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Les turbulences financières des années 2000-2003

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  • Alexandre Lamfalussy

Abstract

This essay examines, first, the sources and the nature of the stock market meltdown which took place between end-2000 and the spring of 2003. It then suggests that there were three reasons why this spectacular meltdown did not turn into a general financial crisis and a deep recession: the remarkable resilience of the developed countries? banking systems to financial distress; the administration to the US economy of a simultaneous monetary and fiscal stimulus without historical precedent; and the fact that governments did not succumb to protectionist temptations. It concludes by listing some concerns about the sustainability of the current worldwide recovery: the aggravation of external and internal financial imbalances in the US economy; the major challenge facing US monetary authorities to absorb the potentially destabilizing excess liquidity which resulted from the massive monetary stimulus of 2000-2001; and, last but not least, the pervasive opacity of our globalised financial system.

Suggested Citation

  • Alexandre Lamfalussy, 2005. "Les turbulences financières des années 2000-2003," Reflets et perspectives de la vie économique, De Boeck Université, vol. 0(1), pages 87-92.
  • Handle: RePEc:cai:rpvedb:rpve_441_0087
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