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Une réglementation macroprudentielle pour rendre durable la création de valeur ?

Author

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  • Olivier de Bandt
  • Guy Lévy-Rueff

Abstract

[fre] Pour illustrer l’apport mais aussi les conditions d’application des politiques macroprudentielles pour une création de valeur réelle et durable, l’article aborde les deux dimensions qui se sont désormais imposées : la recherche de la stabilité financière à un instant donné, c’est-à-dire la lutte contre les phénomènes de contagion au sein du système financier, puis la poursuite de la stabilité financière dans le temps, à savoir la réduction du caractère pro-cyclique du système financier. La première approche est abordée avec le nouveau dispositif d’identification des institutions systémiques à caractère mondial (les «G-SIFI » ), annoncé par le Conseil de stabilité financière et le Comité de Bâle. La deuxième approche est étudiée avec une présentation des mécanismes microprudentiels qui ont été développés pour limiter le risque de pro-cyclicité de la réglementation prudentielle, mais aussi les instruments macroprudentiels contra-cycliques qui sont proposés afin de donner les bonnes incitations au système financier au service de la croissance de long terme. L’article insiste enfin sur les travaux qui restent à poursuivre pour mieux articuler ces différents outils prudentiels et sur la nécessité de faire des choix stratégiques en la matière, tout en étant prêt à les réviser à la lumière de l’expérience qui sera gagnée lors de leur mise en oeuvre concrète. . Classification JEL : G2, E32, L51. [eng] A Macro-Prudential Regulation to Make Value Creation Really Sustainable ? . To discuss the potential and conditions of validity of macro-prudential policies for supporting long term wealth creation, the paper discusses the two dimensions that have now become standard, namely the search for financial stability at every point-in-time, which is the prevention of contagion within the financial system, and the objective of financial stability over-time, i. e. the reduction of the pro-cyclical nature of the financial system. Thefirst approach is illustrated by thenewscheme for the identification of Global Systemically Important Financial Institutions (G-SIFIs), elaborated by the Financial Stability Board and the Basel Committee. The second approach presents the micro-prudential mechanisms that have been developed to reduce the risk of pro-cyclicality of prudential regulation but also the macro-prudential instruments that have been put forward in order to provide the proper incentives to financial institutions in order to contribute to long-term growth. The paper also concludes by insisting on the further work still necessary in order to better articulate all the macro-prudential tools currently proposed, as well as the need to make strategic choices and to be able to review them, as more experience is gained with the concrete implementation of those instruments. . Classification JEL : G2, E32, L51.

Suggested Citation

  • Olivier de Bandt & Guy Lévy-Rueff, 2012. "Une réglementation macroprudentielle pour rendre durable la création de valeur ?," Revue d'Économie Financière, Programme National Persée, vol. 106(2), pages 243-261.
  • Handle: RePEc:prs:recofi:ecofi_0987-3368_2012_num_106_2_5953
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    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • L51 - Industrial Organization - - Regulation and Industrial Policy - - - Economics of Regulation

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