﺘﺼﺎﺩ،ﻭﻫﺬﺍ ﻣﺎ ﺳﻨﺤﺎﻭﻝ ﺗﻮﺿﻴﺤﻪ ﻣﻦ ﺧﻼﻝ ﻣﺎ ﻳﻠﻲ:
1.1.2ﺗﻌﺮﻳﻒ ﺍﳌﺸﺘﻘﺎﺕ ﺍﳌﺎﻟﻴﺔ
ﺗﻌﺪﺩﺕ ﺍﻟﺘﻌﺎﺭﻳﻒ ﺍﻟﱵ ﺗﻨﺎﻭﻟﺖ ﺍﳌﺸﺘﻘﺎﺕ ﺍﳌﺎﻟﻴﺔ ﻭﻣﻦ ﺃﳘﻬﺎ ﳒﺪ:
ﺗﻌﺮﻑ ﺍﳌﺸﺘﻘﺎﺕ ﺍﳌﺎﻟﻴﺔ ﻋﻠﻰ ﺃﺎ "ﻋﻘﻮﺩ ﻣﺎﻟﻴﺔ ﺗﺘﻌﻠﻖ ﺑﺒﻨﻮﺩ ﺧﺎﺭﺝ ﺍﳌﻴﺰﺍﻧﻴﺔ ﻭﺗﺘﺤﺪﺩ
ﻗﻴﻤﺘﻬﺎ ﺑﻘﻴﻤﺔ ﻭﺍﺣﺪﺓ ﺃﻭ ﺃﻛﺜﺮ ﻣﻦ ﺍﳌﻮﺟﻮﺩﺍﺕ ﺃﻭ ﺍﻷﺩﻭﺍﺕ ﺃﻭ ﺍﳌﺆﺷﺮﺍﺕ ﺍﻷﺳﺎﺳﻴﺔ ﺍﳌﺮﺗﺒﻄﺔ
ﺎ" )ﺑﻦ ﻋﻴﺴﻰ ،2012-2011 ،ﺹ .(43
ﻛﻤﺎ ﺗﻌﺮﻑ ﻋﻠﻰ ﺃﺎ":ﻋﻘﻮﺩ ﻗﻴﻤﺘﻬﺎ ﻣﻦ ﻗﻴﻤﺔ ﺍﻷﺻﻞ ﺍﳌﻌﻨﻴﺔ)ﺃﻱ ﺍﻷﺻﻮﻝ ﺍﻟﱵ ﲤﺜﻞ
ﻣﻮﺿﻮﻉ ﺍﻟﻌﻘﺪ( ﻭﺍﻷﺻﻮﻝ ﺍﻟﱵ ﺗﻜﻮﻥ ﻣﻮﺿﻮﻉ ﺍﻟﻌﻘﺪ ﺗﺘﻨﻮﻉ ﺑﲔ ﺍﻷﺳﻬﻢ ﻭﺍﻟﺴﻨﺪﺍﺕ
ﻭﺍﻟﺴﻠﻊ ﻭﺍﻟﻌﻤﻼﺕ ﺍﻷﺟﻨﺒﻴﺔ...ﺇﱁ" )ﻋﺒﺪ ﺍﻟﻌﺎﻝ ﺣﺎﻣﺪ ،2001 ،ﺹ(05
ﺃﻣﺎ ﺑﻨﻚ ﺍﻟﺘﺴﻮﻳﺎﺕ ﺍﻟﺪﻭﻟﻴﺔ ) (BISﻭ ﻫﻮ ﺃﺣﺪ ﺍﳌﺆﺳﺴﺎﺕ ﺍﻟﺘﺎﺑﻌﺔ ﻟﺼﻨﺪﻭﻕ ﺍﻟﻨﻘﺪ
ﺍﻟﺪﻭﱄ ﻓﻘﺪ ﻗﺪﻡ ﺍﻟﺘﻌﺮﻳﻒ ﺍﻟﺘﺎﱄ" :ﺍﳌﺸﺘﻘﺎﺕ ﺍﳌﺎﻟﻴﺔ ﻫﻲ ﻋﻘﻮﺩ ﺗﺘﻮﻗﻒ ﻗﻴﻤﺘﻬﺎ ﻋﻠﻰ ﺃﺳﻌﺎﺭ
ﺍﻷﺻﻮﻝ ﺍﳌﺎﻟﻴﺔ ﳏﻞ ﺍﻟﺘﻌﺎﻗﺪ ,ﻭﻟﻜﻨﻬﺎ ﻻ ﺗﻘﺘﻀﻲ ﺃﻭ ﺗﺘﻄﻠﺐ ﺍﺳﺘﺜﻤﺎﺭﺍ ﻷﺻﻞ ﺍﳌﺎﻝ ﰲ ﻫﺬﻩ
ﺍﻷﺻﻮﻝ .ﻭ ﻛﻌﻘﺪ ﺑﲔ ﻃﺮﻓﲔ ﻋﻠﻰ ﺗﺒﺎﺩﻝ ﺍﳌﺪﻓﻮﻋﺎﺕ ﻋﻠﻰ ﺃﺳﺎﺱ ﺍﻷﺳﻌﺎﺭ ﺃﻭ ﺍﻟﻌﻮﺍﺋﺪ ،
218
ﺩﻭﺭ ﺍﳌﺸﺘﻘﺎﺕ ﺍﳌﺎﻟﻴﺔ ﰲ ﺃﺯﻣﺔ ﺍﻟﺮﻫﻦ ﺍﻟﻌﻘﺎﺭﻱ-ﺩﺭﺍﺳﺔ ﲢﻠﻴﻠﻴﺔ-
ﻓﺈﻥ ﺃﻱ ﺍﻧﺘﻘﺎﻝ ﳌﻠﻜﻴﺔ ﺍﻷﺻﻞ ﳏﻞ ﺍﻟﺘﻌﺎﻗﺪ ﻭ ﺍﻟﺘﺪﻓﻘﺎﺕ ﺍﻟﻨﻘﺪﻳﺔ ﻳﺼﺒﺢ ﺃﻣﺮﺍﹰ ﻏﲑ ﺿﺮﻭﺭﻱ "
)ﻋﺒﺪ ﺍﳊﻤﻴﺪ ﺭﺿﻮﺍﻥ ،2005 ،ﺹ(59
ﺃ -ﺃﻧﻮﺍﻉ ﺍﳌﺸﺘﻘﺎﺕ ﺍﳌﺎﻟﻴﺔ
ﳝﻜﻦ ﺍﻟﺘﻔﺼﻴﻞ ﰲ ﺃﻧﻮﺍﻉ ﺍﳌﺸﺘﻘﺎﺕ ﺍﳌﺎﻟﻴﺔ ﻛﻤﺎ ﻳﻠﻲ :
ﺍﻟﻌﻘﻮﺩ ﺍﻵﺟﻠﺔ :ﺍﻟﻌﻘﺪ ﺍﻵﺟﻞ ﻫﻮ ﺍﺗﻔﺎﻕ ﺑﲔ ﻃﺮﻓﲔ ﻟﺸﺮﺍﺀ ﺃﻭ ﺑﻴﻊ ﺃﺻﻞ ﰲ ﻓﺘﺮﺓ
ﳏﺪﺩﺓ ﻣﻦ ﺍﻟﺰﻣﻦ -ﰲ ﺍﳌﺴﺘﻘﺒﻞ .ﰲ ﺣﺎﻟﺔ ﻭﺟﻮﺩ ﻋﻘﺪ ﺁﺟﻞ ،ﻳﻜﻮﻥ ﺍﻟﺴﻌﺮ ﺍﻟﺬﻱ ﻳﺘﻢ ﺩﻓﻌﻪ
Vashishtha. /ﺍﺳﺘﻼﻣﻪ ﻣﻦ ﻗﺒﻞ ﺍﻟﻄﺮﻓﲔ ﻗﺪ ﰎ ﲢﺪﻳﺪﻩ ﻭﻗﺖ ﺇﺑﺮﺍﻡ ﺍﻟﻌﻘﺪ).
( Kumar ,2010 ,p18ﻋﻠﻰ ﺧﻼﻑ ﺍﻟﻌﻘﻮﺩ ﺍﳌﺴﺘﻘﺒﻠﻴﺔ ﻓﺈﻥ ﺍﻟﻌﻘﻮﺩ ﺍﻵﺟﻠﺔ ﻻ ﻳﺘﻢ ﺗﺪﺍﻭﳍﺎ
ﻋﺎﺩﺓ ﰲ ﺍﻟﺒﻮﺭﺻﺎﺕ.
ﻋﻘﻮﺩ ﺍﳌﺴﺘﻘﺒﻠﻴﺎﺕ :ﺗﻌﺮﻑ ﺍﳌﺴﺘﻘﺒﻠﻴﺎﺕ ﺑﺄﺎ ﻋﻘﻮﺩ ﻟﺸﺮﺍﺀ ﺃﻭ ﺑﻴﻊ ﺳﻠﻌﺔ ﺃﻭ ﺃﺩﺍﺓ ﻣﺎﻟﻴﺔ
ﳏﺪﺩﺓ ﺑﺴﻌﺮ ﳏﺪﺩ ﻭﰲ ﻭﻗﺖ ﳏﺪﺩ ﰲ ﺍﳌﺴﺘﻘﺒﻞ .ﻭﺗﻌﻄﻲ ﺍﳊﻖ ﰲ ﺷﺮﺍﺀ ﺃﻭ ﺑﻴﻊ ﻛﻤﻴﺔ ﻣﻦ
ﺃﺻﻞ ﻣﻌﲔ ﺑﺴﻌﺮ ﳏﺪﺩ ﻣﺴﺒﻘﺎ ﻣﻦ ﺃﻥ ﻳﺘﻢ ﺍﻟﺘﺴﻠﻴﻢ ﰲ ﺗﺎﺭﻳﺦ ﻻﺣﻖ ﰲ ﺍﳌﺴﺘﻘﺒﻞ ،ﻭﻳﻠﺰﻡ
ﻛﻼ ﺍﻟﻄﺮﻓﲔ ﺑﺈﻳﺪﺍﻉ ﻧﺴﺒﺔ ﻣﻦ ﻗﻴﻤﺔ ﺍﻟﻌﻘﺪ ﻟﺪﻯ ﺍﻟﻮﺳﻴﻂ) ﺍﻟﺴﻤﺴﺎﺭ( ﺍﻟﺬﻱ ﻣﻌﻪ ،ﻭﺫﻟﻚ
ﺇﻣﺎ ﰲ ﺻﻮﺭﺓ ﻧﻘﺪﻳﺔ ﺃﻭ ﰲ ﺻﻮﺭﺓ ﺃﻭﺭﺍﻕ ﻣﺎﻟﻴﺔ ﺑﻐﺮﺽ ﲪﺎﻳﺔ ﺣﻘﻮﻕ ﲨﻴﻊ ﺍﻷﻃﺮﺍﻑ.
)ﺍﻟﺒﻌﻠﻲ ،1991 ،ﺹ (26ﻭﻛﻤﺎ ﺫﻛﺮﻧﺎ ﺳﺎﺑﻘﺎ ﻓﺈﻥ ﺍﻟﻌﻘﻮﺩ ﺍﳌﺴﺘﻘﺒﻠﻴﺎﺕ ﺗﻨﺤﺼﺮ ﺗﺪﺍﻭﳍﺎ
ﺑﺎﳌﺆﺳﺴﺎﺕ ﺍﳌﺎﻟﻴﺔ ﻭﺍﳌﺼﺮﻓﻴﺔ ،ﻓﺎﻟﺒﻨﻮﻙ ﺍﻟﺘﺠﺎﺭﻳﺔ ﻭﻣﺆﺳﺴﺎﺕ ﺍﻻﺩﺧﺎﺭ ﺗﺴﺘﺨﺪﻡ ﻋﻘﻮﺩ
ﺍﳌﺴﺘﻘﺒﻠﻴﺎﺕ ﻻﲣﺎﺫ ﻣﺮﺍﻛﺰ ﺍﻟﺘﺤﻮﻁ ﻣﻦ ﳐﺎﻃﺮ ﺗﺒﺪﻝ ﺃﺳﻌﺎﺭ ﺍﻟﻔﺎﺋﺪﺓ ،ﺑﻴﻨﻤﺎ ﲤﺎﺭﺱ ﺷﺮﻛﺎﺕ
ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﺃﺩﻭﺍﺭﻫﺎ ﰲ ﻫﺬﻩ ﺍﻷﺳﻮﺍﻕ ﻣﻦ ﺧﻼﻝ ﺗﻨﻔﻴﺬ ﺍﻟﺼﻔﻘﺎﺕ ﻟﻸﻓﺮﺍﺩ ﻭﺍﻟﺸﺮﻛﺎﺕ
ﻭﺍﲣﺎﺫ ﻣﺮﺍﻛﺰ ﲢﻮﻁ ﶈﺎﻓﻈﻬﺎ ﺍﻻﺳﺘﺜﻤﺎﺭﻳﺔ ﲡﺎﻩ ﲢﺮﻛﺎﺕ ﺳﻮﻕ ﺍﻷﺳﻬﻢ ﺃﻭ ﺃﺳﻌﺎﺭ ﺍﻟﻔﺎﺋﺪﺓ.
)ﻃﻠﻌﺖ ،2017 ،ﺹ .(153
219
ﳎﻠﺔ ﺟﺪﻳﺪ ﺍﻻﻗﺘﺼﺎﺩ .ﳎﻠﺪ ﺭﻗﻢ ) .(15ﻋﺪﺩ ﺭﻗﻢ ) .(1ﺩﻳﺴﻤﱪ 2020
ﻋﻘﻮﺩ ﺍﳋﻴﺎﺭﺍﺕ :ﳝﻜﻦ ﺗﻌﺮﻳﻔﻪ ﺑﺄﻧﻪ ﺑﲔ ﻃﺮﻓﲔ ﻳﻌﻄﻲ ﳌﺸﺘﺮﻳﻪ ﺍﳊﻖ ﰲ ﺍﻹﻟﺘﺰﺍﻡ ﺃﻥ
ﻳﺸﺘﺮﻱ ﺃﻭ ﻳﺒﻴﻊ ﻛﻤﻴﺔ ﻣﻌﻴﻨﺔ ﻣﻦ ﺍﻷﺳﻬﻢ ﺃﻭ ﻣﻦ ﺳﻠﻌﺔ ﻣﻌﻴﻨﺔ ﺑﺴﻌﺮ ﺗﻨﻔﻴﺬ ﻣﻌﲔ ،ﺧﻼﻝ ﻓﺘﺮﺓ
ﺳﺮﻳﺎﻥ ﺍﻟﻌﻘﺪ ﻭﻳﺪﻓﻊ ﻣﺸﺘﺮﻱ ﺍﳋﻴﺎﺭ ﻟﻘﺎﺀ ﺗﻠﻘﻴﻪ ﻫﺬﺍ ﺍﳊﻖ ﻣﺒﻠﻐﺎ ﻣﻌﻴﻨﺎ ﻳﺴﻤﻰ ﲦﻦ ﺍﳋﻴﺎﺭ
ﻭﻫﻮ ﻣﺒﻠﻎ ﺑﺴﻴﻂ ﻣﻦ ﺳﻌﺮ ﺍﻟﺴﻬﻢ ﺃﻭ ﺳﻌﺮ ﺍﻟﺴﻠﻌﺔ).ﻣﻬﻴﺪﺍﺕ ،2010 ،ﺹ ،(03ﻭﺗﻨﻘﺴﻢ
ﻋﻘﻮﺩ ﺍﳋﻴﺎﺭﺍﺕ ﻭﻓﻘﺎ ﻟﻄﺒﻴﻌﺔ ﻭﺷﺮﻭﻁ ﺍﻟﻌﻘﺪ ﺇﱃ ﻧﻮﻋﲔ ﺃﺳﺎﺳﻴﲔ ﳘﺎ) :ﻃﻠﻌﺖ،2017 ،
ﺹ .(154
ﺧﻴﺎﺭ ﺍﻟﺸﺮﺍﺀ :ﻳﻌﻄﻲ ﺣﺎﻣﻠﻪ ﺍﳊﻖ ﰲ ﺷﺮﺍﺀ ﺫﻟﻚ ﺍﻷﺻﻞ ﰲ ﺍﻟﻮﻗﺖ ﺍﶈﺪﺩ ﻭﺑﺎﻟﺴﻌﺮ
ﺍﳌﺘﻔﻖ ﻋﻠﻴﻪ ﻣﺴﺒﻘﺎ ﻭﻫﺬﺍ ﻣﻘﺎﺑﻞ ﺩﻓﻊ ﻣﺒﻠﻎ ﻣﻌﲔ ﻟﻠﻄﺮﻑ ﺍﻟﺜﺎﱐ ﺃﻻ ﻭﻫﻮ ﳏﺮﺭ ﺍﳋﻴﺎﺭ.
