IDEAS home Printed from
MyIDEAS: Log in (now much improved!) to save this article

Le prêteur en dernier ressort international

Listed author(s):
  • Jean-Marc Figuet

[eng] The international lender of last resort The financial markets globalization is characterized by contagious financial crises. The crisis internationalization justifies the definition of a new financial architecture. The emergence of an international lender of last resort is one of the main elements of this new architecture. The internationalization of the lender of last resort function is necessary to take note of the new financial environment. The question about the existence of an international lender of last resort can be dealt in two parts. In the first part, we examine the determinants of the lender of last resort function at the national level. A comparison between theory and practice is proposed. This analysis leads us, in the second part, to study the emergence and the conditions of intervention of the international lender of last resort. In the light of recent financial crisis, the best solution is to coordinate national central actions through the impetus given by the Bank of international settlements. JEL Classification : F34, F42, E44 [fre] La globalisation des marchés financiers se caractérise par l’occurrence de crises financières qui présentent une nature contagieuse. L’internationalisation des crises justifie la définition d’une nouvelle architecture financière. L’émergence d’un prêteur en dernier ressort international est l’un des éléments constitutifs de cette nouvelle architecture. L’internationalisation de la fonction de prêteur en dernier ressort est nécessaire pour prendre acte du nouvel environnement financier. La question, concernant l’existence d’un prêteur en dernier ressort international, peut être examinée en deux parties. La première consiste à rappeler les déterminants de cette fonction au niveau national, notamment en confrontant la théorie à la pratique. Cet examen nous conduit à analyser, dans la deuxième partie, l’émergence et les conditions d’intervention d’un prêteur en dernier ressort international. À la lumière des crises financières récentes, la solution souhaitable consiste en une coordination des actions des banques centrales nationales sous l’égide de la Banque des règlements internationaux. Classification JEL : F34, F42, E44

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL:
Download Restriction: no

File URL:
Download Restriction: no

Article provided by Programme National Persée in its journal Revue d'économie financière.

Volume (Year): 56 (2000)
Issue (Month): 1 ()
Pages: 57-75

in new window

Handle: RePEc:prs:recofi:ecofi_0987-3368_2000_num_56_1_3813
Note: DOI:10.3406/ecofi.2000.3813
Contact details of provider: Web page:

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

in new window

  1. Arupratan Daripa & Simone Varotto, 1997. "Agency Incentives and Reputational Distortions: a Comparison of the Effectiveness of Value-at-Risk and Pre-commitment in Regulating Market Risk," Bank of England working papers 69, Bank of England.
  2. Paul H. Kupiec & James M. O'Brien, 1995. "A pre-commitment approach to capital requirements for market risk," Proceedings 475, Federal Reserve Bank of Chicago.
  3. Stanley Fischer, 1999. "On the Need for an International Lender of Last Resort," Journal of Economic Perspectives, American Economic Association, vol. 13(4), pages 85-104, Fall.
  4. Kindleberger,, 1982. "Financial Crises," Cambridge Books, Cambridge University Press, number 9780521243803, March.
  5. Goodhart, Charles & Schoenmaker, Dirk, 1995. "Should the Functions of Monetary Policy and Banking Supervision Be Separated?," Oxford Economic Papers, Oxford University Press, vol. 47(4), pages 539-560, October.
  6. R. Alton Gilbert, 1992. "The effects of legislating prompt corrective action on the Bank Insurance Fund," Review, Federal Reserve Bank of St. Louis, issue Jul, pages 3-22.
  7. Michael D. Bordo, 1990. "The lender of last resort : alternative views and historical experience," Economic Review, Federal Reserve Bank of Richmond, issue Jan, pages 18-29.
  8. Charles Goodhart, 1988. "The Evolution of Central Banks," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262570734, January.
  9. E. Gerald Corrigan, 1990. "Reforming the U.S. financial system: an international perspective," Quarterly Review, Federal Reserve Bank of New York, issue Spr, pages 1-14.
  10. Capie, Forrest, 1998. "Can There Be an International Lender-of-Last Resort?," International Finance, Wiley Blackwell, vol. 1(2), pages 311-325, December.
  11. Robert R. Bliss, 1995. "Policy essay - risk-based bank capital: issues and solutions," Economic Review, Federal Reserve Bank of Atlanta, issue Sep, pages 32-40.
  12. Thomas M. Humphrey, 1975. "The classical concept of the lender of last resort," Economic Review, Federal Reserve Bank of Richmond, issue Jan, pages 2-9.
Full references (including those not matched with items on IDEAS)

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

When requesting a correction, please mention this item's handle: RePEc:prs:recofi:ecofi_0987-3368_2000_num_56_1_3813. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Equipe PERSEE)

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.

This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.