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Les mécanismes de régulation des déséquilibres financiers aux Etats-Unis

  • André Icard
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    [eng] André Icard Mechanisms for regulating financial desequilibria in the United-States. The present system for regulating financial disequilibria in the United- States is based both on federal intervention and on highly sophisticated market techniques. However, its institutional component has been weakened over the last few years: it is being questioned because, on the one hand, it is made up of stratified rules and regulations issued by inadequately coordinated authorities and, on the other hand, it may disrupt the natural operation of markets by taking it away from the conditions of pure and perfect competition. In the end, the regulation of financial disequilibria relies largely on the role of lender of last resort performed by the Central Bank. However, it is not always easy for the latter to carry out this function, particularly at a time when inflationary pressures are increasing. Wide-ranging reforms, aiming both at changing inappropriate banking regulations and at involving the federal regulatory authority more adequately, are presently considered in the United-States. [fre] André Icard Les mécanismes de régulation des déséquilibres financiers aux Etats-Unis. Le système actuel de régulation des déséquilibres financiers aux Etats-Unis repose à la fois sur l'intervention fédérale et sur des techniques de marché très développées. Sa partie institutionnelle a cependant été ébranlée ces dernières années : il est contesté car, d'une part, il est constitué d'une réglementation stratifée émanant d'autorités insuffisamment coordonnées et, d'autre part, il peut perturber le fonctionnement naturel des marchés en l'éloignant des conditions de la concurrence pure et parfaite. In fine, la régulation des déséquilibres financiers repose largement sur la fonction de prêteur en dernier ressort assumée par la Banque centrale. Il n'est toutefois pas toujours aisé à cette dernière d'exercer ce rôle, particulièrement en période de montée des tensions inflationnistes. Des réformes profondes visant à la fois à faire évoluer une réglementation bancaire inadaptée et à n'engager le régulateur fédéral qu'à bon escient, sont actuellement envisagées aux Etats-Unis.

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

    Volume (Year): 6 (1991)
    Issue (Month): 1 ()
    Pages: 21-35

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    Handle: RePEc:prs:rfreco:rfeco_0769-0479_1991_num_6_1_1272
    Note: DOI:10.3406/rfeco.1991.1272
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