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Risque systémique et politique macroprudentielle : une nouvelle responsabilité des banques centrales

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  • Michel Aglietta

Abstract

[eng] Both the EU and the USA have set up Systemic Risk Councils in order to prevent and avoid major troubles and the potential collapse of the financial system. Macroprudential policies are to be implemented by the central banks which are the very institutions able to cope with the task of stabilizing the financial system. What is needed is to implement a widened monetary policy in order to smoothen the financial cycle and to provide the conditions of the liquidity of the market. New accounting rules based on the marked-to-funding principles will help to secure this liquidity. . Classification JEL : E6, G28, M41. [fre] En Europe comme aux États-Unis, des conseils de risque systémique ont été créés pour prévenir et contenir les difficultés pouvant conduire à l’effondrement des systèmes bancaires et financiers. Le pivot de la politique macroprudentielle doit être la banque centrale, seule institution capable d’assumer la stabilité du système financier. Pour ce faire, il importe de mettre en oeuvre une politique monétaire élargie à partir d’une approche top-down qui permette d’assurer le lissage du cycle financier en contrôlant le crédit et d’assurer les conditions de la liquidité de marché. Ce dernier point passe par une redéfinition des normes comptables qui devraient abandonner le marked-to-market au profit du marked-to-funding.. Classification JEL : E6, G28, M41.

Suggested Citation

  • Michel Aglietta, 2011. "Risque systémique et politique macroprudentielle : une nouvelle responsabilité des banques centrales," Revue d'Économie Financière, Programme National Persée, vol. 101(1), pages 193-203.
    • Handle: RePEc:prs:recofi:ecofi_0987-3368_2011_num_101_1_5998
    DOI: 10.3406/ecofi.2011.5998
    Note: DOI:10.3406/ecofi.2011.5998
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    Citations

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    Cited by:

    1. Mustapha Achibane & Imane Allam, 2019. "Banking risk management between the prudential and the operational approaches : case of Moroccan banks ACHIBANE Mustapha [La gestion des risques bancaires entre l'approche prudentielle et l'approch," Post-Print hal-02901066, HAL.
    2. Gilles, Philippe & Huchet, Nicolas & Gauvin, Marie-Sophie, 2012. "Politique monétaire, choix de portefeuille du secteur bancaire et canal de la prise de risque," L'Actualité Economique, Société Canadienne de Science Economique, vol. 88(2), pages 175-196, Juin.
    3. Gurvan Branellec & Ji-Yong Lee, 2019. "Le choix du modèle de régulation des Fintech : entre sandbox et soundbox," Post-Print hal-02612617, HAL.

    More about this item

    JEL classification:

    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting
    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting

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