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Quelles alternatives à un prêteur international en dernier ressort ?

Listed author(s):
  • Christian Pfister
  • Gérard Kremer

[eng] Which alternatives to an international lender of last resort? As it appears neither desirable nor possible to set up an international lender of last resort, one should rather look for ways to improve the existing framework in order to overcome international capital market failures. Two complementary ways should be favoured: the involvement of the private sector and the reform of the International Monetary Fund. The IMF is the only institution in a position to build and implement a balanced system of incentives, conducive both to a reduction of the vulnerability of emerging economies to crises and to the involvement of the private sector. However, any ambiguity about the role of the IMF as an international lender of last resort should be cleared up, which implies a return to access limits to IMF resources. [fre] Comme il ne paraît ni souhaitable ni possible d'instituer un prêteur international en dernier ressort, il faut plutôt rechercher comment le cadre existant peut être aménagé pour pallier les défaillances des marchés internationaux de capitaux. Deux voies complémentaires sont à privilégier : l'implication du secteur privé et la réforme du Fonds monétaire international. Ce dernier est la seule institution en mesure de créer un système d'incitations équilibré, favorisant à la fois la réduction de la vulnérabilité des économies émergentes et l'implication du secteur privé. En revanche, toute ambiguïté sur le rôle du FMI comme prêteur international en dernier ressort devrait être levée, ce qui passe par un retour aux limites d'accès aux ressources du FMI.

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Article provided by Programme National Persée in its journal Revue économique.

Volume (Year): 52 (2001)
Issue (Month): 2 ()
Pages: 431-445

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Handle: RePEc:prs:reveco:reco_0035-2764_2001_num_52_2_410327
Note: DOI:10.3406/reco.2001.410327
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