ﺧﻴﺎﺭ ﺍﻟﺒﻴﻊ :ﻳﻜﻮﻥ ﺍﻟﻌﻘﺪ ﺧﻴﺎﺭ ﺑﻴﻊ ﺇﺫﺍ ﻣﺎ ﺃﻋﻄﻲ ﻟﻠﻄﺮﻑ ﺍﻷﻭﻝ ﺃﻱ ﺍﳌﺸﺘﺮﻱ ﺍﳊﻖ
ﰲ ﺃﻥ ﻳﺒﻴﻊ ﺇﺫﺍ ﺭﻏﺐ ﻟﻠﻄﺮﻑ ﺍﻟﺜﺎﱐ ﺃﻱ ﳏﺮﺭ ﺍﳋﻴﺎﺭ ﺃﺻﻼ ﻣﻌﻴﻨﺎ ﺑﻜﻤﻴﺔ ﳏﺪﺩﺓ ﻭﺳﻌﺮ
ﳏﺪﺩ ﻭﰲ ﺗﺎﺭﻳﺦ ﳏﺪﺩ ﺃﻭ ﻣﻦ ﺧﻼﻝ ﻣﺪﺓ ﺯﻣﻨﻴﺔ ﳏﺪﺩﺓ ﲝﺴﺐ ﺍﻻﺗﻔﺎﻕ ،ﻭﺫﻟﻚ
ﻣﻘﺎﺑﻞ ﺣﺼﻮﻝ ﺍﶈﺮﺭ ﻣﻦ ﺍﳌﺸﺘﺮﻱ ﻋﻠﻰ ﻋﻼﻭﺓ ﻣﻌﻴﻨﺔ ﲢﺪﺩﻫﺎ ﺷﺮﻭﻁ ﺍﻟﻌﻘﺪ.
ﻋﻘﻮﺩ ﺍﳌﺒﺎﺩﻻﺕ :ﺗﻌﺮﻑ ﺑﺄﺎ ﻫﻲ ﺍﺗﻔﺎﻕ ﺑﲔ ﻃﺮﻓﲔ ﻋﻠﻰ ﺗﺒﺎﺩﻝ ﻗﺪﺭ ﻣﻌﲔ ﻣﻦ
ﺍﻷﺻﻮﻝ ﺍﳌﺎﻟﻴﺔ ﺃﻭ ﺍﻟﻌﻴﻨﻴﺔ ﰲ ﺍﳊﺎﺿﺮ ،ﻋﻠﻰ ﺃﻥ ﻳﺘﻢ ﺍﻟﺘﺒﺎﺩﻝ ﺍﻟﻌﻜﺴﻲ ﻟﻸﺻﻞ ﰲ ﺗﺎﺭﻳﺦ
ﻻﺣﻖ ﳏﺪﺩ ﻣﺴﺒﻘﺎ ﻭﻫﻮ ﻋﻘﺪ ﻣﻠﺰﻡ ﻟﻄﺮﰲ ﺍﻟﻌﻘﺪ ﻋﻠﻰ ﻋﻜﺲ ﻣﺎ ﻫﻮ ﻣﻌﺮﻭﻑ ﰲ
ﻋﻘﻮﺩ ﺍﻻﺧﺘﻴﺎﺭ ،ﻛﻤﺎ ﺃﻥ ﺍﳌﺘﺤﺼﻼﺕ ﺃﻭ ﺍﳌﺪﻓﻮﻋﺎﺕ ﻻ ﻳﺘﻢ ﺗﺴﻮﻳﺘﻬﺎ ﻳﻮﻣﻴﺎ ﻛﻤﺎ ﻫﻮ
ﺍﳊﺎﻝ ﰲ ﺍﻟﻌﻘﻮﺩ ﺍﳌﺴﺘﻘﺒﻠﻴﺔ ،ﻛﻤﺎ ﺃﻥ ﻋﻘﺪ ﺍﳌﺒﺎﺩﻟﺔ ).ﺍﻟﻌﺒﺎﺩﻱ ،2008 ،ﺹ(86
2.1.2ﻣﺰﺍﻳﺎ ﺍﻻﺳﺘﺜﻤﺎﺭ ﺑﺎﳌﺸﺘﻘﺎﺕ ﺍﳌﺎﻟﻴﺔ
ﳝﻜﻦ ﺇﳚﺎﺯ ﻣﺰﺍﻳﺎ ﺍﻻﺳﺘﺜﻤﺎﺭ ﺑﺎﳌﺸﺘﻘﺎﺕ ﺍﳌﺎﻟﻴﺔ ﻓﻴﻤﺎ ﻳﻠﻲ:
220
ﺩﻭﺭ ﺍﳌﺸﺘﻘﺎﺕ ﺍﳌﺎﻟﻴﺔ ﰲ ﺃﺯﻣﺔ ﺍﻟﺮﻫﻦ ﺍﻟﻌﻘﺎﺭﻱ-ﺩﺭﺍﺳﺔ ﲢﻠﻴﻠﻴﺔ-
ﺃ -ﺍﳌﻀﺎﺭﺑﺔ :ﺗﻮﻓﺮ ﺍﳌﺸﺘﻘﺎﺕ ﻟﻠﻤﺴﺘﺜﻤﺮﻳﻦ ﻓﻴﻬﺎ ﺍﻟﻘﺪﺭﺓ ﻋﻠﻰ ﲢﻘﻴﻖ ﺃﺭﺑﺎﺣﺎ ﻣﺮﺗﻔﻌﺔ ﻋﻦ
ﻃﺮﻳﻖ ﺍﻻﺳﺘﻔﺎﺩﺓ ﻣﻦ ﻣﺰﺍﻳﺎ ﺍﻟﺮﻓﻊ ﺍﳌﺎﱄ ﻭﺍﻟﱵ ﲢﻘﻘﻬﺎ ﺑﺎﺳﺘﻌﻤﺎﻝ ﻣﺎ ﻳﻌﺮﻑ ﺑﺄﺳﻠﻮﺏ ﺍﳍﺎﻣﺶ،
ﻭﺫﻟﻚ ﺑﻔﻌﻞ ﺍﻟﺘﻘﻠﺒﺎﺕ ﺍﻟﺴﻌﺮﻳﺔ ﻟﻸﺩﻭﺍﺕ ﺍﳌﺎﻟﻴﺔ ﺍﻷﺳﺎﺳﻴﺔ ﺍﳌﺸﻤﻮﻟﺔ ﺑﻌﻘﻮﺩﻫﺎ )ﻣﻄﺮ،
،2013ﺹ .(297
ﺏ -ﺍﻟﺘﺤﻮﻁ :ﻳﺘﻢ ﺍﻟﺘﺤﻮﻁ ﻟﺘﺨﻔﻴﺾ ﺍﳌﺨﺎﻃﺮ ﺍﻟﺮﺋﻴﺴﻴﺔ ﺍﻟﱵ ﳝﻜﻦ ﺃﻥ ﻳﺘﻌﺮﺽ ﳍﺎ
ﺍﳌﺴﺘﺜﻤﺮﻭﻥ ﻣﺜﻞ ﳐﺎﻃﺮ ﺗﻘﻠﺒﺎﺕ ﺃﺳﻌﺎﺭ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ،ﻭﺃﺳﻌﺎﺭ ﺍﻟﺼﺮﻑ ،ﻭﺃﺳﻌﺎﺭ ﺍﻟﻔﻮﺍﺋﺪ
ﻭﻏﲑﻫﺎ )ﺍﻟﻌﺒﺎﺩﻱ ﻭﺁﺧﺮﻭﻥ ،2012 ،ﺹ .(66
3.1.2ﳐﺎﻃﺮ ﺍﻻﺳﺘﺜﻤﺎﺭ ﰲ ﺍﳌﺸﺘﻘﺎﺕ ﺍﳌﺎﻟﻴﺔ
ﺍﻻﺳﺘﺜﻤﺎﺭ ﰲ ﺍﳌﺸﺘﻘﺎﺕ ﺍﳌﺎﻟﻴﺔ ﳝﻜﻦ ﺃﻥ ﻳﻌﺮﺽ ﺍﳌﺴﺘﺜﻤﺮ ﻓﻴﻬﺎ ﺇﱃ ﳐﺎﻃﺮ ﻋﺪﻳﺪﺓ،
ﻧﺬﻛﺮﻫﺎ ﻓﻴﻤﺎ ﻳﻠﻲ :
ﺃ -ﺍﳌﺨﺎﻃﺮ ﺍﻻﺋﺘﻤﺎﻧﻴﺔ :ﻭﻫﻲ ﺍﳌﺨﺎﻃﺮ ﺍﻟﻨﺎﲨﺔ ﻋﻦ ﻋﺪﻡ ﻭﻓﺎﺀ ﺃﺣﺪ ﺃﻃﺮﺍﻑ ﺍﻟﻌﻘﺪ
ﺑﺎﻟﺘﺰﺍﻣﺎﺗﻪ ﺍﳌﺎﻟﻴﺔ ﺍﳌﻨﺼﻮﺹ ﻋﻠﻴﻬﺎ ﲟﻮﺟﺐ ﺍﻟﻌﻘﺪ ،ﻭﻳﻈﻬﺮ ﻫﺬﺍ ﺍﻟﻨﻮﻉ ﻣﻦ ﺍﳌﺨﺎﻃﺮ ﺑﻮﺿﻮﺡ
ﻋﻨﺪ ﺍﻟﺘﻌﺎﻣﻞ ﺑﺄﺩﻭﺍﺕ ﺍﳌﺸﺘﻘﺎﺕ ﰲ ﺍﻷﺳﻮﺍﻕ ﻏﲑ ﺍﻟﺮﲰﻴﺔ ﳑﺎ ﻳﻨﺸﺄ ﻣﻌﻪ ﻣﺸﺎﻛﻞ ﰲ ﺗﻮﺛﻴﻖ
ﺍﳌﻌﺎﻣﻼﺕ ﻭﺗﺴﻮﻳﺔ ﺍﻟﺘﻐﲑﺍﺕ ﰲ ﻗﻴﻤﺔ ﺍﳌﺮﺍﻛﺰ ﺍﻟﻴﻮﻣﻴﺔ ﻟﻠﻤﺘﻌﺎﻣﻠﲔ ﻓﻴﻬﺎ )ﺍﻟﺪﻭﺭﻱ،2010 ،
ﺹ .(329
ﺏ -ﳐﺎﻃﺮ ﺍﻟﺴﻮﻕ :ﺗﻈﻬﺮ ﻧﺘﻴﺠﺔ ﻟﺘﻘﻠﺐ ﺃﺳﻌﺎﺭ ﻋﻘﻮﺩ ﺍﳌﺸﺘﻘﺎﺕ ﰲ ﺍﻷﺳﻮﺍﻕ ﻭﺍﻟﱵ ﺗﺮﺟﻊ
ﰲ ﺃﻏﻠﺐ ﺍﻷﺣﻴﺎﻥ ﺇﱃ ﺗﻐﲑ ﰲ ﻗﻴﻤﺔ ﺍﻷﺻﻞ ﳏﻞ ﺍﻟﺘﻌﺎﻗﺪ .ﻭﺗﻌﺘﱪ ﺍﳌﺨﺎﻃﺮ ﺍﻟﺴﻮﻗﻴﺔ ﺃﺣﺪ ﺃﻫﻢ
ﺍﳌﺨﺎﻃﺮ ﺍﻟﱵ ﻳﺘﻮﺟﺐ ﻋﻠﻰ ﺍﳌﺘﻌﺎﻣﻠﲔ ﰲ ﺍﳌﺸﺘﻘﺎﺕ ﺍﳌﺎﻟﻴﺔ ﻣﺮﺍﻗﺒﺘﻬﺎ ﻭﻗﻴﺎﺳﻬﺎ ﺭﻏﻢ ﺻﻌﻮﺑﺔ
ﺍﻟﻘﻴﺎﻡ ﺑﺬﻟﻚ ﻧﻈﺮﺍ ﻟﻠﺘﻘﻠﺐ ﺍﻟﻜﺒﲑ ﺃﺳﻌﺎﺭﻫﺎ) .ﺟﺎﺏ ﺍﷲ ،2016 ،ﺹ .(143
221
ﳎﻠﺔ ﺟﺪﻳﺪ ﺍﻻﻗﺘﺼﺎﺩ .ﳎﻠﺪ ﺭﻗﻢ ) .(15ﻋﺪﺩ ﺭﻗﻢ ) .(1ﺩﻳﺴﻤﱪ 2020
ﺝ -ﳐﺎﻃﺮ ﺍﻟﺘﺸﻐﻴﻞ :ﻭﻫﻲ ﺗﻠﻚ ﺍﳌﺨﺎﻃﺮ ﺍﳌﺮﺗﺒﻄﺔ ﺑﺎﳋﺴﺎﺋﺮ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﺍﻟﱵ ﺗﺘﺤﻤﻠﻬﺎ
ﺍﳌﻨﺸﺄﺓ ﻧﺘﻴﺠﺔ ﻭﺟﻮﺩ ﻧﻘﺎﻁ ﺿﻌﻒ ﺗﻨﻈﻴﻤﻴﺔ ﰲ ﺇﺩﺍﺭﺓ ﻭﺗﺸﻐﻴﻞ ﻋﻘﻮﺩ ﺍﳌﺸﺘﻘﺎﺕ ﺩﺍﺧﻞ
ﺍﳌﻨﺸﺄﺓ ﻧﻔﺴﻬﺎ ،ﻭﺫﻟﻚ ﻛﻤﺎ ﻫﻮ ﺍﳊﺎﻝ ﰲ ﻏﻴﺎﺏ ﺍﻟﺘﻨﺴﻴﻖ ﺑﲔ ﺍﳌﺴﺌﻮﻟﲔ ﻋﻦ ﺍﻟﺘﻌﺎﻣﻞ ﰲ
ﺃﺳﻮﺍﻕ ﺍﳌﺸﺘﻘﺎﺕ ﻭﺑﲔ ﺍﳌﺴﺌﻮﻟﲔ ﻋﻦ ﺍﻟﻘﻴﺪ ﻭﺍﻹﺛﺒﺎﺕ ﺑﺎﻟﺪﻓﺎﺗﺮ ﺍﳌﺎﻟﻴﺔ ﻟﻠﻤﻨﺸﺄﺓ .ﻛﺬﻟﻚ
ﺗﻨﺸﺄ ﻫﺬﻩ ﺍﳌﺨﺎﻃﺮ ﻣﻦ ﺧﻼﻝ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺘﺴﻮﻳﺔ ﻭﺍﳌﻘﺎﺻﺔ ﻧﺘﻴﺠﺔ ﻋﺪﻡ ﻛﻔﺎﺀﺓ ﻧﻈﻢ
