In the latest time, the US has had an easy Monetary Policy. Because of the increasing link among the countries through interconnections on international trade, financial, and labor markets, such policy has not only had effects in the US economy, but also in the rest of the world. So many countries, especially emerging and developing countries, have suggested that such a policy has been causing an excessive flow of funds out of the US which are disrupting the exchange rate and competitiveness of those countries. An innovation of the analysis is that capital flows are divided in "Firm related" (direct investment and equity flows) and "Debt" (debt instruments and private loans obtained from foreign financial institutions). Another innovation is related to the measure of the external factors considering the US alone and a compound of Advanced Countries (AC) that includes: the US, European Union, United Kingdom, and Japan. The performed analysis indicates that the US Monetary Policy has been having a role on the determination of the capital flows to the Latin America Countries (LAC). However, these external "push factors" have been less important than the "pull factors" from Latin America. In the model, the "push factors" reflected to have had influence on the total capital flows, especially through the global liquidity proxies measured by the growth of the monetary stock in the AC. Holding all other things constant, one percent increase in the monetary stock in the US will generate capital flows to the LAC for an amount between 0.47 to 1.71 percentages of GDP. This effect is bigger when using the proxy constructed with the US alone than when using the compound of AC. The long term interest rate registered significance only on the "Firm related" type of capital flows and only when using the compound of AC. The performed analysis also indicates that there is preeminence of the "pull" (domestic) over the "push" (external) factors. This means that the LAC have been pursuing actions such as political stability, sound and consistent economic policies, and more market oriented policies that are attracting capital flows by themselves.

Moins d’un siècle après la crise de 1929, la crise des subprimes marque un tournant décisif dans l’histoire financière mondiale, se distinguant des crises précédentes par son intensité et sa dimension globale. Dans un contexte d’interactions accrues entre pays développés et émergents, la stabilité financière constitue un enjeu décisif face au risque de contagion sur les marchés financiers. Dans le premier chapitre de cette thèse, nous nous intéressons au changement de paradigme réglementaire observé sur les marchés de dérivés après la crise des subprimes et aux enjeux en termes de stabilité financière d’une refonte de la réglementation sur ces marchés. Dans un second chapitre, nous mettons en exergue les phénomènes de contagion observés sur le marché de la dette durant la crise de la dette souveraine, et revenons sur l'impact des programmes de soutien mis en place par la BCE dans un contexte de forte contagion sur ce marché en 2010. Finalement dans un troisième, nous examinons l’impact de la politique monétaire américaine sur les flux capitaux vers les fonds obligataires spécialisés sur les économies émergentes en 2013. / Less than a century after the 1929 crisis, the subprime crisis was a turning point in world financial history, differing from previous crises by its intensity and global dimension. In a context of increased interactions between developed and emerging countries, financial stability became a critical issue given rising contagion risks on financial markets. In the first chapter of this thesis, we focus on the regulatory paradigm shift observed in the derivatives markets after the subprime crisis and resulting challenges on the back of a reshaping of the global financial regulation. In the second chapter, we highlight the contagion phenomena observed on debt markets during the euro area sovereign debt crisis, and observe the impact of support programs implemented by the ECB in 2010. Finally, in a third chapter, we examine the impact of U.S. monetary policy on capital flows to bond funds specialized in emerging economies in 2013.