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Quelles réformes pour le système financier international ?

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  • Olivier Davanne

Abstract

[fre] Les crises financières des dernières années dans les pays émergents ont permis de mieux identifier les principales erreurs à ne pas commettre en matière de politique financière (supervision bancaire, gestion de la dette et politique de change). Cette compréhension accrue devrait diminuer la fréquence des crises. Une réforme approfondie du système financier international n'en demeure pas moins nécessaire ; d'une part, il faut continuer à avancer dans la définition des bonnes pratiques qu'il est dans l'intérêt même des pays concernés de suivre, notamment en matière de politique de change. D'autre part, une nouvelle doctrine en matière de gestion des crises tarde à émerger. Enfin, au-delà de la question spécifique du financement des pays émergents, il ne faut pas oublier les autres dysfonctionnements de la sphère financière. L'article plaide en faveur de dispositifs de surveillance renforcée des marchés financiers des pays industrialisés. [eng] Recent financial crisis in emerging countries have pointed out what are the main mistakes to be avoided as far as financial policies are concerned (banking supervision, debt management and exchange rate policies). This better understanding should lead to a decline in the frequency of such crisis. However, reforming the international financial system is still necessary. On the one hand, there is the need for more « codes of good conduct » that countries need to follow in their owm interest, especially as far as exchange rate policies are concerned. On the other hand, there is still a lack of clear principles for crisis management. Finally, beyond the specific issue of emerging countries finance, one should not forget the other shortcomings in the financial sector. The paper argues in favour of an « enhanced surveillance process » as far as financial markets in industrialised countries are concerned.

Suggested Citation

  • Olivier Davanne, 1999. "Quelles réformes pour le système financier international ?," Revue Française d'Économie, Programme National Persée, vol. 14(4), pages 3-33.
    • Handle: RePEc:prs:rfreco:rfeco_0769-0479_1999_num_14_4_1090
    DOI: 10.3406/rfeco.1999.1090
    Note: DOI:10.3406/rfeco.1999.1090
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    References listed on IDEAS

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    2. Bartolini, Leonardo & Prati, Alessandro, 1999. "Soft exchange rate bands and speculative attacks: theory, and evidence from the ERM since August 1993," Journal of International Economics, Elsevier, vol. 49(1), pages 1-29, October.
    3. Dornbusch, Rudiger, 1976. "Expectations and Exchange Rate Dynamics," Journal of Political Economy, University of Chicago Press, vol. 84(6), pages 1161-1176, December.
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