ﺍﳌﻌﻠﻮﻣﺎﺕ ﺃﻭ ﻏﻴﺎﺏ ﺿﻮﺍﺑﻂ ﺍﻟﺮﻗﺎﺑﺔ ﺍﻟﺪﺍﺧﻠﻴﺔ ,ﻭﺍﻹﺧﻔﺎﻕ ﰲ ﺇﺟﺮﺍﺀ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺘﺴﻮﻳﺔ
ﻭﺍﳌﻘﺎﺻﺔ ﺑﻜﻔﺎﺀﺓ ﻋﺎﻟﻴﺔ ,ﺃﻭ ﺍﻛﺘﺸﺎﻑ ﺍﳌﺸﻜﻼﺕ )ﺍﳋﻄﺄ ﺍﻟﺒﺸﺮﻱ ،ﺍﻟﻐﺶ ﻭﺍﻟﺘﺰﻭﻳﺮ ،ﻗﺼﻮﺭ
ﺍﻟﻨﻈﻢ( ﻭﻫﻮ ﻣﺎ ﻳﺆﺩﻱ ﺇﱃ ﺇﻋﺎﻗﺔ ﻣﺴﺘﺨﺪﻣﻲ ﺍﳌﺸﺘﻘﺎﺕ ﻋﻦ ﲢﻘﻴﻖ ﺃﻫﺪﺍﻓﻬﻢ ﺍﻟﺘﺸﻐﻴﻠﻴﺔ ﺃﻭ
ﺗﻠﻚ ﺍﳌﺘﺼﻠﺔ ﺑﺈﻋﺪﺍﺩ ﺍﻟﺘﻘﺎﺭﻳﺮ ﺍﳌﺎﻟﻴﺔ ﺃﻭ ﺍﻻﻟﺘﺰﺍﻡ ﻭﺍﻹﺫﻋﺎﻥ ،ﺍﻷﻣﺮ ﺍﻟﺬﻱ ﻳﺘﺮﺗﺐ ﻋﻠﻴﻪ ﺧﺴﺎﺋﺮ
ﻟﻠﻤﺸﺎﺭﻛﲔ ﰲ ﺍﻟﺴﻮﻕ ﱂ ﻳﻜﻦ ﰲ ﻭﺳﻊ ﺃﺣﺪ ﺍﻟﺘﻨﺒﺆ ﺎ ﻧﺘﻴﺠﺔ ﺍﻟﺘﺄﺧﲑ ﰲ ﺍﻟﺘﺴﻮﻳﺔ ﺃﻭ
ﺍﻷﺧﻄﺎﺀ ﺃﻭ ﺍﻟﻐﺶ).ﺍﻟﻼﻳﺬ ﻭﺍﺧﺮﻭﻥ ،ﺹ.(50،
ﺩ -ﳐﺎﻃﺮ ﺍﻟﺘﺴﻮﻳﺔ :ﳐﺎﻃﺮ ﺍﻟﺘﺴﻮﻳﺔ ﺗﺘﻤﺜﻞ ﻣﻈﺎﻫﺮﻫﺎ ﰲ ﺃﻥ ﺍﻟﻘﻠﻴﻞ ﻣﻦ ﺍﳌﻌﺎﻣﻼﺕ ﺍﳌﺎﻟﻴﺔ
ﻳﺘﻢ ﺗﺴﻮﻳﺘﻬﺎ ﺁﻧﻴﺎ ،ﻓﻘﺪ ﻳﺘﻌﺮﺽ ﺃﺣﺪ ﺍﻷﻃﺮﺍﻑ ﻟﻠﺨﺴﺎﺭﺓ ﺇﺫﺍ ﻛﺎﻥ ﺍﻟﺴﻌﺮ ﺍﻟﺬﻱ ﺑﺎﻉ ﺑﻪ
ﻣﺮﺗﻔﻌﺎ ﻣﻊ ﺭﻓﺾ ﺍﻟﻄﺮﻑ ﺍﻵﺧﺮ ﺍﻟﺴﺪﺍﺩ ﰲ ﺍﻟﺘﺎﺭﻳﺦ ﺍﶈﺪﺩ ﻟﻠﺘﺴﻮﻳﺔ ،ﻛﻤﺎ ﻗﺪ ﺗﻜﻮﻥ ﻗﻴﻤﺔ
ﺍﻷﺻﻞ ﳏﻞ ﺍﻟﺘﻌﺎﻗﺪ ﻋﺮﺿﺔ ﻟﺘﻘﻠﺒﺎﺕ ﺍﻷﺳﻌﺎﺭ ،ﻭﺑﺎﻟﺘﺎﱄ ﻗﺪ ﺗﻨﺨﻔﺾ ﻫﺬﻩ ﺍﻟﻘﻴﻤﺔ ﰲ ﺣﺎﻟﺔ
ﻋﺪﻡ ﺗﻮﺍﻓﻖ ﻣﻴﻌﺎﺩ ﺗﺴﻠﻴﻢ ﺍﻷﺻﻞ ﻣﻊ ﻣﻴﻌﺎﺩ ﺍﺳﺘﻼﻡ ﻣﺎ ﻳﻘﺎﺑﻠﻪ ﻧﻘﺪﺍ ﻳﻮﻡ ﺍﻟﺘﺴﻮﻳﺔ) .ﺟﺎﺏ ﺍﷲ،
،2016ﺹ .(143
ﻩ -ﳐﺎﻃﺮ ﺍﻹﺣﻼﻝ :ﺗﺘﻌﻠﻖ ﻫﺬﻩ ﺍﳌﺨﺎﻃﺮ ﺑﻌﺪﻡ ﻗﺪﺭﺓ ﺃﺣﺪ ﺍﻷﻃﺮﺍﻑ ﻋﻠﻰ ﺍﻟﻮﻓﺎﺀ ﺑﺎﻟﺘﺰﺍﻣﺎﺗﻪ
ﻣﻄﻠﻘﺎ ،ﻭﻫﻮ ﺍﻷﻣﺮ ﺍﻟﺬﻱ ﻳﻀﻄﺮ ﻣﻌﻪ ﺍﻟﻄﺮﻑ ﺍﻵﺧﺮ ﺇﱃ ﺍﻟﺪﺧﻮﻝ ﰲ ﻋﻘﺪ ﺟﺪﻳﺪ ﺣﱴ
ﻳﺘﻤﻜﻦ ﻣﻦ ﺍﻟﻮﻓﺎﺀ ﺑﺎﻟﺘﺰﺍﻣﺎﺗﻪ ﻗﺒﻞ ﺍﻟﻐﲑ ﻣﻊ ﲢﻤﻠﻪ ﳋﺴﺎﺋﺮ ﺟﺴﻴﻤﺔ ﻭﺍﻟﱵ ﺗﺘﻤﺜﻞ ﰲ ﺍﻟﻔﺮﻕ ﺑﲔ
ﺳﻌﺮ ﺍﻟﺘﻌﺎﻗﺪ ﻭﺳﻌﺮ ﺍﻟﺴﻮﻕ ﻟﻸﻭﺭﺍﻕ ﺍﳌﺘﻌﺎﻗﺪ ﻋﻠﻴﻬﺎ.
222
ﺩﻭﺭ ﺍﳌﺸﺘﻘﺎﺕ ﺍﳌﺎﻟﻴﺔ ﰲ ﺃﺯﻣﺔ ﺍﻟﺮﻫﻦ ﺍﻟﻌﻘﺎﺭﻱ-ﺩﺭﺍﺳﺔ ﲢﻠﻴﻠﻴﺔ-
ﻭ -ﳐﺎﻃﺮ ﺍﻟﺴﻴﻮﻟﺔ :ﺗﻨﺸﺄ ﻫﺬﻩ ﺑﺴﺒﺐ ﻋﺪﻡ ﺗﻮﻓﺮ ﺍﻟﺴﻴﻮﻟﺔ ،ﺃﻱ ﻋﺪﻡ ﺍﻟﻘﺪﺭﺓ ﻋﻠﻰ ﺗﺴﺪﻳﺪ
ﺍﻻﻟﺘﺰﺍﻣﺎﺕ ﺃﻭﻻ ﺑﺄﻭﻝ ﻣﻦ ﻗﺒﻞ ﺍﳌﺘﻌﺎﻣﻠﲔ ﰲ ﺳﻮﻕ ﺍﳌﺸﺘﻘﺎﺕ ،ﳑﺎ ﳚﻌﻞ ﺍﳌﺘﺎﺟﺮﺓ ﺬﻩ
ﺍﻷﺩﻭﺍﺕ ﺃﻛﺜﺮ ﺻﻌﻮﺑﺔ.
ﻱ -ﺍﳌﺨﺎﻃﺮ ﺍﻟﻘﺎﻧﻮﻧﻴﺔ :ﻭﻫﺬﻩ ﺍﳌﺨﺎﻃﺮ ﺗﻨﺸﺄ ﻋﻦ ﻋﺪﻡ ﺍﻟﻘﺪﺭﺓ ﻋﻠﻰ ﺗﻨﻔﻴﺬ ﻋﻘﻮﺩ ﺍﳌﺸﺘﻘﺎﺕ
ﻧﺘﻴﺠﺔ ﺳﻮﺀ ﺗﻮﺛﻴﻘﻬﺎ ،ﺃﻭ ﻧﺘﻴﺠﺔ ﻋﺪﻡ ﲤﺘﻊ ﺍﻟﻄﺮﻑ ﺍﳌﻘﺎﺑﻞ ﺑﺎﻟﺼﻼﺣﻴﺎﺕ ﺍﻟﻀﺮﻭﺭﻳﺔ ﻟﻠﺘﻌﺎﻗﺪ
ﻭﺍﻟﻮﺿﻊ ﺍﻟﻘﺎﻧﻮﱐ ﻏﲑ ﺍﻷﻛﻴﺪ ﻟﺒﻌﺾ ﺍﳌﻌﺎﻣﻼﺕ ،ﻭﻋﺪﻡ ﺍﻟﻘﺪﺭﺓ ﻋﻠﻰ ﺍﻟﺘﻨﻔﻴﺬ ﺍﻟﻘﻀﺎﺋﻲ ﰲ
ﺣﺎﻟﺔ ﺍﻟﻌﺴﺮ ﻭﺍﻹﻓﻼﺱ ،ﺃﻭ ﺇﺩﺧﺎﻝ ﺗﻐﻴﲑﺍﺕ ﻣﻨﺎﻭﺋﺔ ﺃﻭ ﻋﻜﺴﻴﺔ ﰲ ﻗﻮﺍﻧﲔ ﺍﻟﻀﺮﺍﺋﺐ ،ﺃﻭ
ﻭﺟﻮﺩ ﻗﻮﺍﻧﲔ ﲢﻈﺮ ﻋﻠﻰ ﺍﳌﻨﺸﺂﺕ ﺍﻻﺳﺘﺜﻤﺎﺭ ﰲ ﺃﻧﻮﺍﻉ ﻣﻌﻴﻨﺔ ﻣﻦ ﺍﻷﺩﻭﺍﺕ ﺍﳌﺎﻟﻴﺔ .ﻭﻛﺬﻟﻚ
ﺗﺆﺩﻱ ﺍﻟﺘﻐﲑﺍﺕ ﰲ ﺍﻟﺒﻴﺌﺔ ﺍﻟﻘﺎﻧﻮﻧﻴﺔ ﺇﱃ ﺑﻌﺾ ﺍﳌﺨﺎﻃﺮ ،ﻭﺗﺮﺟﻊ ﻫﺬﻩ ﺍﳌﺨﺎﻃﺮﺓ ﺇﱃ ﻛﻮﻥ
ﺍﻟﻌﻘﻮﺩ ﻟﻴﺴﺖ ﻣﻠﺰﻣﺔ ﻗﺎﻧﻮﻧﺎ ﻭﲟﻌﲎ ﺁﺧﺮ ﻟﻴﺲ ﳍﺎ ﻗﻮﺓ ﺍﻟﺘﻨﻔﻴﺬ ﻭﺗﺼﺒﺢ ﻋﻤﻠﻴﺔ ﺍﻻﻟﺘﺰﺍﻡ ﺃﻛﺜﺮ
ﺻﻌﻮﺑﺔ ﺇﺫﺍ ﻛﺎﻧﺖ ﺍﻟﻌﻘﻮﺩ ﺩﻭﻟﻴﺔ ،ﻛﻤﺎ ﺗﺮﺗﺒﻂ ﻫﺬﻩ ﺍﳌﺨﺎﻃﺮﺓ ﺑﺎﳋﺴﺎﺋﺮ ﺍﻟﺮﺍﺟﻌﺔ ﻟﺘﺼﺮﻑ
ﻗﺎﻧﻮﱐ ﺃﻭ ﺗﻨﻈﻴﻤﻲ ﻳﺒﻄﻞ ﺻﻼﺣﻴﺔ ﺍﻟﻌﻘﺪ).ﺍﻟﻼﻳﺬ ﻭﺁﺧﺮﻭﻥ ،ﺹ.(51،
2.2ﺍﻷﺯﻣﺔ ﺍﳌﺎﻟﻴﺔ ﺍﻟﻌﺎﳌﻴﺔ ) 2008 – 2007ﺃﺯﻣﺔ ﺍﻟﺮﻫﻦ ﺍﻟﻌﻘﺎﺭﻱ(:
ﺷﻬﺪ ﺍﻟﻨﻈﺎﻡ ﺍﻟﺮﺃﲰﺎﱄ ﰲ ﺍﻟﻌﺎﱂ ﺍﻟﻌﺪﻳﺪ ﻣﻦ ﺍﻷﺯﻣﺎﺕ ،ﺃﺧﺮﻫﺎ ﺃﺯﻣﺔ ﺍﻟﺮﻫﻦ
ﺍﻟﻌﻘﺎﺭﻱ ﺍﻟﱵ ﺑﺮﺯﺕ ﻋﻞ ﻣﺴﺘﻮﻯ ﺍﻷﺳﻮﺍﻕ ﺍﳌﺎﻟﻴﺔ ﰲ ﺃﻭﺕ ،2007ﺣﻴﺚ ﺗﻌﻮﺩ ﺗﺪﺍﻋﻴﺎﺎ
ﺇﱃ ﺗﺪﻫﻮﺭ ﺑﺴﻴﻂ ﻋﻠﻰ ﻣﺴﺘﻮﻯ ﺳﻮﻕ ﺍﻟﻌﻘﺎﺭﺍﺕ ﺍﻷﻣﺮﻳﻜﻲ ﻭﺍﻟﺬﻱ ﺑﺪﻭﺭﻩ ﺃﺩﻯ ﺇﱃ ﺗﻔﻜﻚ
ﺟﺰﺀ ﻛﺒﲑ ﻣﻦ ﺳﻮﻕ ﺍﻻﺋﺘﻤﺎﻥ ﰲ ﺍﻟﻮﻻﻳﺎﺕ ﺍﳌﺘﺤﺪﺓ ﺍﻷﻣﺮﻳﻜﻴﺔ ﻟﺘﻨﺘﻘﻞ ﺑﻌﺪﻫﺎ ﺍﻟﻌﺪﻭﻯ ﺷﻬﺮ
ﺳﺒﺘﻤﱪ 2008ﺇﱃ ﺍﻟﺴﻮﻕ ﺍﻷﻭﺭﻭﺑﻴﺔ ﻭﺍﻷﺳﻴﻮﻳﺔ ،ﻭﻳﻌﺘﱪﻫﺎ ﺍﻟﻌﺪﻳﺪ ﻣﻦ ﺍﻟﺒﺎﺣﺜﲔ ﻣﻦ ﺃﻛﺜﺮ
ﺍﻷﺯﻣﺎﺕ ﺍﳌﺎﻟﻴﺔ ﺗﺄﺛﲑﺍ ﺍﻻﻗﺘﺼﺎﺩ ﺍﻟﻌﺎﳌﻲ ﺑﻌﺪ ﺃﺯﻣﺔ 1929ﻣﻦ ﺣﻴﺚ ﺍﻟﻨﻄﺎﻕ ﻭﺍﻟﺸﺪﺓ.
