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Politique monétaire, capital bancaire et liquidité des marchés

  • Christian Pfister
  • Olivier de Bandt

[eng] Monetary policy, bank capital and market liquidity . The implementation of the Basel II Capital Accord highlights the role of bank capital in the conduct of monetary policy. The paper studies the three types of instances that central banks may face. In normal times, the distribution of bank capital across institutions influences the transmission mechanism of monetary policy (the « bank capital channel »), as confirmed by evidence available for a certain number of countries. During financial crisis periods, when systemic risk prevails, the existence of capital requirements does not preclude the ex post intervention of central banks as Lender of Last Resort, particularly in order to prevent liquidity crisis in interbank markets or to limit their effects. Finally, in the case of lasting difficulties in the banking sector hampering the functioning of monetary policy, the issues of the recapitalization of insolvent institutions by the government and of the provision of excess liquidity by the Central Bank need to be raised. . JEL classifications : E5, G21, G28 [fre] La mise en place de Bâle II conduit à s'interroger sur le rôle du capital bancaire dans la conduite de la politique monétaire. L'article décrit les trois types de situations auxquelles les banques centrales peuvent se trouver confrontées. En période normale, la répartition des fonds propres bancaires entre établissements influence les mécanismes de transmission de la politique monétaire (« canal du capital bancaire »). En période de crise financière ou de risque systémique, l'existence de normes de capital n'exclut pas l'intervention ex post des banques centrales comme Prêteur en Dernier Ressort, notamment pour éviter des crises de liquidité sur les marchés interbancaires ou limiter leurs effets. Enfin, en cas de difficultés durables du système bancaire conduisant à l'inefficacité de la politique monétaire, les questions de la recapitalisation par l'État de certains établissements insolvables et de la fourniture d'une liquidité excédentaire par la Banque centrale se trouvent posées. . Classification JEL : E5, G21, G28

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

Volume (Year): 73 (2003)
Issue (Month): 4 ()
Pages: 213-226

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Handle: RePEc:prs:recofi:ecofi_0987-3368_2003_num_73_4_5016
Note: DOI:10.3406/ecofi.2003.5016
Contact details of provider: Web page: http://www.persee.fr/web/revues/home/prescript/revue/ecofi

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  1. Leonardo Gambacorta & Paolo Emilio Mistrulli, 2003. "Bank Capital and Lending Behaviour: Empirical Evidence for Italy," Temi di discussione (Economic working papers) 486, Bank of Italy, Economic Research and International Relations Area.
  2. Rochet, Jean-Charles & Vives, Xavier, 2004. "Coordination Failures and the Lender of Last Resort : Was Bagehot Right After All?," IDEI Working Papers 294, Institut d'Économie Industrielle (IDEI), Toulouse.
  3. Michael Ehrmann & Leonardo Gambacorta & Jorge Martínez-Pagés & Patrick Sevestre & Andreas Worms, 2001. "Financial Systems and the Role of Banks in Monetary Policy Transmission in the Euro Area," Banco de Espa�a Working Papers 0118, Banco de Espa�a.
  4. Martin Feldstein, 2002. "The Role for Discretionary Fiscal Policy in a Low Interest Rate Environment," NBER Working Papers 9203, National Bureau of Economic Research, Inc.
  5. C. H. Furfine, 2001. "The interbank market during a crisis," BIS Working Papers 99, Bank for International Settlements.
  6. Douglas W. Diamond & Raghuram G. Rajan, 2005. "Liquidity Shortages and Banking Crises," Journal of Finance, American Finance Association, vol. 60(2), pages 615-647, 04.
  7. Bayoumi, Tamim & Morsink, James, 2000. "A Peek Inside The Black Box: The Monetary Transmission Mechanism In Japan," CEPR Discussion Papers 2435, C.E.P.R. Discussion Papers.
  8. Douglas W. Diamond & Raghuram G. Rajan, 2000. "A Theory of Bank Capital," Journal of Finance, American Finance Association, vol. 55(6), pages 2431-2465, December.
  9. Skander Van den Heuvel, 2006. "The Bank Capital Channel of Monetary Policy," 2006 Meeting Papers 512, Society for Economic Dynamics.
  10. Saito, Makoto & Shiratsuka, Shigenori, 2001. "Financial Crises As the Failure of Arbitrage: Implications for Monetary Policy," Monetary and Economic Studies, Institute for Monetary and Economic Studies, Bank of Japan, vol. 19(S1), pages 239-270, February.
  11. Jeremy C. Stein & Anil K. Kashyap, 2000. "What Do a Million Observations on Banks Say about the Transmission of Monetary Policy?," American Economic Review, American Economic Association, vol. 90(3), pages 407-428, June.
  12. Robert L. Hetzel & Ralph F. Leach, 2001. "The Treasury-Fed Accord : a new narrative account," Economic Quarterly, Federal Reserve Bank of Richmond, issue Win, pages 33-55.
  13. Skander J. Van den Heuvel, 2002. "Does bank capital matter for monetary transmission?," Economic Policy Review, Federal Reserve Bank of New York, issue May, pages 259-265.
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