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Vers une prévention macro-prudentielle des crises financières internationales

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  • André Cartapanis

Abstract

[eng] Macro-prudential prevention of international financial crises . The new international financial structure tries to modernise emergent financial markers and to reinforce prevention and management's tools of international crises. Crises' prevention isn't restricted to macroeconomic supervision if speculative attacks correspond to financial runs and vulnerability of intenational financial structure : importance of foreign short term finance, concentration of international banking creditors, conversion of high termination date, high volatility of collateral, increasing correlation of asset prices on emergent markets... So prevention macro-prudential policies become interesting to introduce incentives or rules improving systemic risk management. . JEL classification : E44, F33, G15 [fre] La nouvelle architecture financière internationale a pour objet de moderniser l'architecture des marchés financiers dans les pays émergents et de conforter les moyens de prévention et de gestion des crises à l'échelle internationale. Mais la question de la prévention des crises ne se réduit pas à la surveillance macroéconomique si les mouvements de défiance ou les attaques spéculatives s'apparentent à des paniques financières et répondent à des fragilités enchâssées dans les structures de la finance mondiale contemporaine : rôle clé des financements courts renouvelables en devises, forte concentration parmi les créanciers bancaires internationaux, transformations d'échéances élevées, forte volatilité des collatéraux, corrélations croissantes des prix d'actifs sur les marchés émergents... D'où l'intérêt des politiques de prévention macro-prudentielle de nature à introduire des incitations ou des règles permettant d'améliorer le traitement dynamique du risque systémique. . Classification JEL : E44, F33, G15

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Bibliographic Info

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

Volume (Year): 70 (2003)
Issue (Month): 1 ()
Pages: 89-100

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Handle: RePEc:prs:recofi:ecofi_0987-3368_2003_num_70_1_4824

Note: DOI:10.3406/ecofi.2003.4824
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Web page: http://www.persee.fr/web/revues/home/prescript/revue/ecofi

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  1. Chang, Roberto & Velasco, Andres, 2000. "Banks, debt maturity and financial crises," Journal of International Economics, Elsevier, vol. 51(1), pages 169-194, June.
  2. Rudi Dornbusch, 2002. "A Primer on Emerging-Market Crises," NBER Chapters, in: Preventing Currency Crises in Emerging Markets, pages 743-754 National Bureau of Economic Research, Inc.
  3. Steven Radelet & Jeffrey D. Sachs, 1998. "The East Asian Financial Crisis: Diagnosis, Remedies, Prospects," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 29(1), pages 1-90.
  4. Michel Aglietta, 1996. "Financial Market Failures and Systemic Risk," Working Papers 1996-01, CEPII research center.
  5. Steven Radelet & Jeffrey Sachs, 1998. "The Onset of the East Asian Financial Crisis," NBER Working Papers 6680, National Bureau of Economic Research, Inc.
  6. Barry Eichengreen & Andrew K. Rose, 1998. "Staying Afloat When the Wind Shifts: External Factors and Emerging-Market Banking Crises," NBER Working Papers 6370, National Bureau of Economic Research, Inc.
  7. Frankel, Jeffrey & Roubini, Nouriel, 2002. "The Role of Industrial Country Policies in Emerging Market Crises," Working Paper Series rwp02-002, Harvard University, John F. Kennedy School of Government.
  8. Mishkin, Frederic S., 1999. "Lessons from the Asian crisis," Journal of International Money and Finance, Elsevier, vol. 18(4), pages 709-723, August.
  9. Corsetti, G. & Pesenti, P. & Roubini, N., 1998. "What Caused the Asian Currency and Financial Crisis?," Papers 343, Banca Italia - Servizio di Studi.
  10. de Bandt, Olivier & Hartmann, Philipp, 2000. "Systemic Risk: A Survey," CEPR Discussion Papers 2634, C.E.P.R. Discussion Papers.
  11. Reinhart, Carmen & Kaminsky, Graciela, 1998. "Financial crises in Asia and Latin America: Then and now," MPRA Paper 13877, University Library of Munich, Germany.
  12. Jason Furman & Joseph E. Stiglitz, 1998. "Economic Crises: Evidence and Insights from East Asia," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 29(2), pages 1-136.
  13. Serge Jeanneau & Marian Micu, 2002. "Determinants of international bank lending to emerging market countries," BIS Working Papers 112, Bank for International Settlements.
  14. Cartapanis, Andre & Dropsy, Vincent & Mametz, Sophie, 2002. "The Asian Currency Crises: Vulnerability, Contagion, or Unsustainability," Review of International Economics, Wiley Blackwell, vol. 10(1), pages 79-91, February.
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Cited by:
  1. Andre Cartapanis, 2004. "Le declenchement des crises de change : qu'avons-nous appris depuis dix ans ?," Economie Internationale, CEPII research center, issue 97, pages 5-48.
  2. Jérôme Teïletche & André Cartapanis, 2008. "Les hedge funds et la crise financière internationale," Revue d'Économie Financière, Programme National Persée, vol. 7(1), pages 185-193.

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