ﺇﻥ ﺍﻷﺯﻣﺎﺕ ﺍﳌﻼﺯﻣﺔ ﻟﺴﻮﻕ ﺍﻟﺮﻫﻮﻥ ﺍﻟﻌﻘﺎﺭﻳﺔ ﺗﻌﲏ ﺍﳔﻔﺎﺽ ﺍﻟﺘﺪﻓﻘﺎﺕ ﺍﻟﻨﻘﺪﻳﺔ
ﺍﻟﺪﺍﺧﻠﺔ ﺇﱃ ﺍﳌﺆﺳﺴﺎﺕ ﺍﳌﺎﻟﻴﺔ ﺍﳌﻘﺮﺿﺔ ﻟﻘﺮﻭﺽ ﺍﻟﺮﻫﻦ ﺍﻟﻌﻘﺎﺭﻱ ﺑﺴﺒﺐ ﻋﺠﺰ ﺍﳌﻘﺘﺮﺿﲔ
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ﳎﻠﺔ ﺟﺪﻳﺪ ﺍﻻﻗﺘﺼﺎﺩ .ﳎﻠﺪ ﺭﻗﻢ ) .(15ﻋﺪﺩ ﺭﻗﻢ ) .(1ﺩﻳﺴﻤﱪ 2020
ﻟﺘﻠﻚ ﺍﻟﻘﺮﻭﺽ ﻋﻦ ﺗﺴﺪﻳﺪ ﺍﻷﻗﺴﺎﻁ ﺍﻟﺸﻬﺮﻳﺔ ﺍﳌﺘﻀﻤﻨﺔ ﻣﺒﻠﻎ ﺍﻟﻔﺎﺋﺪﺓ ﻭﺟﺰﺀ ﻣﻦ ﻗﻴﻤﺔ
ﺍﻟﻘﺮﺽ ﰲ ﺗﻮﺍﺭﻳﺦ ﺍﺳﺘﺤﻘﺎﻗﻬﺎ ﻣﺴﺒﺒﺎ ﻧﻘﺼﺎ ﺣﺎﺩﺍ ﰲ ﺍﻟﺴﻴﻮﻟﺔ ،ﻭﻋﺎﺩﺓ ﻣﺎ ﺗﺒﺪﺃ ﺍﻷﺯﻣﺔ ﺑﺴﺒﺐ
)ﻓﻘﺎﻋﺔ( ﰲ ﺍﻟﺴﻮﻕ ﺍﻟﻌﻘﺎﺭﻳﺔ ﻭﺍﻟﱵ ﺗﻜﻮﻥ ﺟﺰﺀﺍ ﻣﻦ ﻋﻤﻠﻴﺎﺕ ﺍﻻﺯﺩﻫﺎﺭ – ﺍﻟﺮﻛﻮﺩ ﻭﺍﻟﱵ
ﺗﺪﻭﺭ ﺣﻮﻝ ﺍﻻﺋﺘﻤﺎﻥ ،ﺇﺫ ﺃﻥ ﺍﻻﻗﺘﺮﺍﺽ ﺍﳌﻴﺴﺮ ﻳﻮﻟﺪ ﻃﻠﺒﺎ ﻣﺘﺰﺍﻳﺪﺍ ﻋﻠﻰ ﺍﻟﻌﻘﺎﺭﺍﺕ ﳑﺎ ﻳﺆﺩﻱ
ﺇﱃ ﺭﻓﻊ ﻗﻴﻤﺘﻬﺎ ﻭﺍﻟﺬﻱ ﺑﺪﻭﺭﻩ ﻳﺰﻳﺪ ﻣﻦ ﻣﻘﺪﺍﺭ ﺍﻟﻘﺮﻭﺽ ﺍﳌﻤﻨﻮﺣﺔ ،ﻭﺗﺒﺪﺃ ﺍﻟﻔﻘﺎﻋﺎﺕ ﻋﻨﺪﻣﺎ
ﻳﺸﺘﺮﻱ ﺍﻷﻓﺮﺍﺩ ﺍﻟﻌﻘﺎﺭﺍﺕ ﺍﻋﺘﻘﺎﺩﺍ ﻣﻨﻬﻢ ﺑﺄﻢ ﻗﺎﺩﺭﻭﻥ ﻋﻠﻰ ﺇﻋﺎﺩﺓ ﲤﻮﻳﻞ ﺭﻫﻮﻧﺎﻢ ﻣﻊ
ﺍﳊﺼﻮﻝ ﻋﻠﻰ ﺍﳌﻜﺎﺳﺐ ﺍﻟﺮﺃﲰﺎﻟﻴﺔ )ﲰﲑ ﻋﺒﺪ ﺍﻟﺼﺎﺣﺐ ،2009 ،ﺹ .(28
1.2.2ﺃﺳﺒﺎﺏ ﺃﺯﻣﺔ ﺍﻟﺮﻫﻦ ﺍﻟﻌﻘﺎﺭﻱ
:
ﻧﺬﻛﺮ ﺃﻫﻢ ﺃﺳﺒﺎﺏ ﺃﺯﻣﺔ ﺍﻟﺮﻫﻦ ﺍﻟﻌﻘﺎﺭﻱ ﰲ ﻣﺎ ﻳﻠﻲ
ﺃ -ﺗﻘﻠﺒﺎﺕ ﺃﺳﻌﺎﺭ ﺍﻟﻌﻘﺎﺭﺍﺕ :ﺇﻥ ﺗﻘﻠﺒﺎﺕ ﺃﺳﻌﺎﺭ ﺍﻟﻌﻘﺎﺭﺍﺕ ﺗﻌﺪ ﻣﻦ ﺍﻷﺳﺒﺎﺏ ﺍﳌﻬﻤﺔ
ﳊﺪﻭﺙ ﺍﻷﺯﻣﺔ ﺍﳌﺎﻟﻴﺔ ﺍﻟﻌﺎﳌﻴﺔ ،ﻫﺬﺍ ﻷﻥ ﺍﻟﻌﻘﺎﺭﺍﺕ ﻫﻲ ﺍﻟﻀﻤﺎﻥ ﺍﻟﺬﻱ ﲢﺘﻔﻆ ﺑﻪ ﺍﳌﺆﺳﺴﺎﺕ
ﺍﳌﺎﻟﻴﺔ ﺍﳌﻘﺮﺿﺔ ﻣﻘﺎﺑﻞ ﻣﻨﺤﻬﺎ ﻟﻠﻘﺮﻭﺽ.
ﺏ -ﺗﻘﻠﺒﺎﺕ ﺃﺳﻌﺎﺭ ﺍﻟﻔﺎﺋﺪﺓ :ﺗﺆﺛﺮ ﺗﻘﻠﺒﺎﺕ ﺃﺳﻌﺎﺭ ﺍﻟﻔﺎﺋﺪﺓ ﰲ ﻗﻴﻤﺔ ﺍﳌﺪﻓﻮﻋﺎﺕ ﺍﻟﺸﻬﺮﻳﺔ
ﺍﻟﻮﺍﺟﺐ ﺩﻓﻌﻬﺎ ﻣﻦ ﻗﺒﻞ ﺍﳌﻘﺘﺮﺿﲔ ﻭﻻﺳﻴﻤﺎ ﺇﺫﺍ ﻛﺎﻥ ﺍﻟﻘﺮﺽ ﻣﻦ ﻧﻮﻉ ﺃﺳﻌﺎﺭ ﺍﻟﻔﺎﺋﺪﺓ
ﺍﻟﻘﺎﺑﻠﺔ ﻟﻠﺘﻌﺪﻳﻞ ،ﻛﻤﺎ ﻭﺗﺆﺛﺮ ﰲ ﳎﻤﻮﻉ ﻗﺮﻭﺽ ﺍﻟﺮﻫﻦ ﺍﻟﻌﻘﺎﺭﻱ ﺍﳌﻤﻨﻮﺣﺔ.
ﺝ -ﺍﻟﺴﻴﺎﺳﺔ ﺍﻹﻗﺮﺍﺿﻴﺔ :ﺍﻟﺘﻮﺳﻊ ﻭﺍﻹﻓﺮﺍﻁ ﺑﻀﻤﺎﻥ ﺍﻟﺒﻄﺎﻗﺎﺕ ﺍﻻﺋﺘﻤﺎﻧﻴﺔ ﺑﺪﻭﻥ ﺭﺻﻴﺪ
)ﺍﻟﺴﺤﺐ ﻋﻠﻰ ﺍﳌﻜﺸﻮﻑ( ﻭﻃﺮﺡ ﺃﺩﻭﺍﺕ ﺍﺳﺘﺜﻤﺎﺭ ﻏﲑ ﻣﻔﻬﻮﻣﺔ ﻣﻦ ﻗﺒﻞ ﺍﻷﻓﺮﺍﺩ
ﻭﺍﳌﺆﺳﺴﺎﺕ ﳑﺎ ﺃﺩﻯ ﺇﱃ ﲢﻤﻞ ﺗﻜﺎﻟﻴﻒ ﻋﺎﻟﻴﺔ ﳑﺎ ﺗﺴﺒﺐ ﰲ ﻋﺪﻡ ﻗﺪﺭﻢ ﻋﻠﻰ ﺗﺴﺪﻳﺪ
ﺩﻳﻮﻢ ﻭﺑﺎﻟﺘﺎﱄ ﳒﻢ ﻋﻦ ﺫﻟﻚ ﺣﺠﺰ ﺳﻴﺎﺭﺍﻢ ﻭﻣﻨﺎﺯﳍﻢ ،ﻓﺪﺍﺭﺕ ﺍﻷﺯﻣﺔ ﰲ ﺩﺍﺋﺮﺓ ﻣﻔﺮﻏﺔ
ﻧﺘﻴﺠﺔ ﺍﺿﻄﺮﺍﺭ ﺍﻷﻓﺮﺍﺩ ﻭﺍﻟﺸﺮﻛﺎﺕ ﺇﱃ ﺑﻴﻊ ﻋﻘﺎﺭﺍﻢ ﻓﻬﺒﻄﺖ ﻗﻴﻤﺘﻬﺎ ﻭﺯﺍﺩ ﺍﻟﻌﺮﺽ ﻋﻦ
ﺍﻟﻄﻠﺐ ﰲ ﳎﺎﻝ ﺍﻟﻌﻘﺎﺭﺍﺕ ﻭﺍﳔﻔﺾ ﺍﻹﻧﻔﺎﻕ ﺍﻻﺳﺘﻬﻼﻛﻲ ﻭﺍﻻﺳﺘﺜﻤﺎﺭﻱ ﻭﺿﻌﻔﺖ ﻗﺪﺭﺓ
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ﺩﻭﺭ ﺍﳌﺸﺘﻘﺎﺕ ﺍﳌﺎﻟﻴﺔ ﰲ ﺃﺯﻣﺔ ﺍﻟﺮﻫﻦ ﺍﻟﻌﻘﺎﺭﻱ-ﺩﺭﺍﺳﺔ ﲢﻠﻴﻠﻴﺔ-
ﺍﻟﺒﻨﻮﻙ ﰲ ﲤﻮﻳﻞ ﺍﻟﺸﺮﻛﺎﺕ ﻭﺍﻷﻓﺮﺍﺩ ﻭﺎﻭﺕ ﺍﳌﺆﺳﺴﺎﺕ ﻭﺍﺎﺭﺕ ﻭﺃﻓﻠﺴﺖ ﺍﻟﺒﻨﻮﻙ ﳑﺎ
ﺃﺩﻯ ﺇﱃ ﻇﻬﻮﺭ ﺣﺎﻟﺔ ﺍﻟﻜﺴﺎﺩ ﺍﻟﺼﻌﺐ.
