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Politique monétaire, capital bancaire et liquidité des marchés

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  • Olivier de Bandt
  • Christian Pfister

Abstract

[fre] La mise en place de Bâle II conduit à s'interroger sur le rôle du capital bancaire dans la conduite de la politique monétaire. L'article décrit les trois types de situations auxquelles les banques centrales peuvent se trouver confrontées. En période normale, la répartition des fonds propres bancaires entre établissements influence les mécanismes de transmission de la politique monétaire (« canal du capital bancaire »). En période de crise financière ou de risque systémique, l'existence de normes de capital n'exclut pas l'intervention ex post des banques centrales comme Prêteur en Dernier Ressort, notamment pour éviter des crises de liquidité sur les marchés interbancaires ou limiter leurs effets. Enfin, en cas de difficultés durables du système bancaire conduisant à l'inefficacité de la politique monétaire, les questions de la recapitalisation par l'État de certains établissements insolvables et de la fourniture d'une liquidité excédentaire par la Banque centrale se trouvent posées. . Classification JEL : E5, G21, G28 [eng] Monetary policy, bank capital and market liquidity . The implementation of the Basel II Capital Accord highlights the role of bank capital in the conduct of monetary policy. The paper studies the three types of instances that central banks may face. In normal times, the distribution of bank capital across institutions influences the transmission mechanism of monetary policy (the « bank capital channel »), as confirmed by evidence available for a certain number of countries. During financial crisis periods, when systemic risk prevails, the existence of capital requirements does not preclude the ex post intervention of central banks as Lender of Last Resort, particularly in order to prevent liquidity crisis in interbank markets or to limit their effects. Finally, in the case of lasting difficulties in the banking sector hampering the functioning of monetary policy, the issues of the recapitalization of insolvent institutions by the government and of the provision of excess liquidity by the Central Bank need to be raised. . JEL classifications : E5, G21, G28

Suggested Citation

  • Olivier de Bandt & Christian Pfister, 2003. "Politique monétaire, capital bancaire et liquidité des marchés," Revue d'Économie Financière, Programme National Persée, vol. 73(4), pages 213-226.
    • Handle: RePEc:prs:recofi:ecofi_0987-3368_2003_num_73_4_5016
    DOI: 10.3406/ecofi.2003.5016
    Note: DOI:10.3406/ecofi.2003.5016
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    Cited by:

    1. Robert Raymond, 2009. "Vers l'indépendance des banques centrales et une politique monétaire européenne," Revue d'Économie Financière, Programme National Persée, vol. 8(1), pages 21-50.

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    More about this item

    JEL classification:

    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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