Surliquidité bancaire et « sous-financement de l'économie ». Une analyse du paradoxe de l'UEMOA

</titre> <alinea/> This paper focuses on the overliquidity in the banking system of the West African Economic and Monetary Union (WAEMU) in a context of ?underfinancing of the economy?. In this area, banks tend to overestimate the risk associated with the financing of a significant number of enterprises which involves the insufficiency of loans compared to deposits and, therefore, an increase of their liquidity beyond the required threshold. The excess liquidity of banks initially led to idle deposits into the Central Bank before being recycled to finance sovereign debt. This phenomenon has helped to reduce the importance of overliquidity without fully absorbing them. Ultimately, the excess liquidity is not completely absorbed and the issue of financing the economy is only changing its nature.