ﺩ -ﺍﳌﻀﺎﺭﺑﺔ :ﺳﺎﻋﺪ ﺍﳌﻀﺎﺭﺑﻮﻥ ﰲ ﺇﺣﺪﺍﺙ ﺍﻟﻜﺜﲑ ﻣﻦ ﺃﺯﻣﺎﺕ ﺍﻟﺮﻫﻦ ﺍﻟﻌﻘﺎﺭﻱ ﺍﻟﺴﺎﺑﻘﺔ
ﻭﻳﺘﺮﻛﺰ ﺗﺄﺛﲑ ﺍﳌﻀﺎﺭﺑﺔ ﰲ ﺭﻓﻊ ﺃﺳﻌﺎﺭ ﺍﻟﻌﻘﺎﺭﺍﺕ ﻛﻤﺎ ﺃﻥ ﳍﺎ ﺩﻭﺭﺍ ﻛﺒﲑﺍ ﰲ ﺍﻴﺎﺭﻫﺎ ﻋﻨﺪ
ﺍﻟﺘﻮﻗﻒ ﻋﻦ ﺍﳌﻀﺎﺭﺑﺔ ،ﻭﻟﻠﻤﻀﺎﺭﺑﲔ ﺗﺄﺛﲑ ﰲ ﺗﻌﻤﻴﻖ ﺍﻷﺯﻣﺔ ﻋﻨﺪ ﺍﳌﻀﺎﺭﺑﺔ ﰲ ﻗﻴﻢ ﺃﺳﻬﻢ
ﺍﳌﺆﺳﺴﺎﺕ ﺍﳌﺎﻟﻴﺔ ﺍﳌﺘﺄﺛﺮﺓ ﺑﺎﻷﺯﻣﺔ ﰲ ﺍﻟﺒﻮﺭﺻﺎﺕ ﺍﻟﻌﺎﳌﻴﺔ) .ﻃﻠﻌﺖ.(157 ،2017 ،
ﻩ -ﺍﻟﺰﻳﺎﺩﺓ ﺍﻟﻜﺒﲑﺓ ﰲ ﺗﻮﺭﻳﻖ ﺍﻟﺪﻳﻮﻥ :ﺍﻟﺘﻮﺭﻳﻖ ﻋﺒﺎﺭﺓ ﻋﻦ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺘﻤﻮﻳﻞ ﺍﳌﻬﻴﻠﻜﺔ
ﻟﻸﺻﻮﻝ ﺃﻳﻦ ﻳﺘﻢ ﻓﻴﻬﺎ ﲢﻮﻳﻞ ﺍﻟﺪﻳﻦ ﺇﱃ ﺃﻭﺭﺍﻕ ﻣﺎﻟﻴﺔ ﻗﺎﺑﻠﺔ ﻟﻠﺘﺪﺍﻭﻝ ،ﲝﻴﺚ ﻳﻨﺘﻘﻞ ﺍﳋﻄﺮ ﺇﱃ
ﻃﺮﻑ ﺛﺎﻟﺚ ،ﻭﺗﻘﻮﻡ ﺍﻟﺒﻨﻮﻙ ﺑﺘﻮﺯﻳﻊ ﳐﺎﻃﺮﻫﺎ ﻋﻠﻰ ﻏﲑﻫﺎ ﻟﻘﺎﺀ ﻫﺎﻣﺶ ﻛﺎﻧﺖ ﺗﻔﺮﺿﻪ ﻋﻠﻰ
ﺍﳌﻘﺘﺮﺿﲔ ،ﻭﻟﻜﻦ ﻋﻨﺪﻣﺎ ﺍﻧﻔﺠﺮﺕ ﻓﻘﺎﻋﺔ ﺍﻹﺳﻜﺎﻥ ﺑﻮﺻﻮﻝ ﺍﳌﻜﺸﻮﻓﺔ ﺇﱃ ﺣﺪﻭﺩ ﻏﲑ
ﳏﺘﻤﻠﺔ ﻟﻠﺒﻨﻮﻙ ،ﻭﺍﻛﺘﺸﺎﻑ ﺍﻟﻜﻢ ﺍﳍﺎﺋﻞ ﻣﻦ ﺻﻜﻮﻙ ﺍﻟﺘﻮﺭﻳﻖ ﺍﳋﺎﺻﺔ ﺑﺎﻟﺪﻳﻮﻥ ﺍﻟﻌﻘﺎﺭﻳﺔ ﻏﲑ
ﻗﺎﺑﻠﺔ ﻟﻠﺒﻴﻊ ﻭﻻ ﻗﻴﻤﺔ ﳍﺎ ،ﻛﺎﻥ ﺍﻷﻣﺮ ﲟﺜﺎﺑﺔ ﺍﻟﻌﺎﺻﻔﺔ ﺍﳍﻮﺟﺎﺀ ﺍﻟﱵ ﺃﻃﺎﺣﺖ ﺑﻌﺸﺮﺍﺕ ﺍﻟﺒﻨﻮﻙ
ﺍﻷﻣﺮﻳﻜﻴﺔ ،ﻭﺍﻟﱵ ﺗﻌﺼﻒ ﺑﺎﻻﻗﺘﺼﺎﺩ ﺍﻟﻌﺎﳌﻲ ﻛﻠﻪ ،ﺇﺫ ﺍﻛﺘﺸﻔﺖ ﺍﻟﺒﻨﻮﻙ ﺁﻧﺬﺍﻙ ﺃﺎ ﲤﻠﻚ
ﺻﻜﻮﻙ ﺭﺩﻳﺌﺔ ﺃﻭ ﻣﺎ ﻳﺴﻤﻰ ﺑﺎﻷﺻﻮﻝ ﺍﳌﺴﻤﻮﻣﺔ ﳑﺎ ﳒﻢ ﻋﻨﻬﺎ ﺧﺴﺎﺋﺮ ﲟﻠﻴﺎﺭﺍﺕ
ﺍﻟﺪﻭﻻﺭﺍﺕ) ﻳﻮﺳﻔﺎﺕ ،2009 ،ﺹ.(05
.3ﻋﻼﻗﺔ ﺍﳌﺸﺘﻘﺎﺕ ﺍﳌﺎﻟﻴﺔ ﺑﺄﺯﻣﺔ ﺍﻟﺮﻫﻦ ﺍﻟﻌﻘﺎﺭﻱ 2008 -2007
1.3ﻣﺴﺎﳘﺔ ﻋﻘﻮﺩ ﺍﳌﺸﺘﻘﺎﺕ ﰲ ﺧﻠﻖ ﺑﻌﺾ ﺍﻷﺯﻣﺎﺕ:
ﻣﻦ ﺍﻟﻨﺎﺣﻴﺔ ﺍﻟﺘﺎﺭﳜﻴﺔ ﺗﺴﺒﺒﺖ ﺍﳌﺸﺘﻘﺎﺕ ﺍﳌﺎﻟﻴﺔ ﰲ ﺍﻟﻌﺪﻳﺪ ﻣﻦ ﺍﻷﺯﻣﺎﺕ ﻣﻨﻬﺎ ﺃﺯﻣﺔ
ﻳﻮﻡ ﺍﻻﺛﻨﲔ ﺍﻷﺳﻮﺩ ﺣﻴﺚ ﻭﺟﻬﺖ ﺍﻻﺎﻣﺎﺕ ﻷﺳﻮﺍﻕ ﺍﳌﺸﺘﻘﺎﺕ ،ﺑﺄﺎ ﺳﺒﺐ ﺭﺋﻴﺴﻲ
ﻟﻸﺯﻣﺔ ،ﺇﺿﺎﻓﺔ ﺇﱃ ﻣﺄﺳﺎﺓ ﺑﻨﻚ ﺑﺎﺭﳒﺰ » «bank Barings Brothers and cpmpany
ﺍﻟﺬﻱ ﻋﺼﻔﺖ ﺑﻪ ﺭﻳﺎﺡ ﺍﳌﺸﺘﻘﺎﺕ .ﻫﺬﺍ ﻓﻀﻼ ﻋﻦ ﲢﻄﻢ ﺍﻤﻮﻋﺔ ﺍﻷﳌﺎﻧﻴﺔ »
«Mellallgesellschaftﻋﺎﻡ 1994ﺑﺴﺒﺐ ﺍﻟﺘﺪﺍﻭﻝ ﺑﺎﳌﺴﺘﻘﺒﻠﻴﺎﺕ .ﻭ ﺗﺘﻮﺳﻊ ﺍﻟﻘﺎﺋﻤﺔ
ﻟﺘﺸﻤﻞ ﻣﻨﺸﺂﺕ ﺃﺧﺮﻯ ﻣﺜﻞ Med Grreetings shemical Cargil :ﻭﳒﺪ ﺣﱴ
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ﳎﻠﺔ ﺟﺪﻳﺪ ﺍﻻﻗﺘﺼﺎﺩ .ﳎﻠﺪ ﺭﻗﻢ ) .(15ﻋﺪﺩ ﺭﻗﻢ ) .(1ﺩﻳﺴﻤﱪ 2020
ﺍﻟﺼﺎﻧﻊ ﺍﻷﻣﺮﻳﻜﻲ Dellﺍﳌﺼﺎﺏ ﲞﺴﺎﺭﺓ ﺗﻘﺪﺭ ﺏ 23ﻣﻠﻴﻮﻥ ﺩﻭﻻﺭ ﺃﻋﻠﻦ ﻋﺎﻡ 1994
ﺍﻧﺴﺤﺎﺑﻪ ﻣﻦ ﺳﻮﻕ ﺍﳌﺸﺘﻘﺎﺕ .ﻭ ﺇﺫﺍ ﻛﺎﻥ ﻫﻨﺎﻙ ﺧﻼﻑ ﺣﻮﻝ ﻣﺎ ﺇﺫﺍ ﻛﺎﻧﺖ ﺍﳌﺸﺘﻘﺎﺕ
ﻫﻲ ﺍﻟﺴﺒﺐ ﺍﻟﺮﺋﻴﺴﻲ ﰲ ﺃﺯﻣﺔ ﻳﻮﻡ ﺍﻻﺛﻨﲔ ﺍﻷﺳﻮﺩ ،ﻓﺈﻥ ﺍﻟﻜﻞ ﳚﻤﻊ ﻋﻠﻰ ﺃﻥ ﺍﻴﺎﺭ ﺑﻨﻚ
ﺑﺎﺭﳒﺰ ﻛﺎﻥ ﺳﺒﺒﻪ ﺍﳌﺸﺘﻘﺎﺕ ،ﻛﺎﻥ ﺫﻟﻚ ﻳﻮﻡ ﺍﻷﺣﺪ ﺍﳌﻮﺍﻓﻖ ﻝ ،1995/02/26ﻋﻨﺪﻣﺎ
ﻭﺿﻌﺖ ﳎﻤﻮﻋﺔ ﺍﳌﺼﺎﺭﻑ ﺍﻟﺘﺠﺎﺭﻳﺔ ﺍﳌﺴﻤﺎﺓ ﺑﺎﺭﳒﺰ ﲢﺖ ﺣﺮﺍﺳﺔ ﺑﻨﻚ ﺍﳒﻠﺘﺮﺍ ،ﻭﻫﻮ
ﺍﳌﺼﺮﻑ ﺍﳌﺮﻛﺰﻱ ،ﺑﻌﺪ ﺃﻥ ﺃﺧﻔﻘﺖ ﳏﺎﻭﻟﺔ ﺗﺮﺗﻴﺐ ﻣﻦ ﻳﺸﺘﺮﻱ ﻫﺬﺍ ﺍﳌﺼﺮﻑ .ﻟﻘﺪ ﺗﻌﺮﺽ
ﺍﻟﺒﻨﻚ ﺇﱃ ﺧﺴﺎﺋﺮ ﻓﺎﺩﺣﺔ ،ﻛﺎﻥ ﺳﺒﺒﻬﺎ ﺩﺧﻮﻝ ﺃﺣﺪ ﺍﳌﺴﺆﻭﻟﲔ ﻓﻴﻪ ﺍﳌﺘﺨﺼﺼﲔ ﺑﺎﻟﺘﺪﺍﻭﻝ
ﺑﺎﳌﺸﺘﻘﺎﺕ ﰲ ﻣﻌﺎﻣﻼﺕ ﻏﲑ ﻣﺮﺧﺼﺔ ﻣﻦ ﺧﻼﻝ ﺷﺮﻛﺔ ﰲ ﺳﻨﻐﺎﻓﻮﺭﺓ ﺗﺎﺑﻌﺔ ﻟﺸﺮﻛﺔ
ﻟﻸﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﳝﺘﻠﻜﻬﺎ ﺑﺮﳒﺰ ﺑﺈﺳﻢ Barings securitiesﺍﻟﱵ ﺗﻌﺘﱪ ﺍﻟﺬﺭﺍﻉ ﺍﳌﻨﻔﺬ
ﻟﺼﻨﻊ ﺍﻟﺴﻮﻕ ﰲ ﺍﻤﻮﻋﺔ )ﺳﺤﻨﻮﻥ ،ﳏﺴﻦ،2009 ،ﺹ .(4
2.3ﻋﻼﻗﺔ ﺍﳌﺸﺘﻘﺎﺕ ﺍﳌﺎﻟﻴﺔ ﲝﺪﻭﺙ ﺃﺯﻣﺔ ﺍﻟﺮﻫﻦ ﺍﻟﻌﻘﺎﺭﻱ
ﺇﻥ ﺍﳌﻨﺘﺠﺎﺕ ﺍﳌﺎﻟﻴﺔ ﺍﳌﺸﺘﻘﺔ ﻭﺟﺪﺕ ﺃﺳﺎﺳﺎ ﻣﻦ ﺃﺟﻞ ﺗﻮﻓﲑ ﺍﳊﻤﺎﻳﺔ ﻟﻠﻤﺴﺘﺜﻤﺮﻳﻦ
ﻭﺍﳌﺆﺳﺴﺎﺕ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﺿﺪ ﺍﻷﺧﻄﺎﺭ ﺍﳌﺎﻟﻴﺔ )ﺗﻘﻠﺐ ﺃﺳﻌﺎﺭ ﺍﻟﻔﺎﺋﺪﺓ ،ﺃﺳﻌﺎﺭ ﺍﻟﺼﺮﻑ،
ﺍﳌﻮﺍﺩ ﺍﻷﻭﻟﻴﺔ ،ﺍﳌﺆﺷﺮﺍﺕ ،ﺧﻄﺮ ﻋﺪﻡ ﺍﻟﺪﻓﻊ.(...
ﻭﻗﺪ ﻋﺮﻓﺖ ﺍﻷﺳﻮﺍﻕ ﺍﳋﺎﺻﺔ ﺬﻩ ﺍﳌﻨﺘﺠﺎﺕ ﺍﳌﺎﻟﻴﺔ ﺗﻄﻮﺭﺍ ﻛﺒﲑﺍ ﺟﻌﻞ ﻣﻨﻬﺎ
ﻣﺼﺪﺭﺍ ﻷﻏﻠﺒﻴﺔ ﺍﳌﺒﺘﻜﺮﺍﺕ ﺍﳌﺎﻟﻴﺔ ﻣﻨﺬ ﺳﻨﺔ .1990ﻭﺗﺸﲑ ﺇﺣﺼﺎﺀﺍﺕ ﺑﻨﻚ ﺍﻟﺘﺴﻮﻳﺎﺕ
ﺍﻟﺪﻭﻟﻴﺔ ﰲ ﺗﻘﺮﻳﺮﻩ ﺍﳌﺆﺭﺥ ﰲ ﺩﻳﺴﻤﱪ 2007ﺍﳌﻌﻨﻮﻥ ﺑـــ "ﺃﻫﻢ ﺗﻮﺟﻬﺎﺕ ﺍﻟﻨﺸﺎﻁ
ﺍﳌﺼﺮﰲ ﻭﺍﳌﺎﱄ ﻭﺍﻟﺪﻭﱄ" ﺃﻥ ﺣﺠﻢ ﺍﻷﺳﻮﺍﻕ ﺍﳋﺎﺻﺔ ﲟﺨﺘﻠﻒ ﺍﳌﺸﺘﻘﺎﺕ ﺍﳌﺎﻟﻴﺔ ﲟﺎ ﻓﻴﻬﺎ
ﻣﺸﺘﻘﺎﺕ ﺍﻻﺋﺘﻤﺎﻥ ﺍﳌﻌﻴﺒﺔ CDSﺑﻠﻎ ﰲ ﺎﻳﺔ ﺍﻟﺜﻼﺛﻲ ﺍﻟﺜﺎﻟﺚ ﻣﻦ ﺳﻨﺔ 2007ﻣﺎ ﻗﻴﻤﺘﻪ
681.000ﻣﻠﻴﺎﺭ ﺩﻭﻻﺭ ﺃﻣﺮﻳﻜﻲ )ﺳﺮﺍﺭﻣﺔ ،2012 – 2011 ،ﺹ .(146ﻭﺍﻟﺸﻜﻞ
ﺭﻗﻢ 01ﻳﺒﲔ ﺫﻟﻚ:
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ﺩﻭﺭ ﺍﳌﺸﺘﻘﺎﺕ ﺍﳌﺎﻟﻴﺔ ﰲ ﺃﺯﻣﺔ ﺍﻟﺮﻫﻦ ﺍﻟﻌﻘﺎﺭﻱ-ﺩﺭﺍﺳﺔ ﲢﻠﻴﻠﻴﺔ-
ﺍﻟﺸﻜﻞ ﺭﻗﻢ ) :(01ﺗﻄﻮﺭ ﺣﺠﻢ ﺍﳌﺸﺘﻘﺎﺕ ﺍﳌﺎﻟﻴﺔ ﺧﻼﻝ ﺍﻟﻔﺘﺮﺓ )(2008-2004
ﺍﳌﺼﺪﺭ :ﺇﺣﺼﺎﺀﺍﺕ ﺑﻨﻚ ﺍﻟﺘﺴﻮﻳﺎﺕ ﺍﻟﺪﻭﻟﻴﺔ ﰲ ﺗﻘﺮﻳﺮﻩ ﺍﳌﺆﺭﺥ ﰲ ﺩﻳﺴﻤﱪ 2007
ﺑﻌﻨﻮﺍﻥ "ﺃﻫﻢ ﺗﻮﺟﻬﺎﺕ ﺍﻟﻨﻈﺎﻡ ﺍﳌﺼﺮﰲ ﻭﺍﳌﺎﱄ ﺍﻟﺪﻭﱄ".
ﻳﺘﻀﺢ ﻣﻦ ﺍﻟﺸﻜﻞ ﺍﳌﻮﺿﺢ ﺃﻋﻼﻩ ﺍﻟﻨﻤﻮ ﺍﻟﺮﻫﻴﺐ ﺍﻟﺬﻱ ﻋﺮﻓﺘﻪ ﻫﺬﻩ ﺍﻷﺳﻮﺍﻕ
ﻭﺍﻟﺬﻱ ﺟﻌﻠﻬﺎ ﲢﺘﻞ ﻣﺮﻛﺰ ﺍﻟﺼﺪﺍﺭﺓ ﺑﲔ ﺍﻷﺳﻮﺍﻕ ﺍﳌﺎﻟﻴﺔ ،ﲝﻴﺚ ﻳﻔﻮﻕ ﺣﺠﻢ ﺍﻟﺘﺪﺍﻭﻝ ﻓﻴﻬﺎ
ﺑﻌﺪﺓ ﻣﺮﺍﺕ ﺣﺠﻢ ﺍﻟﺘﺪﺍﻭﻝ ﰲ ﺃﺳﻮﺍﻕ ﺍﻷﺻﻮﻝ ﺍﳊﻘﻴﻘﻴﺔ ﺃﻭ ﺍﻟﺘﺤﺘﻴﺔ ﻭﺍﻟﺴﺒﺐ ﻳﻜﻤﻦ ﺃﺳﺎﺳﺎ
ﻓﻴﻤﺎ ﻳﻠﻲ )ﺑﻦ ﻧﻌﻤﻮﻥ ،2009 ،ﺹ :(16
ﺗﻨﺎﻣﻲ ﺣﺠﻢ ﻭﻧﻮﻋﻴﺔ ﺍﻷﺧﻄﺎﺭ ﺍﳌﻐﻄﺎﺓ؛
ﺍﺳﺘﻔﺤﺎﻝ ﻇﺎﻫﺮﺓ ﺍﳌﻀﺎﺭﺑﺔ؛
ﺗﻨﻄﻮﻱ ﻫﺬﻩ ﺍﳌﻨﺘﺠﺎﺕ ﺍﳌﺎﻟﻴﺔ ﻋﻠﻰ ﻗﻴﻤﺔ ﻣﻀﺎﻓﺔ ﻋﺎﻟﻴﺔ ﺑﺎﳌﻘﺎﺭﻧﺔ ﻣﻊ ﺍﻷﺻﻮﻝ ﺍﳌﺎﻟﻴﺔ
ﺍﻟﺘﻘﻠﻴﺪﻳﺔ.
