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In this text, we apply time series techniques (Box-Tiao) to isolate the influence ofthe Parti québécois' electoral win of November 1976 on the financial and economic costs ofthe Québec government borrowings.For long term bonds issue between November 1976 and February 1979, we estimated at32.49 millions of $ at 1979 present value or 1.22% of the total amount borrowed, thesupplementary financial cost. In terms of additional payments to non-Québécois holdingQuébec government bonds, this associated economic cost has been evaluated at 11.21 millionsof $ at 1979 present value, representing .42% of total borrowings. These costs may vary withrespect to inflation and exchange rates and it must be emphasized that they are based on theevolution of yield differentials between Québec and Ontario government bonds and not ontheir direct yields to maturity. In that respect, these supplementary costs are onlyrelative to the situation of Ontario and it is not impossible that the Parti québécois'électoral win have displaced the lenders portfolios of Canadian provincial bonds to thebenefit of the government of Ontario.Finally, approximately two years and half following the pequist victory, the financialmarkets have retrieved to their former structure

Le rendement des obligations provinciales et l’incertitude politique : une analyse de séries chronologiques