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Marchés d’actions et stabilité financière : les enjeux de la régulation

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  • Vincent Fleuriet
  • Catherine Lubochinsky

Abstract

[fre] Cet article analyse les spécificités des marchés actions, tant dans les conséquences des crises boursières que dans les développements actuels de la structure des Bourses, ainsi que les enjeux de la régulation en termes de stabilité financière. Après avoir présenté les difficultés d’appréhension du concept de stabilité financière, plus particulièrement lié aux marchés boursiers, les réactions des autorités de régulation face aux principales crises boursières sont analysées. C’est dans ce contexte que sont alors évalués les problèmes soulevés par l’internationalisation accrue des marchés et par l’évolution du fonctionnement des transactions boursières dans une perspective de consolidation/concurrence des Bourses.. Classification JEL : G18, G28, G38 [eng] Stock markets and financial stability : regulations issues . This paper gives an overview of the specificities of stock markets, in terms of the consequences of market crashes, stock markets structural developments and the regulation issues as far as financial stability is concerned. First, the difficulties of defining the concept of financial stability, especially for stock markets, are reviewed. Then the regulators’ reaction to the main markets crashes, improving regulation in order to achieve financial stability, are analysed. In this context, problems arising from the markets’ internationalisation and from the transaction process are underlined in a perspective of consolidation vs competition among exchanges. . JEL classification : G18, G28, G38

Suggested Citation

  • Vincent Fleuriet & Catherine Lubochinsky, 2006. "Marchés d’actions et stabilité financière : les enjeux de la régulation," Revue d'Économie Financière, Programme National Persée, vol. 82(1), pages 251-261.
    • Handle: RePEc:prs:recofi:ecofi_0987-3368_2006_num_82_1_4053
    DOI: 10.3406/ecofi.2006.4053
    Note: DOI:10.3406/ecofi.2006.4053
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    References listed on IDEAS

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    1. Michael Ehrmann & Marcel Fratzscher & Roberto Rigobon, 2011. "Stocks, bonds, money markets and exchange rates: measuring international financial transmission," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 26(6), pages 948-974, September.
    2. Mr. Garry J. Schinasi, 2004. "Defining Financial Stability," IMF Working Papers 2004/187, International Monetary Fund.
    3. Jean-Marc Suret & Cécile Carpentier, 2003. "Securities Regulation In Canada," CIRANO Project Reports 2003rp-12, CIRANO.
    4. Crockett, A, 1997. "The Theory and Practice of Financial Stability," Princeton Essays in International Economics 203, International Economics Section, Departement of Economics Princeton University,.
    5. Claudio E. V. Borio & Kostas Tsatsaronis, 2005. "Accounting, prudential regulation and financial stability: elements of a synthesis," BIS Working Papers 180, Bank for International Settlements.
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    More about this item

    JEL classification:

    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation

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