Quelles alternatives à un prêteur international en dernier ressort ?
As it appears neither desirable nor possible to set up an international lender of last resort, one should rather look for ways to improve the existing framework in order to overcome international capital market failures. Two complementary ways should be favoured: the involvement of the private sector and the reform of the International Monetary Fund. The IMF is the only institution in a position to build and implement a balanced system of incentives, conducive both to a reduction of the vulnerability of emerging economies to crises and to the involvement of the private sector. However, any ambiguity about the role of the IMF as an international lender of last resort should be cleared up, which implies a return to access limits to IMF resources. Classification JEL : F32, F33, F34
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