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Vers une prévention macro-prudentielle des crises financières internationales

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  • André Cartapanis

Abstract

[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

Suggested Citation

  • André Cartapanis, 2003. "Vers une prévention macro-prudentielle des crises financières internationales," Revue d'Économie Financière, Programme National Persée, vol. 70(1), pages 89-100.
  • Handle: RePEc:prs:recofi:ecofi_0987-3368_2003_num_70_1_4824
    Note: DOI:10.3406/ecofi.2003.4824
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    References listed on IDEAS

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    1. Kaminsky, Graciela L & Reinhart, Carmen M, 1998. "Financial Crises in Asia and Latin America: Then and Now," American Economic Review, American Economic Association, vol. 88(2), pages 444-448, May.
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    3. De Bandt, Olivier & Hartmann, Philipp, 2000. "Systemic risk: A survey," Working Paper Series 0035, European Central Bank.
    4. Serge Jeanneau & Marian Micu, 2002. "Determinants of international bank lending to emerging market countries," BIS Working Papers 112, Bank for International Settlements.
    5. 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.
    6. 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.
    7. 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.
    8. Mishkin, Frederic S., 1999. "Lessons from the Asian crisis," Journal of International Money and Finance, Elsevier, vol. 18(4), pages 709-723, August.
    9. 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.
    10. Michel Aglietta, 1996. "Financial Market Failures and Systemic Risk," Working Papers 1996-01, CEPII research center.
    11. Chang, Roberto & Velasco, Andres, 2000. "Banks, debt maturity and financial crises," Journal of International Economics, Elsevier, vol. 51(1), pages 169-194, June.
    12. Steven Radelet & Jeffrey Sachs, 1998. "The Onset of the East Asian Financial Crisis," NBER Working Papers 6680, National Bureau of Economic Research, Inc.
    13. Jeffrey A. Frankel & Nouriel Roubini, 2001. "The Role of Industrial Country Policies in Emerging Market Crises," NBER Working Papers 8634, National Bureau of Economic Research, Inc.
    14. 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.
    15. 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.
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    Cited by:

    1. Houssem Rachdi, 2010. "The Link between International Supervision and Banking Crises," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 57(3), pages 321-332, September.
    2. Ramzi FARHANI & Ghrissi MHAMDI & Abdelkader AGUIR & Mounir SMIDA, 2015. "Effect of Financial Liberalization on the Probability of Occurrence of Banking Crises," Expert Journal of Economics, Sprint Investify, vol. 3(1), pages 14-21.
    3. André Cartapanis, 2011. "La crise financière et les politiques macroprudentielles. Inflexion réglementaire ou nouveau paradigme ?," Revue économique, Presses de Sciences-Po, vol. 62(3), pages 349-382.
    4. Andre Cartapanis, 2004. "Le declenchement des crises de change : qu'avons-nous appris depuis dix ans ?," Economie Internationale, CEPII research center, issue 97, pages 5-48.
    5. Gabriel Mougani, 2012. "Working Paper 144 - An Analysis of the Impact of Financial Integration on Economic Activity and Macroeconomic Volatility in Africa within the Financial Globalization Context," Working Paper Series 375, African Development Bank.
    6. André Cartapanis & Jérôme Teïletche, 2008. "Les hedge funds et la crise financière internationale," Revue d'Économie Financière, Programme National Persée, vol. 7(1), pages 185-193.

    More about this item

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

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