227
ﳎﻠﺔ ﺟﺪﻳﺪ ﺍﻻﻗﺘﺼﺎﺩ .ﳎﻠﺪ ﺭﻗﻢ ) .(15ﻋﺪﺩ ﺭﻗﻢ ) .(1ﺩﻳﺴﻤﱪ 2020
ﻟﻜﻦ ﻭﺑﺎﻟﺮﻏﻢ ﻣﻦ ﺍﻟﺘﻄﻮﺭ ﺍﻟﻜﺒﲑ ﺍﻟﺬﻱ ﺷﻬﺪﺗﻪ ﺍﳌﺸﺘﻘﺎﺕ ﺍﳌﺎﻟﻴﺔ ﺇﻻ ﺃﺎ ﺗﻨﻄﻮﻱ ﻋﻠﻰ
ﺧﻄﻮﺭﺓ ﻛﺒﲑﺓ ﺪﺩ ﺍﺳﺘﻘﺮﺍﺭ ﺍﻷﺳﻮﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻭﺍﻟﻨﻈﺎﻡ ﺍﳌﺎﱄ ﺑﺸﻜﻞ ﻋﺎﻡ ،ﻭﺍﻟﺴﺒﺐ ﰲ ﺫﻟﻚ
ﺭﺍﺟﻊ ﺇﱃ:
ﺳﻮﺀ ﺗﻘﺪﻳﺮ ﺍﻷﺧﻄﺎﺭ ﻭﺑﻌﺾ ﺍﻟﺘﺠﺎﻭﺯﺍﺕ ﺍﻟﻘﺎﻧﻮﻧﻴﺔ؛
ﺍﻻﺳﺘﻌﻤﺎﻝ ﺍﻟﻜﺒﲑ ﻟﻠﺮﻓﻊ ﺍﳌﺎﱄ؛
ﺗﻌﻘﺪ ﺍﳌﻨﺘﺠﺎﺕ ﺍﳌﺸﺘﻘﺔ ﻭﺍﻻﺳﺘﻌﻤﺎﻝ ﺍﳌﻔﺮﻁ ﻟﻠﻨﻤﺎﺫﺝ ﺍﻟﺮﻳﺎﺿﻴﺔ ﻭﺍﻹﺣﺼﺎﺋﻴﺔ ﺍﳌﻌﻘﺪﺓ،
ﳑﺎ ﻳﻮﻟﺪ ﺍﻻﻧﻄﺒﺎﻉ ﳌﺴﺘﻌﻤﻠﻬﺎ ﺑﺄﻧﻪ ﻳﺘﺤﻜﻢ ﰲ ﺍﻷﺧﻄﺎﺭ ،ﰲ ﺣﲔ ﺃﻥ ﻛﻞ ﺍﻟﺪﺭﺍﺳﺎﺕ
ﺗﻮﺻﻠﺖ ﺇﱃ ﺍﺳﺘﺤﺎﻟﺔ ﺍﻟﺘﺤﻜﻢ ﺑﺎﺳﺘﻤﺮﺍﺭ ﰲ ﻛﺎﻓﺔ ﺍﻟﻌﻮﺍﻣﻞ ﺍﻟﱵ ﺗﺆﺛﺮ ﻋﻠﻰ ﺍﻟﻨﻤﻮﺫﺝ
ﺍﳌﺴﺘﻌﻤﻞ ﰲ ﺗﻘﻴﻴﻢ ﺍﳌﺨﺎﻃﺮ ﺍﳌﺮﺗﺒﻄﺔ ﺎ؛
ﻛﺜﺮﺓ ﺍﻟﺼﻔﻘﺎﺕ ﰲ ﺍﻷﺳﻮﺍﻕ ﻏﲑ ﺍﳌﻨﻈﻤﺔ ﺃﻭ ﺃﺳﻮﺍﻕ ﻋﻘﻮﺩ ﺍﳌﻔﺎﻭﺿﺔ ﺑﺎﻟﺘﺮﺍﺿﻲ،
ﺣﻴﺚ ﺗﺸﲑ ﺇﺣﺼﺎﺀﺍﺕ ﺑﻨﻚ ﺍﻟﺘﺴﻮﻳﺎﺕ ﺍﻟﺪﻭﻟﻴﺔ ﰲ ﻧﻔﺲ ﺍﻟﺘﻘﺮﻳﺮ ﺍﻟﺴﺎﺑﻖ ﺍﻟﺬﻛﺮ ﺃﻥ
ﺣﺠﻤﻬﺎ ﰲ ﺎﻳﺔ ﺍﻟﺜﻼﺛﻲ ﺍﻷﻭﻝ ﻣﻦ ﺳﻨﺔ 2007ﻛﺎﻥ 516.000ﻣﻠﻴﺎﺭ ﺩﻭﻻﺭ،
ﺃﻱ ﺑﺰﻳﺎﺩﺓ ﻗﺪﺭﻫﺎ %13.5ﻋﻤﺎ ﻛﺎﻥ ﻋﻠﻴﻪ ﰲ ﺳﻨﺔ 2004ﺃﻱ ﲟﻌﺪﻝ ﳕﻮ ﺳﻨﻮﻱ
%33ﺳﻨﻮﻳﺎ ﻣﻨﺬ ﺳﻨﺔ ،1995ﺃﻣﺎ ﺣﺠﻢ ﺍﻟﺼﻔﻘﺎﺕ ﰲ ﺍﻷﺳﻮﺍﻕ ﺍﳌﻨﻈﻤﺔ ﻓﻘﺪ ﺑﻠﻎ
165000ﺳﻨﺔ ،2007ﻭﺍﻟﺸﻜﻞ ﺭﻗﻢ 02ﻳﺒﲔ ﺫﻟﻚ:
228
ﺩﻭﺭ ﺍﳌﺸﺘﻘﺎﺕ ﺍﳌﺎﻟﻴﺔ ﰲ ﺃﺯﻣﺔ ﺍﻟﺮﻫﻦ ﺍﻟﻌﻘﺎﺭﻱ-ﺩﺭﺍﺳﺔ ﲢﻠﻴﻠﻴﺔ-
ﺍﻟﺸﻜﻞ ﺭﻗﻢ ) :(02ﺗﻄﻮﺭ ﺣﺠﻢ ﺍﳌﺸﺘﻘﺎﺕ ﺍﳌﺎﻟﻴﺔ ﰲ ﺍﻷﺳﻮﺍﻕ ﺧﻼﻝ ﺍﻟﻔﺘﺮﺓ )-1992
(2007
ﺍﻟﻮﺣﺪﺓ )ﻣﻠﻴﺎﺭ ﺩﻭﻻﺭ(
ﺍﳌﺼﺪﺭ :ﺇﺣﺼﺎﺀﺍﺕ ﺑﻨﻚ ﺍﻟﺘﺴﻮﻳﺎﺕ ﺍﻟﺪﻭﻟﻴﺔ ﰲ ﺗﻘﺮﻳﺮﻩ ﺍﳌﺆﺭﺥ ﰲ ﺩﻳﺴﻤﱪ 2007ﺑﻌﻨﻮﺍﻥ
"ﺃﻫﻢ ﺗﻮﺟﻬﺎﺕ ﺍﻟﻨﻈﺎﻡ ﺍﳌﺼﺮﰲ ﻭﺍﳌﺎﱄ ﺍﻟﺪﻭﱄ".
ﻣﻦ ﺧﻼﻝ ﺍﻷﺷﻜﺎﻝ ﺍﻟﺒﻴﺎﻧﻴﺔ ﺍﳌﻮﺿﺤﺔ ﺃﻋﻼﻩ ﻳﻼﺣﻆ ﺃﻥ ﻫﻨﺎﻙ ﺗﻄﻮﺭﺍ ﻣﺴﺘﻤﺮﺍ
ﻭﻛﺒﲑﺍ ﰲ ﺳﻮﻕ ﺍﳌﺸﺘﻘﺎﺕ ﺍﳌﺎﻟﻴﺔ ﺑﺼﻮﺭﺓ ﻋﺎﻣﺔ ،ﻭﺳﻮﻕ ﻋﻘﻮﺩ ﺍﳌﻔﺎﻭﺿﺔ ﺑﺎﻟﺘﺮﺍﺿﻲ ﺑﺼﻮﺭﺓ
ﺧﺎﺻﺔ ،ﻫﺬﺍ ﻣﺎ ﻳﻌﲏ ﺗﺰﺍﻳﺪ ﺍﳌﺨﺎﻃﺮ ،ﻭﺫﻟﻚ ﻹﻣﻜﺎﻧﻴﺔ ﺣﺪﻭﺙ ﺗﺮﺍﻛﻢ ﻋﺸﻮﺍﺋﻲ ﻟﻸﺧﻄﺎﺭ
ﻟﺪﻯ ﻃﺮﻑ ﻭﺍﺣﺪ ،ﻷﻥ ﺍﻟﺼﻔﻘﺎﺕ ﰲ ﻫﺬﻩ ﺍﻷﺳﻮﺍﻕ ﻣﺘﺮﻭﻛﺔ ﻟﻠﺘﻔﺎﻭﺽ ﺑﲔ ﺍﳌﺘﺪﺧﻠﲔ،
ﻭﻫﺬﺍ ﻣﺎ ﻳﻄﺮﺡ ﻋﺪﺓ ﻣﺸﺎﻛﻞ ﻣﻦ ﺑﻴﻨﻬﺎ ﻋﺪﻡ ﺍﻟﺸﻔﺎﻓﻴﺔ ﺍﻟﱵ ﲢﻴﻂ ﺑﺎﻟﺼﻔﻘﺎﺕ ﻭﺍﻟﱵ ﺗﺸﺠﻊ
ﺍﻟﺒﻌﺾ ﺧﺎﺻﺔ ﺍﳌﺆﺳﺴﺎﺕ ﺍﳌﺎﻟﻴﺔ ﺍﻟﻜﱪﻯ ،ﻋﻠﻰ ﺍﳌﺒﺎﻟﻐﺔ ﰲ ﲢﻤﻞ ﺍﳌﺨﺎﻃﺮ ﻭﺗﻌﺮﻳﺾ ﺍﻟﻨﻈﺎﻡ
ﺍﳌﺎﱄ ﻟﻼﻴﺎﺭ ﺩﻭﻥ ﺃﻥ ﺗﺘﻤﻜﻦ ﺍﻟﺴﻠﻄﺔ ﺍﻟﺮﻗﺎﺑﻴﺔ ﻣﻦ ﺍﻟﺘﺪﺧﻞ ﳌﻨﻊ ﺫﻟﻚ ،ﻛﻮﻥ ﺍﻟﺼﻔﻘﺎﺕ
ﺛﻨﺎﺋﻴﺔ ﻏﲑ ﻣﻌﻠﻨﺔ ﻣﺴﺠﻠﺔ ﺧﺎﺭﺝ ﺍﳌﻴﺰﺍﻧﻴﺔ ،ﻭﰲ ﺍﳌﻘﺎﺑﻞ ﻓﺈﻥ ﺍﻟﺼﻔﻘﺎﺕ ﰲ ﺍﻷﺳﻮﺍﻕ ﺍﳌﻨﻈﻤﺔ
229
ﳎﻠﺔ ﺟﺪﻳﺪ ﺍﻻﻗﺘﺼﺎﺩ .ﳎﻠﺪ ﺭﻗﻢ ) .(15ﻋﺪﺩ ﺭﻗﻢ ) .(1ﺩﻳﺴﻤﱪ 2020
ﺗﻜﻮﻥ ﺃﻛﺜﺮ ﺃﻣﺎﻧﺎ ﻟﻠﻄﺮﻓﲔ ،ﺇﺫ ﻳﺮﺍﻋﻰ ﻓﻴﻬﺎ ﺍﻟﺘﻘﻴﺪ ﺍﻟﺼﺎﺭﻡ ﺑﺎﻟﺘﻨﻈﻴﻤﺎﺕ ﻭﺍﻟﻘﻮﺍﻧﲔ ،ﻭﺍﻷﻫﻢ
ﻣﻦ ﺫﻟﻚ ﺃﻥ ﳍﺬﻩ ﺍﻷﺳﻮﺍﻕ ﺍﳌﻨﻈﻤﺔ ﺧﺼﻮﺻﻴﺔ ﺗﻜﻤﻦ ﰲ ﻭﺟﻮﺩ ﻏﺮﻓﺔ ﻣﻘﺎﺻﺔ ﺗﺴﻬﺮ ﻋﻠﻰ
ﺗﻮﺍﺯﻥ ﺍﻟﺴﻮﻕ ﻭﺗﻘﻠﻞ ﻣﻦ ﺍﻷﺧﻄﺎﺭ )ﺳﺮﺍﺭﻣﺔ ،2012-2011 ،ﺹ .(150
ﺑﺎﻹﺿﺎﻓﺔ ﺇﱃ ﻣﺎ ﺳﺒﻖ ،ﻫﻨﺎﻙ ﺇﲨﺎﻋﺎ ﺃﻥ ﻣﺎ ﺯﺍﺩ ﻣﻦ ﺧﻄﻮﺭﺓ ﺃﺳﻮﺍﻕ
ﺍﳌﺸﺘﻘﺎﺕ ﺍﳌﺎﻟﻴﺔ ﰲ ﺍﻟﺴﻨﻮﺍﺕ ﺍﻷﺧﲑﺓ ﻭﺟﻌﻠﻬﺎ ﻣﻦ ﺃﺑﺮﺯ ﻭﺃﻫﻢ ﺍﻟﻌﻮﺍﻣﻞ ﺍﻟﱵ ﺃﺩﺕ ﺇﱃ ﻧﺸﻮﺀ
ﺍﻷﺯﻣﺔ ﺍﳌﺎﻟﻴﺔ ﺍﻟﻌﺎﳌﻴﺔ )ﺃﺯﻣﺔ ﺍﻟﺮﻫﻦ ﺍﻟﻌﻘﺎﺭﻱ( ﻫﻮ ﻋﻨﺼﺮ ﺗﺮﻛﺰ ﺍﻷﺧﻄﺎﺭ ،ﻭﺍﻟﺬﻱ ﻋﺎﺩﺓ ﻣﺎ
ﻳﻜﻮﻥ ﺳﺒﺒﺎ ﰲ ﻇﻬﻮﺭ ﺍﳋﻄﺮ ﺍﻟﻨﻈﺎﻣﻲ .ﻓﻔﻲ ﺍﻷﺣﻮﺍﻝ ﺍﻟﻌﺎﺩﻳﺔ ﻳﺘﻢ ﺗﻮﺯﻳﻊ ﺍﻷﺧﻄﺎﺭ ﻋﻠﻰ
ﺍﻷﻃﺮﺍﻑ ﺍﻟﱵ ﺗﻘﺒﻞ ﲢﻤﻠﻬﺎ ،ﻟﻜﻦ ﻫﺬﺍ ﻻ ﻳﻌﲏ ﺃﻥ ﻫﺬﻩ ﺍﳉﻬﺎﺕ ﺃﻭ ﺍﳌﺆﺳﺴﺎﺕ ﲤﻠﻚ
ﺍﻟﻘﺪﺭﺓ ﻋﻠﻰ ﲢﻤﻞ ﺫﻟﻚ ﺍﻟﻘﺪﺭ ﻣﻦ ﺍﳌﺨﺎﻃﺮ ،ﻓﺎﻻﻋﺘﻘﺎﺩ ﺑﺄﺎ ﲤﻠﻚ ﺍﻟﺘﻐﻄﻴﺔ ﺍﻟﻜﺎﻓﻴﺔ ﻗﺪ
ﻳﺪﻓﻌﻬﺎ ﺇﱃ ﲢﻤﻞ ﺍﳌﺰﻳﺪ ﻣﻦ ﺍﳌﺨﺎﻃﺮ ،ﻭﻫﺬﺍ ﺍﻟﺘﺮﻛﻴﺰ ﺍﻟﻜﺒﲑ ﻟﻸﺧﻄﺎﺭ ﰲ ﳏﻔﻈﺔ ﻭﺍﺣﺪﺓ ﺃﻭ
