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Innovation, produits structurés et stabilité financière

Author

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  • Imène Rahmouni-Rousseau
  • Nadège Jassaud

Abstract

[fre] Les turbulences constatées depuis l’été 2007 sur les marchés mondiaux constituent, pour de nombreuses innovations financières et en particulier pour le monde de la finance structurée, le premier véritable test. Ce test présente des défis d’autant plus complexes qu’il s’applique à un environnement financier qui a connu de profondes mutations au cours de la dernière décennie, avec une accélération de la mondialisation des marchés financiers, leur déréglementation et la libéralisation des flux de capitaux. Cependant, ces changements ne sont pas allés sans heurts. La désintermédiation s’est accompagnée d’évolutions qui, combinées, ont conduit aux problèmes structurels que la crise des subprimes a mis en lumière. C’est en agissant sur trois leviers (complexité des produits, transparence de l’information et incitations des acteurs) que la crise actuelle pourrait trouver une issue permettant de réconcilier titrisation et stabilité financière. . Classification JEL : G19, O31 [eng] Innovation, structured products and financial stability . For numerous financial innovations and especially for the world of structured finance, the turbulence experienced in the global markets since the summer of 2007 represents a first genuine test. This test presents significantly more complex challenges as it is taking place in a financial environment that has undergone profound change in the course of the last decade, with acceleration in the globalization of financial markets, deregulation and the liberalization of capital flows. However, these changes did not take place without a few jolts. Disintermediation has been accompanied by changes, which, taken together, have led to structural problems, as demonstrated by the subprime crisis. It is in acting on three levers (product complexity, information transparency and the incentives of the market participants) that an exit from current crisis may be found which would allow the reconciliation of investment products and financial stability. . JEL classification : G19, O31

Suggested Citation

  • Imène Rahmouni-Rousseau & Nadège Jassaud, 2008. "Innovation, produits structurés et stabilité financière," Revue d'Économie Financière, Programme National Persée, vol. 92(2), pages 129-146.
    • Handle: RePEc:prs:recofi:ecofi_0987-3368_2008_num_92_2_5085
    DOI: 10.3406/ecofi.2008.5085
    Note: DOI:10.3406/ecofi.2008.5085
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    Citations

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    Cited by:

    1. Véronique Lederman, 2010. "Du Paradoxe De La Securite A La Cindynique Financiere," Post-Print hal-00479484, HAL.
    2. ROUIESSI, Imane, 2016. "Stabilité financière : définitions, fondements théoriques et politique macroprudentielle," Document de travail 2016-2, Bank Al-Maghrib, Département de la Recherche.

    More about this item

    JEL classification:

    • G19 - Financial Economics - - General Financial Markets - - - Other
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • G19 - Financial Economics - - General Financial Markets - - - Other
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives

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