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Risque de système et crise du rouble

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  • Aliénor Benoist

Abstract

[eng] Systemic risk and the ruble crisis. . This paper deals with the mechanisms at work in the crisis affecting the ruble since 1990-1991, by resorting to the theory of systemic risk.. Emphasizing the long-lasting phenomena resisting the policy of stabilization initiated by Russia in January 1992, we will first of ail try to point out that some elements of systemic risk are indeed present and noticeable into the monetary structures of planned economy, namely in the relationship between the firms and the banking System. We will then try to understand how the process of transition affected these structures, suddenly speeding up he risk. The new relationship between the firms and the banking system provides once again an essential source of explanation for the mechanism. [fre] Risque de système et crise du rouble. . L'objet de cet article est d'analyser certains mécanismes de la crise qui frappe le rouble depuis 1990-1991 par le recours à la théorie du risque de système.. En mettant l'accent sur la résistance de certains phénomènes à la politique de stabilisation tentée depuis janvier 1992 en Russie, nous montrons d'abord que les ingrédients d'un tel risque sont présents dans les structures monétaires du Plan, au cœur de la relation qu'entretient le système bancaire avec les entreprises. Nous nous attachons ensuite à comprendre comment la disparition des structures du Plan soviétique a activé la réalisation de ce potentiel de risque. Le jeu des nouvelles relations entre banques et entreprises est au cœur de la compréhension du mécanisme.

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  • Aliénor Benoist, 1994. "Risque de système et crise du rouble," Revue Économique, Programme National Persée, vol. 45(3), pages 545-560.
    • Handle: RePEc:prs:reveco:reco_0035-2764_1994_num_45_3_409546
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    1. Daniel C. Hardy & Ashok Kumar Lahiri, 1992. "Bank Insolvency and Stabilization in Eastern Europe," IMF Staff Papers, Palgrave Macmillan, vol. 39(4), pages 778-800, December.
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