ﻃﺮﻑ ﻭﺍﺣﺪ ﻗﺪ ﻳﺆﺩﻱ ﻧﺘﻴﺠﺔ ﻟﻮﻗﻮﻉ ﺳﺒﺐ ﻃﺎﺭﺉ ،ﺇﱃ ﺣﺪﻭﺙ ﺣﺎﻟﺔ ﺇﻓﻼﺱ ﺗﻨﺘﻘﻞ ﺑﻔﻌﻞ
ﺍﻟﻌﺪﻭﻯ ﺍﳌﺎﻟﻴﺔ ﺇﱃ ﺑﺎﻗﻲ ﻣﻜﻮﻧﺎﺕ ﺍﻟﻨﻈﺎﻡ ﺍﳌﺎﱄ ﻣﺘﺴﺒﺒﺔ ﰲ ﻧﺸﻮﺀ ﺃﺯﻣﺔ ﻧﻈﺎﻣﻴﺔ .ﻭﻫﺬﺍ ﺑﺎﻟﻔﻌﻞ
ﻣﺎ ﺣﺼﻞ ﰲ ﺃﺯﻣﺔ ﺍﻟﺮﻫﻦ ﺍﻟﻌﻘﺎﺭﻱ ،ﲝﻴﺚ ﺑﻴﻨﺖ ﺇﺣﺼﺎﺀﺍﺕ ﺃﻣﺮﻳﻜﻴﺔ ﺃﻧﻪ ﰲ ﺎﻳﺔ ﻋﺎﻡ
،2006ﻛﺎﻥ ﺣﻮﺍﱄ % 98ﻣﻦ ﺣﺠﻢ ﺍﻟﺘﻌﺎﻣﻼﺕ ﰲ ﺳﻮﻕ ﺍﳌﺸﺘﻘﺎﺕ ﺍﳌﺎﻟﻴﺔ ﺑﻴﺪ ﲬﺲ
ﻣﺆﺳﺴﺎﺕ ﻓﻘﻂ ،ﻭﻫﺬﺍ ﻳﺘﻨﺎﰱ ﻃﺒﻌﺎ ﻣﻊ ﺍﳌﺒﺪﺃ ﺍﻟﺬﻱ ﻗﺎﻣﺖ ﻋﻠﻴﻪ ﺍﳌﺸﺘﻘﺎﺕ ﻭﻫﻮ ﺗﻮﺯﻳﻊ
ﺍﻷﺧﻄﺎﺭ ﻋﻠﻰ ﻛﺎﻓﺔ ﺍﻟﺴﻮﻕ )ﺳﺮﺍﺭﻣﺔ ،2012-2011 ،ﺹ .(150
.4ﺧﺎﲤﺔ
ﻣﻦ ﺧﻼﻝ ﻫﺬﺍ ﺍﳌﻮﺿﻮﻉ ﺣﺎﻭﻟﻨﺎ ﺍﻟﻜﺸﻒ ﻋﻦ ﻏﻄﺎﺀ ﺍﳌﺸﺘﻘﺎﺕ ﺍﳌﺎﻟﻴﺔ ﺍﻟﱵ
ﻇﻬﺮﺕ ﻋﻠﻰ ﺃﺳﺎﺱ ﺍﻟﺘﺤﻮﻁ ﺿﺪ ﺍﳌﺨﺎﻃﺮ ،ﻓﻄﺎﳌﺎ ﺳﺎﳘﺖ ﺍﳌﺸﺘﻘﺎﺕ ﺍﳌﺎﻟﻴﺔ
ﻭﺍﻷﺩﻭﺍﺕ ﺍﳌﺮﻛﺒﺔ ﺍﻷﺧﺮﻯ ﰲ ﺗﻄﻮﻳﺮ ﻧﻈﺎﻡ ﻣﺎﱄ ﻣﺮﻥ ﻭﺫﻭ ﻛﻔﺎﺀﺓ ﻭﻓﺎﻋﻠﻴﺔ ،ﻭﻣﻌﺎﳉﺔ
ﺍﳌﺸﺎﻛﻞ ﺍﳌﺎﻟﻴﺔ ﻭﺍﻻﻗﺘﺼﺎﺩﻳﺔ ،ﺇﻻ ﺃﻥ ﻫﺬﻩ ﺍﻟﺪﺭﺍﺳﺔ ﺃﺛﺒﺘﺖ ﺍﻟﻌﻜﺲ ﻭﺍﻟﺪﻟﻴﻞ ﻋﻠﻰ ﺫﻟﻚ
ﻧﺸﻮﺀ ﺃﺯﻣﺔ ﺍﻟﺮﻫﻦ ﺍﻟﻌﻘﺎﺭﻱ ،2008 – 2007ﻭﺫﻟﻚ ﻟﻄﻐﻴﺎﻥ ﺍﻻﻗﺘﺼﺎﺩﻳﲔ ﰲ ﺍﻟﺘﻌﺎﻣﻞ
230
ﺩﻭﺭ ﺍﳌﺸﺘﻘﺎﺕ ﺍﳌﺎﻟﻴﺔ ﰲ ﺃﺯﻣﺔ ﺍﻟﺮﻫﻦ ﺍﻟﻌﻘﺎﺭﻱ-ﺩﺭﺍﺳﺔ ﲢﻠﻴﻠﻴﺔ-
ﺑﺎﳌﺸﺘﻘﺎﺕ ﻃﻤﻌﺎ ﰲ ﻛﺴﺐ ﺍﳌﺰﻳﺪ ﻣﻦ ﺍﻷﺭﺑﺎﺡ .ﻓﺮﻏﻢ ﺃﺎ ﺃﺛﺒﺘﺖ ﻓﻌﺎﻟﻴﺘﻬﺎ ﻋﻠﻰ ﺍﳌﺴﺘﻮﻯ
ﺍﳉﺰﺋﻲ ﺇﻻ ﺃﺎ ﺗﺴﺒﺐ ﺃﺿﺮﺍﺭﺍ ﻭﺧﻴﻤﺔ ﻋﻠﻰ ﺍﳌﺴﺘﻮﻯ ﺍﻟﻜﻠﻲ.
ﺑﻨﺎﺀﺍ ﻋﻠﻰ ﻣﺎ ﺳﺒﻖ ﳝﻜﻦ ﺗﻠﺨﻴﺺ ﺃﻫﻢ ﺍﻟﻨﺘﺎﺋﺞ ﺍﻟﱵ ﺗﻮﺻﻠﺖ ﺇﻟﻴﻬﺎ ﻫﺬﻩ ﺍﻟﺪﺭﺍﺳﺔ
ﻛﻤﺎ ﻳﻠﻲ:
ﳚﺐ ﺃﻥ ﺗﺘﻜﻴﻒ ﺳﻴﺎﺳﺎﺕ ﺗﻮﻇﻴﻒ ﻋﻘﻮﺩ ﺍﳌﺸﺘﻘﺎﺕ ﻣﻊ ﻇﺮﻭﻑ ﺍﳌﻨﺸﺂﺕ ﻭﺍﻷﺳﻮﺍﻕ
ﺍﳌﺎﻟﻴﺔ؛
ﻻﺑﺪ ﻟﻠﻤﻨﺸﺂﺕ ﺍﳌﺎﻟﻴﺔ ﻭﻏﲑﻫﺎ ﺃﻥ ﲢﺪﺩ ﺃﻫﺪﺍﻑ ﺗﻌﺎﻣﻠﻬﺎ ﺑﺎﳌﺸﺘﻘﺎﺕ ﲢﺪﻳﺪﺍ ﻭﺍﺿﺤﺎ
ﻭﺩﻗﻴﻘﺎ؛
ﻇﻬﻮﺭ ﺍﳌﺸﺘﻘﺎﺕ ﺍﳌﺎﻟﻴﺔ ﻋﻠﻰ ﺍﻟﺴﺎﺣﺔ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ،ﻭﺗﺰﺍﻳﺪ ﺍﻟﺘﻌﺎﻣﻞ ﺎ ﺑﺸﻜﻞ ﻛﺒﲑ
ﻧﻈﺮﺍ ﻷﳘﻴﺘﻬﺎ ﰲ ﻛﺴﺐ ﺍﻷﺭﺑﺎﺡ ﻭﺍﻟﺘﺤﻮﻁ ﺿﺪ ﺍﳌﺨﺎﻃﺮ؛
ﺍﻻﺳﺘﺨﺪﺍﻡ ﺍﻟﻮﺍﺳﻊ ﻟﻌﻘﻮﺩ ﺍﳌﺸﺘﻘﺎﺕ ﻛﺎﻥ ﻟﻪ ﺗﺄﺛﲑ ﺳﻠﱯ ﻋﻠﻰ ﻋﻜﺲ ﺗﻮﻗﻌﺎﺕ
ﺍﳌﺘﻌﺎﻣﻠﲔ ،ﳑﺎ ﺃﺩﻯ ﺇﱃ ﺇﺣﺪﺍﺙ ﺧﺴﺎﺋﺮ ﻋﻠﻰ ﻣﺴﺘﻮﻯ ﺍﳌﺆﺳﺴﺎﺕ ﺍﳌﺎﻟﻴﺔ؛
ﻛﺎﻧﺖ ﺍﳌﺸﺘﻘﺎﺕ ﺍﳌﺎﻟﻴﺔ ﺍﻟﺴﺒﺐ ﺍﻟﺮﺋﻴﺴﻲ ﰲ ﺣﺪﻭﺙ ﺃﺯﻣﺔ ﺍﻟﺮﻫﻦ ﺍﻟﻌﻘﺎﺭﻱ؛
ﻛﺜﺮﺓ ﺻﻔﻘﺎﺕ ﺍﳌﺸﺘﻘﺎﺕ ﺍﳌﺎﻟﻴﺔ ﰲ ﺍﻷﺳﻮﺍﻕ ﻏﲑ ﺍﳌﻨﻈﻤﺔ ﺟﻌﻞ ﻣﻨﻬﺎ ﺃﺣﺪ ﺃﻫﻢ
ﺍﻷﺳﺒﺎﺏ ﺍﻟﱵ ﺃﺩﺕ ﺇﱃ ﺣﺪﻭﺙ ﺃﺯﻣﺔ ﺍﻟﺮﻫﻦ ﺍﻟﻌﻘﺎﺭﻱ ،ﻷﺎ ﺑﺪﻻ ﻣﻦ ﺃﻥ ﺗﻜﻮﻥ ﺃﺩﺍﺓ
ﲢﺎﻓﻆ ﻋﻠﻰ ﺍﺳﺘﻘﺮﺍﺭ ﺍﻷﺳﻮﺍﻕ ﺍﳌﺎﻟﻴﺔ ،ﺃﺻﺒﺤﺖ ﺗﺴﺎﻋﺪ ﻋﻠﻰ ﺗﺮﻛﺰ ﺍﳌﺨﺎﻃﺮ ﺍﻟﱵ
ﺗﺴﺒﺒﺖ ﰲ ﺇﺣﺪﺍﺙ ﺍﳋﻄﺮ ﺍﻟﻨﻈﺎﻣﻲ ﻓﻮﻗﻌﺖ ﺍﻷﺯﻣﺔ ﺍﳌﺎﻟﻴﺔ ﺍﻟﻌﺎﳌﻴﺔ ﺑﻔﻌﻞ ﺍﻧﺘﻘﺎﻝ ﺍﻟﻌﺪﻭﻯ
ﺍﳌﺎﻟﻴﺔ.
ﻣﻦ ﺧﻼﻝ ﺍﻟﻨﺘﺎﺋﺞ ﺍﳌﺘﻮﺻﻞ ﺇﻟﻴﻬﺎ ﳝﻜﻦ ﺗﻘﺪﱘ ﺑﻌﺾ ﺍﻟﺘﻮﺻﻴﺎﺕ ﻛﺎﻵﰐ:
ﺿﺮﻭﺭﺓ ﺍﻟﺘﻮﻋﻴﺔ ﺍﻹﻋﻼﻣﻴﺔ ﻟﻠﻤﺘﻌﺎﻣﻠﲔ ﺍﻟﺬﻳﻦ ﻳﺮﻏﺒﻮﻥ ﰲ ﺯﻳﺎﺩﺓ ﺃﺭﺑﺎﺣﻬﻢ ،ﲡﻨﺐ
ﺍﻟﺘﻌﺎﻣﻞ ﺑﺎﳌﺸﺘﻘﺎﺕ ﺍﳌﺎﻟﻴﺔ ﳌﺎ ﳍﺎ ﻣﻦ ﺗﺄﺛﲑ ﺳﻠﱯ ﻋﻠﻰ ﺍﳊﻴﺎﺓ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ؛
231
ﳎﻠﺔ ﺟﺪﻳﺪ ﺍﻻﻗﺘﺼﺎﺩ .ﳎﻠﺪ ﺭﻗﻢ ) .(15ﻋﺪﺩ ﺭﻗﻢ ) .(1ﺩﻳﺴﻤﱪ 2020
ﺿﺮﻭﺭﺓ ﺍﲣﺎﺫ ﺍﻹﺟﺮﺍﺀﺍﺕ ﺍﻟﻼﺯﻣﺔ ﻟﻠﺤﺪ ﻣﻦ ﺍﻻﻴﺎﺭ ﺍﳌﻔﺎﺟﺊ ﻟﻸﺳﻌﺎﺭ ﻭﻗﺖ ﺣﺪﻭﺙ
ﺍﻷﺯﻣﺔ؛
ﺿﺮﻭﺭﺓ ﺗﻌﺰﻳﺰ ﻣﺴﺘﻮﻯ ﺍﻟﺸﻔﺎﻓﻴﺔ ﻭﺍﻹﻓﺼﺎﺡ ﻋﻦ ﺍﳌﻌﻠﻮﻣﺎﺕ ،ﻟﻴﻄﻤﺌﻦ ﲪﻠﺔ ﺍﻷﺳﻬﻢ
ﻭﺍﳌﺴﺘﺜﻤﺮﻳﻦ ،ﺑﺸﻜﻞ ﻳﻨﻌﻜﺲ ﻋﻠﻰ ﺍﺳﺘﻘﺮﺍﺭ ﺍﻟﺴﻮﻕ.
.5ﻗﺎﺋﻤﺔ ﺍﳌﺮﺍﺟﻊ:
.1ﻋﺒﺪ ﺍﻟﻘﺎﺩﺭ ﺑﻦ ﻋﻴﺴﻰ "،ﺃﺛﺮ ﺍﺳﺘﺨﺪﺍﻡ ﺍﳌﺸﺘﻘﺎﺕ ﺍﳌﺎﻟﻴﺔ ﻭﻣﺴﺎﳘﺘﻬﺎ ﰲ ﺇﺣﺪﺍﺙ
ﺍﻷﺯﻣﺔ ﺍﳌﺎﻟﻴﺔ ﺍﻟﻌﺎﳌﻴﺔ –ﺩﺭﺍﺳﺔ ﺣﺎﻟﺔ ﺳﻮﻕ ﺍﻟﻜﻮﻳﺖ ﻟﻸﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻟﻠﻔﺘﺮﺓ ﺍﳌﻤﺘﺪﺓ
ﻣﻦ ﺟﺎﻧﻔﻲ 2006ﺇﱃ ﻏﺎﻳﺔ ﺩﻳﺴﻤﱪ ،2012-2011 ،"-2010ﻣﺬﻛﺮﺓ
ﻣﺎﺟﺴﺘﲑ ﰲ ﻋﻠﻮﻡ ﺍﻟﺘﺴﻴﲑ ،ﺟﺎﻣﻌﺔ ﻗﺎﺻﺪﻱ ﻣﺮﺑﺎﺡ ،ﻭﺭﻗﻠﺔ ،ﺍﳉﺰﺍﺋﺮ.
