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Vers une prévention macro-prudentielle des crises financières internationales

  • André Cartapanis

[eng] Macro-prudential prevention of international financial crises . The new international financial structure tries to modernise emergent financial markers and to reinforce prevention and management's tools of international crises. Crises' prevention isn't restricted to macroeconomic supervision if speculative attacks correspond to financial runs and vulnerability of intenational financial structure : importance of foreign short term finance, concentration of international banking creditors, conversion of high termination date, high volatility of collateral, increasing correlation of asset prices on emergent markets... So prevention macro-prudential policies become interesting to introduce incentives or rules improving systemic risk management. . JEL classification : E44, F33, G15 [fre] La nouvelle architecture financière internationale a pour objet de moderniser l'architecture des marchés financiers dans les pays émergents et de conforter les moyens de prévention et de gestion des crises à l'échelle internationale. Mais la question de la prévention des crises ne se réduit pas à la surveillance macroéconomique si les mouvements de défiance ou les attaques spéculatives s'apparentent à des paniques financières et répondent à des fragilités enchâssées dans les structures de la finance mondiale contemporaine : rôle clé des financements courts renouvelables en devises, forte concentration parmi les créanciers bancaires internationaux, transformations d'échéances élevées, forte volatilité des collatéraux, corrélations croissantes des prix d'actifs sur les marchés émergents... D'où l'intérêt des politiques de prévention macro-prudentielle de nature à introduire des incitations ou des règles permettant d'améliorer le traitement dynamique du risque systémique. . Classification JEL : E44, F33, G15

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

Volume (Year): 70 (2003)
Issue (Month): 1 ()
Pages: 89-100

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Handle: RePEc:prs:recofi:ecofi_0987-3368_2003_num_70_1_4824
Note: DOI:10.3406/ecofi.2003.4824
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  1. Corsetti, Giancarlo & Pesenti, Paolo & Roubini, Nouriel, 1999. "What caused the Asian currency and financial crisis?," Japan and the World Economy, Elsevier, vol. 11(3), pages 305-373, October.
  2. Cartapanis, Andre & Dropsy, Vincent & Mametz, Sophie, 2002. "The Asian Currency Crises: Vulnerability, Contagion, or Unsustainability," Review of International Economics, Wiley Blackwell, vol. 10(1), pages 79-91, February.
  3. Serge Jeanneau & Marian Micu, 2002. "Determinants of international bank lending to emerging market countries," BIS Working Papers 112, Bank for International Settlements.
  4. Barry Eichengreen & Andrew K. Rose, 1998. "Staying Afloat When the Wind Shifts: External Factors and Emerging-Market Banking Crises," NBER Working Papers 6370, National Bureau of Economic Research, Inc.
  5. Reinhart, Carmen & Kaminsky, Graciela, 1998. "Financial crises in Asia and Latin America: Then and now," MPRA Paper 13877, University Library of Munich, Germany.
  6. Frankel, Jeffrey & Roubini, Nouriel, 2002. "The Role of Industrial Country Policies in Emerging Market Crises," Working Paper Series rwp02-002, Harvard University, John F. Kennedy School of Government.
  7. Steven Radelet & Jeffrey Sachs, 1998. "The Onset of the East Asian Financial Crisis," NBER Working Papers 6680, National Bureau of Economic Research, Inc.
  8. Rudi Dornbusch, 2002. "A Primer on Emerging-Market Crises," NBER Chapters, in: Preventing Currency Crises in Emerging Markets, pages 743-754 National Bureau of Economic Research, Inc.
  9. De Bandt, Olivier & Hartmann, Philipp, 2000. "Systemic risk: A survey," Working Paper Series 0035, European Central Bank.
  10. Chang, Roberto & Velasco, Andres, 2000. "Banks, debt maturity and financial crises," Journal of International Economics, Elsevier, vol. 51(1), pages 169-194, June.
  11. Claudio Borio & Craig Furfine & Philip Lowe, 2001. "Procyclicality of the financial system and financial stability: issues and policy options," BIS Papers chapters, in: Bank for International Settlements (ed.), Marrying the macro- and micro-prudential dimensions of financial stability, volume 1, pages 1-57 Bank for International Settlements.
  12. Frederic S. Mishkin, 2000. "Lessons from the Asian Crisis," NBER Working Papers 7102, National Bureau of Economic Research, Inc.
  13. Michel Aglietta, 1996. "Financial Market Failures and Systemic Risk," Working Papers 1996-01, CEPII research center.
  14. Steven Radelet & Jeffrey D. Sachs, 1998. "The East Asian Financial Crisis: Diagnosis, Remedies, Prospects," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 29(1), pages 1-90.
  15. Jason Furman & Joseph E. Stiglitz, 1998. "Economic Crises: Evidence and Insights from East Asia," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 29(2), pages 1-136.
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