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Politique monétaire, capital bancaire et liquidité des marchés

  • Olivier de Bandt
  • Christian Pfister

[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
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  1. C. H. Furfine, 2001. "The interbank market during a crisis," BIS Working Papers 99, Bank for International Settlements.
  2. Tamim Bayoumi & James Morsink, 1999. "A Peek Inside the Black Box: The Monetary Transmission Mechanism in Japan," IMF Working Papers 99/137, International Monetary Fund.
  3. Christian Pfister, 2000. "Relations entre politique monétaire unique et politiques prudentielles," Revue Économique, Programme National Persée, vol. 51(3), pages 683-692.
  4. Jean-Charles Rochet & Xavier Vives, 2002. "Coordination Failures and the Lender of Last Resort: Was Bagehot Right After All?," FMG Discussion Papers dp408, Financial Markets Group.
  5. Douglas W. Diamond & Raghuram G. Rajan, 2003. "Liquidity Shortages and Banking Crises," NBER Working Papers 10071, National Bureau of Economic Research, Inc.
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  9. Sevestre, Patrick & Martinez-Pages, Jorge & Gambacorta, Leonardo & Ehrmann, Michael & Worms, Andreas, 2001. "Financial systems and the role of banks in monetary policy transmission in the euro area," Discussion Paper Series 1: Economic Studies 2001,18, Deutsche Bundesbank, Research Centre.
  10. 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.
  11. 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.
  12. 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.
  13. Skander Van den Heuvel, 2006. "The Bank Capital Channel of Monetary Policy," 2006 Meeting Papers 512, Society for Economic Dynamics.
  14. 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.
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