Advanced Search
MyIDEAS: Login to save this article or follow this journal

Le prêteur en dernier ressort international

Contents:

Author Info

  • Jean-Marc Figuet

Abstract

[fre] La globalisation des marchés financiers se caractérise par l’occurrence de crises financières qui présentent une nature contagieuse. L’internationalisation des crises justifie la définition d’une nouvelle architecture financière. L’émergence d’un prêteur en dernier ressort international est l’un des éléments constitutifs de cette nouvelle architecture. L’internationalisation de la fonction de prêteur en dernier ressort est nécessaire pour prendre acte du nouvel environnement financier. La question, concernant l’existence d’un prêteur en dernier ressort international, peut être examinée en deux parties. La première consiste à rappeler les déterminants de cette fonction au niveau national, notamment en confrontant la théorie à la pratique. Cet examen nous conduit à analyser, dans la deuxième partie, l’émergence et les conditions d’intervention d’un prêteur en dernier ressort international. À la lumière des crises financières récentes, la solution souhaitable consiste en une coordination des actions des banques centrales nationales sous l’égide de la Banque des règlements internationaux. . Classification JEL : F34, F42, E44 [eng] The international lender of last resort. The financial markets globalization is characterized by contagious financial crises. The crisis internationalization justifies the definition of a new financial architecture. The emergence of an international lender of last resort is one of the main elements of this new architecture. The internationalization of the lender of last resort function is necessary to take note of the new financial environment. The question about the existence of an international lender of last resort can be dealt in two parts. In the first part, we examine the determinants of the lender of last resort function at the national level. A comparison between theory and practice is proposed. This analysis leads us, in the second part, to study the emergence and the conditions of intervention of the international lender of last resort. In the light of recent financial crisis, the best solution is to coordinate national central actions through the impetus given by the Bank of international settlements. . JEL Classification : F34, F42, E44

Download Info

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
File URL: http://dx.doi.org/doi:10.3406/ecofi.2000.3813
Download Restriction: no

File URL: http://www.persee.fr/articleAsPDF/ecofi_0987-3368_2000_num_56_1_3813/ecofi_0987-3368_2000_num_56_1_3813.pdf?mode=light
Download Restriction: no

Bibliographic Info

Article provided by Programme National Persée in its journal Revue d'économie financière.

Volume (Year): 56 (2000)
Issue (Month): 1 ()
Pages: 57-75

as in new window
Handle: RePEc:prs:recofi:ecofi_0987-3368_2000_num_56_1_3813

Note: DOI:10.3406/ecofi.2000.3813
Contact details of provider:
Web page: http://www.persee.fr/web/revues/home/prescript/revue/ecofi

Related research

Keywords:

Find related papers by JEL classification:

References

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
as in new window
  1. Charles Goodhart, 1988. "The Evolution of Central Banks," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262570734, December.
  2. Michel Dietsch & Brigitte Godbillon, 1997. "La règle de fermeture des banques. L'intérêt de l'ambiguïté constructive," Revue Économique, Programme National Persée, vol. 48(3), pages 707-718.
  3. Arupratan Daripa & Simone Varotto, 1997. "Agency Incentives and Reputational Distortions: a Comparison of the Effectiveness of Value-at-Risk and Pre-commitment in Regulating Market Risk," Bank of England working papers 69, Bank of England.
  4. Stanley Fischer, 1999. "On the Need for an International Lender of Last Resort," Journal of Economic Perspectives, American Economic Association, vol. 13(4), pages 85-104, Fall.
  5. R. Alton Gilbert, 1992. "The effects of legislating prompt corrective action on the Bank Insurance Fund," Review, Federal Reserve Bank of St. Louis, issue Jul, pages 3-22.
  6. Paul H. Kupiec & James M. O'Brien, 1995. "A pre-commitment approach to capital requirements for market risk," Finance and Economics Discussion Series 95-36, Board of Governors of the Federal Reserve System (U.S.).
  7. Goodhart, Charles & Schoenmaker, Dirk, 1995. "Should the Functions of Monetary Policy and Banking Supervision Be Separated?," Oxford Economic Papers, Oxford University Press, vol. 47(4), pages 539-60, October.
  8. Michael D. Bordo, 1990. "The lender of last resort : alternative views and historical experience," Economic Review, Federal Reserve Bank of Richmond, issue Jan, pages 18-29.
  9. Robert R. Bliss, 1995. "Policy essay - risk-based bank capital: issues and solutions," Economic Review, Federal Reserve Bank of Atlanta, issue Sep, pages 32-40.
  10. Capie, Forrest, 1998. "Can There Be an International Lender-of-Last Resort?," International Finance, Wiley Blackwell, vol. 1(2), pages 311-25, December.
  11. Thomas M. Humphrey, 1975. "The classical concept of the lender of last resort," Economic Review, Federal Reserve Bank of Richmond, issue Jan, pages 2-9.
  12. E. Gerald Corrigan, 1990. "Reforming the U.S. financial system: an international perspective," Quarterly Review, Federal Reserve Bank of New York, issue Spr, pages 1-14.
Full references (including those not matched with items on IDEAS)

Citations

Lists

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

Statistics

Access and download statistics

Corrections

When requesting a correction, please mention this item's handle: RePEc:prs:recofi:ecofi_0987-3368_2000_num_56_1_3813. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Equipe PERSEE).

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.