Immunisation du budget des communes françaises au risque de taux d'intérêt

French local communities run an interest rate risk, affecting their daily acts. However, actual management only concern debt hedging. The object of this paper is to suggest a really global approach from local budget. Effect of interest rate variations is estimated on expenses and receipts by econometrics of panel data. Empirical studies are based on 859 towns, during a 1993-1996 period. A fixed and indexed sharing out allows to immunize French local communities budget against interest rate risk. Classification JEL : C23, G19, H72, H74.<np pagenum="378"/>