.2ﻃﺎﺭﻕ ﻋﺒﺪ ﺍﻟﻌﺎﻝ ﺣﺎﻣﺪ ،ﺍﳌﺸﺘﻘﺎﺕ ﺍﳌﺎﻟﻴﺔ-ﺍﳌﻔﺎﻫﻴﻢ-ﺇﺩﺍﺭﺓ ﺍﳌﺨﺎﻃﺮ-ﺍﶈﺎﺳﺒﺔ-
ﺍﻟﺪﺍﺭ ﺍﳉﺎﻣﻌﻴﺔ ،2001،ﺍﻹﺳﻜﻨﺪﺭﻳﺔ.
.3ﻋﺒﺪ ﺍﳊﻤﻴﺪ ﳏﻤﻮﺩ ﺍﻟﺒﻌﻠﻲ ،ﺍﳌﺸﺘﻘﺎﺕ ﺍﳌﺎﻟﻴﺔ ﰲ ﺍﳌﻤﺎﺭﺳﺔ ﺍﻟﻌﻤﻠﻴﺔ ﻭﺍﻟﺮﺅﻳﺔ
ﺍﻟﺸﺮﻋﻴﺔ ،ﺍﻟﻜﻮﻳﺖ ،ﺍﻟﺪﻳﻮﺍﻥ ﺍﻷﻣﲑﻱ.1991 ،
.4ﻫﺸﺎﻡ ﻃﻠﻌﺖ ﻋﺒﺪ ﺍﳊﻜﻴﻢ " ،ﳐﺎﻃﺮ ﻋﻘﻮﺩ ﺍﳌﺸﺘﻘﺎﺕ ﺍﳌﺎﻟﻴﺔ ﻭﺍﻧﻌﻜﺎﺳﺎﺎ ﻋﻠﻰ
،(Toronto ﻣﺼﺮﻑ)– Dominion ﺍﻷﺯﻣﺔ ﺍﳌﺎﻟﻴﺔ ﺍﻟﻌﺎﳌﻴﺔ – ﺩﺭﺍﺳﺔ ﲢﻠﻴﻠﻴﺔ ﰲ
ﳎﻠﺔ ﺍﻟﻌﻠﻮﻡ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﻭﺍﻹﺩﺍﺭﻳﺔ ،2017 ،ﺍﻠﺪ ،24ﺍﻟﻌﺪﺩ .103
.5ﲰﲑ ﻋﺒﺪ ﺍﳊﻤﻴﺪ ﺭﺿﻮﺍﻥ ،ﺍﳌﺸﺘﻘﺎﺕ ﺍﳌﺎﻟﻴﺔ ﻭﺩﻭﺭﻫﺎ ﰲ ﺇﺩﺍﺭﺓ ﺍﳌﺨﺎﻃﺮ ﻭﺩﻭﺭ
ﺍﳍﻨﺪﺳﺔ ﺍﳌﺎﻟﻴﺔ ﰲ ﺻﻨﺎﻋﺔ ﺃﺩﻭﺍﺎ ،ﺩﺍﺭ ﺍﻟﻨﺸﺮ ﻟﻠﺠﺎﻣﻌﺎﺕ ،ﺍﻹﺳﻜﻨﺪﺭﻳﺔ.2005 ،
6. Ashutosh Vashishtha , Satish Kumar , Development of
Financial Derivatives Market in India- A Case study,
International Research Journal of Finance and Economics ,2010.
.7ﲪﺪ ﻣﻄﺮ" ،ﺇﺩﺍﺭﺓ ﺍﻻﺳﺘﺜﻤﺎﺭﺍﺕ" )ﻁ ،(6ﺩﺍﺭ ﻭﺍﺋﻞ ﻟﻠﻨﺸﺮ ،2013 ،ﻋﻤﺎﻥ.
232
ﺩﻭﺭ ﺍﳌﺸﺘﻘﺎﺕ ﺍﳌﺎﻟﻴﺔ ﰲ ﺃﺯﻣﺔ ﺍﻟﺮﻫﻦ ﺍﻟﻌﻘﺎﺭﻱ-ﺩﺭﺍﺳﺔ ﲢﻠﻴﻠﻴﺔ-
.8ﻫﺎﺷﻢ ﻓﻮﺯﻱ ﺍﻟﻌﺒﺎﺩﻱ ،ﻭﺁﺧﺮﻭﻥ" ،ﺍﳍﻨﺪﺳﺔ ﺍﳌﺎﻟﻴﺔ ﻭﺇﺩﺍﺭﺎ ﺑﺎﻟﺘﺮﻛﻴﺰ ﻋﻠﻰ
ﺍﺳﺘﺮﺍﺗﻴﺠﻴﺎﺕ ﺍﳋﻴﺎﺭﺍﺕ ﺍﳌﺎﻟﻴﺔ" )ﻁ ،(2ﺩﺍﺭ ﺍﻟﻮﺭﺍﻕ ﻟﻠﻨﺸﺮ ﻭﺍﻟﺘﻮﺯﻳﻊ،2012 ،
ﻋﻤﺎﻥ.
.9ﺟﺎﺏ ﺍﷲ ﻋﺎﺩﻝ ﺭﻳﺎﺽ" ،ﺍﳌﺸﺘﻘﺎﺕ ﺍﳌﺎﻟﻴﺔ ﻭﺩﻭﺭﻫﺎ ﰲ ﺗﻜﺮﻳﺲ ﺍﻷﺯﻣﺎﺕ ﺍﳌﺎﻟﻴﺔ
ﺍﻟﻌﺎﳌﻴﺔ" .ﳎﻠﺔ ﺩﺭﺍﺳﺎﺕ ﰲ ﺍﻻﻗﺘﺼﺎﺩ ﻭﺍﻟﺘﺠﺎﺭﺓ ﻭﺍﳌﺎﻟﻴﺔ ،2016 ،ﺍﻠﺪ ،05ﺍﻟﻌﺪﺩ
.01
ﳏﻤﻮﺩ ﻓﻬﺒﺪﺍﺕ ،ﺍﳌﻀﺎﺭﺑﺎﺕ ﺍﻟﻮﳘﻴﺔ ﺍﻟﺴﻮﻗﻴﺔ ﻭﺩﻭﺭﻫﺎ ﰲ ﺍﻷﺯﻣﺔ ﺍﳌﺎﻟﻴﺔ، .10
ﻋﻘﻮﺩ ﺍﳋﻴﺎﺭﺍﺕ ،ﺍﳌﺆﲤﺮ ﺍﻟﻌﻠﻤﻲ ﺍﻟﺪﻭﱄ ﺣﻮﻝ ﺍﻷﺯﻣﺔ ﺍﳌﺎﻟﻴﺔ ﻭﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﺍﻟﻌﺎﳌﻴﺔ
ﺍﳌﻌﺎﺻﺮﺓ ﻣﻦ ﻣﻨﻈﻮﺭ ﺍﻗﺘﺼﺎﺩﻱ ﺇﺳﻼﻣﻲ ،ﺟﺎﻣﻌﺔ ﺍﻟﻌﻠﻮﻡ ﺍﻹﺳﻼﻣﻴﺔ ﺍﻟﻌﺎﳌﻴﺔ -1
2ﺩﻳﺴﻤﱪ .2010
ﻣﺆﻳﺪ ﻋﺒﺪ ﺍﻟﺮﲪﺎﻥ ﺍﻟﺪﻭﺭﻱ" ،ﺇﺩﺍﺭﺓ ﺍﻻﺳﺘﺜﻤﺎﺭ ﻭﺍﶈﺎﻓﻆ ﺍﻻﺳﺘﺜﻤﺎﺭﻳﺔ"، .11
ﺩﺍﺭ ﺇﺛﺮﺍﺀ ﻟﻠﻨﺸﺮ ﻭﺍﻟﺘﻮﺯﻳﻊ ،2010 ،ﺍﻷﺭﺩﻥ.
ﻳﺎﺭﺓ ﲰﲑ ﻋﺒﺪ ﺍﻟﺼﺎﺣﺐ" ، ،ﺃﺯﻣﺔ ﺍﻟﺮﻫﻦ ﺍﻟﻌﻘﺎﺭﻱ ﻭﺃﺛﺮﻫﺎ ﰲ ﺍﻟﻘﻴﻤﺔ .12
ﺍﻟﺴﻮﻗﻴﺔ ﻟﻸﺳﻬﻢ –ﺩﺭﺍﺳﺔ ﲢﻠﻴﻠﻴﺔ ﰲ ﻣﺼﺮﻑ ،2009 ،"-ﻣﺬﻛﺮﺓ ﻣﺎﺟﺴﺘﲑ ﻏﲑ
ﻣﻨﺸﻮﺭﺓ ،ﺍﳉﺎﻣﻌﺔ ﺍﳌﺴﺘﻨﺼﺮﻳﺔ ،ﺍﻟﻌﺮﺍﻕ.
ﻫﺎﺷﻢ ﻓﻮﺯﻱ ﺩﺑﺎﺱ ﺍﻟﻌﺒﺎﺩﻱ ،ﺍﳍﻨﺪﺳﺔ ﺍﳌﺎﻟﻴﺔ ﻭﺃﺩﻭﺍﺎ ،ﻣﺆﺳﺴﺔ ﺍﻟﻮﺭﺍﻕ .13
ﻟﻠﻨﺸﺮ ﻭﺍﻟﺘﻮﺯﻳﻊ ،ﺍﻷﺭﺩﻥ.2008 ،
.14ﻋﻠﻲ ﻋﺒﺪ ﺍﻟﻌﺎﱐ ﺍﻟﻼﻳﺬ ﻭﺁﺧﺮﻭﻥ ،ﳐﺎﻃﺮ ﺍﺳﺘﺨﺪﺍﻡ ﺍﳌﺸﺘﻘﺎﺕ ﺍﳌﺎﻟﻴﺔ ﻋﻠﻰ ﺍﺩﺍﺀ
ﺍﻟﺸﺮﻛﺎﺕ ﺍﳌﺴﺎﳘﺔ ﰲ ﺳﻮﻕ ﺍﻟﻜﻮﻳﺖ ﻟﻸﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ،ﺩﺭﺍﺳﺔ ﺗﻄﺒﻴﻘﻴﺔ ،ﳎﻠﺔ
ﺍﻟﺒﺤﻮﺙ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﻭﺍﳌﺎﻟﻴﺔ ،ﻋﺪﺩ ﺟﻮﺍﻥ ،2015ﺟﺎﻣﻌﺔ ﺃﻡ ﺍﻟﺒﻮﺍﻗﻲ.
233
ﳎﻠﺔ ﺟﺪﻳﺪ ﺍﻻﻗﺘﺼﺎﺩ .ﳎﻠﺪ ﺭﻗﻢ ) .(15ﻋﺪﺩ ﺭﻗﻢ ) .(1ﺩﻳﺴﻤﱪ 2020
.15ﺳﺮﺍﺀ ﺍﳉﺮﺟﻮﺳﻲ ،ﻟﻴﻠﻰ ﺍﳍﺎﴰﻲ ،ﺃﺯﻣﺔ ﺍﻟﺮﻫﻦ ﺍﻟﻌﻘﺎﺭﻱ ﻭﺍﻧﻌﻜﺎﺳﺎﺎ ﰲ
ﺍﻗﺘﺼﺎﺩﻳﺎﺕ ﺍﻟﺪﻭﻝ ﺍﻟﻌﺮﺑﻴﺔ ﻭﻃﺮﻕ ﻋﻼﺟﻬﺎ ،ﳎﻠﺔ ﺟﺎﻣﻌﺔ ﺍﻟﺘﻨﻤﻴﺔ ﺍﻟﺒﺸﺮﻳﺔ ،ﺍﻟﻌﺪﺩ ،4
.2017ﺍﻟﻌﺮﺍﻕ.
.16ﻡﲪﺪ ﺳﺤﻨﻮﻥ ، ،ﲰﲑﺓﳏﺴﻦ" ،ﳐﺎﻃﺮ ﺍﳌﺸﺘﻘﺎﺕ ﺍﳌﺎﻟﻴﺔ ﻭﻣﺴﺎﳘﺘﻬﺎ ﰲ ﺧﻠﻖ
ﺍﻷﺯﻣﺎﺕ"،ﻭﺭﻗﺔ ﲝﺜﻴﺔ ﻣﻘﺪﻣﺔ ﻟﻠﻤﻠﺘﻘﻰ ﺍﻟﻌﻠﻤﻲ ﺍﻟﺪﻭﱄ ﺣﻮﻝ ﺍﻷﺯﻣﺔ ﺍﳌﺎﻟﻴﺔ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ
ﺍﻟﺪﻭﻟﻴﺔ ﻭﺍﳊﻮﻛﻤﺔ ﺍﻟﻌﺎﳌﻴﺔ ،2009،ﺟﺎﻣﻌﺔ ﻓﺮﺣﺎﺕ ﻋﺒﺎﺱ ﺳﻄﻴﻒ ،ﺍﳉﺰﺍﺋﺮ.
.17ﻋﻠﻲ ﻳﻮﺳﻔﺎﺕ ،ﺃﺯﻣﺔ ﺍﻟﺮﻫﻦ ﺍﻟﻌﻘﺎﺭﻱ ،ﳎﻠﺔ ﺍﻟﻌﻠﻮﻡ ﺍﻹﻗﺘﺼﺎﺩﻳﺔ ﻭﺍﻟﺘﺴﻴﲑ
ﻭﺍﻟﻌﻠﻮﻡ ﺍﻟﺘﺠﺎﺭﻳﺔ ،ﺍﻟﻌﺪﺩ ،02ﺟﺎﻣﻌﺔ ﺍﳌﺴﻴﻠﺔ.2009 ،
.18ﻣﺮﱘ ﺳﺮﺍﺭﻣﺔ" ،ﺩﻭﺭ ﺍﳌﺸﺘﻘﺎﺕ ﺍﳌﺎﻟﻴﺔ ﻭﺗﻘﻨﻴﺔ ﺍﻟﺘﻮﺭﻳﻖ ﰲ ﺃﺯﻣﺔ – 2008
ﺩﺭﺍﺳﺔ ﲢﻠﻴﻠﻴﺔ ،2012-2011 ،"-ﻣﺬﻛﺮﺓ ﻣﺎﺟﺴﺘﲑ ﰲ ﺍﻟﻌﻠﻮﻡ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ،
ﺟﺎﻣﻌﺔ ﻣﻨﺘﻮﺭﻱ ﻗﺴﻨﻄﻴﻨﺔ.
.19ﲪﺎﺩﻭ ﺑﻦ ﻧﻌﻤﻮﻥ" ،ﻃﺒﻴﻌﺔ ﺍﻹﺻﻼﺣﺎﺕ ﺍﳌﺎﻟﻴﺔ ﻭﺍﳌﺼﺮﻓﻴﺔ ﰲ ﺃﻋﻘﺎﺏ ﺍﻷﺯﻣﺔ
ﺍﳌﺎﻟﻴﺔ ، "2008ﻭﺭﻗﺔ ﲝﺜﻴﺔ ﻣﻘﺪﻣﺔ ﻟﻠﻤﻠﺘﻘﻰ ﺍﻟﻌﻠﻤﻲ ﺍﻟﺪﻭﱄ ﺣﻮﻝ ﺍﻷﺯﻣﺔ ﺍﳌﺎﻟﻴﺔ
ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﺍﻟﺪﻭﻟﻴﺔ ﻭﺍﳊﻮﻛﻤﺔ ﺍﻟﻌﺎﳌﻴﺔ ،2009،ﺟﺎﻣﻌﺔ ﻓﺮﺣﺎﺕ ﻋﺒﺎﺱ ﺳﻄﻴﻒ.
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