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Les dilemmes du prêteur en dernier ressort international

Author

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  • Michel Aglietta
  • Caroline Denise

Abstract

[fre] L'objet de cet article est de tenter de clarifier le concept de prêteur en dernier ressort international. Alors que la question au niveau national semblait avoir fait l'objet d'un consensus, son analyse au niveau international pose de redoutables problèmes, tant théoriques qu'opérationnels. Les tentatives de réforme qui ont suivi le déchaînement des crises des derniers mois reflètent cette indécision sur ce que doit être un prêteur en dernier ressort international dans l'état actuel des choses et sur les éléments qui fondent sa légitimité. Après avoir rappelé les fondements théoriques et les critères de légitimité du prêteur en dernier ressort, nous analysons les conditions dans lesquelles une intervention internationale est nécessaire et les modalités d'organisation envisageables. Deux modèles cohérents, présentant une vision globale, émergent de l'ensemble des propositions : l'un fondé sur les règles transforme le prêteur en dernier ressort international en méta-régulateur, l'autre fondé sur l'ambiguïté constructive met en réseaux les banques centrales. [eng] This article endeavours to clarify the notion of an International Lender of Last Resort. While this question has reached a workable consensus at the national level, its extension to the international arena raises serious difficulties, both theoretically and practically. The minimal reforms that have been adopted in the aftermath of the Asian crisis reflect this uncertainty over what an International Lender of Last Resort should be and the criteria of its legitimacy. After recalling the theoretical foundations for a Lender of Last Resort, we investigate the conditions in which an international intervention is necessary and the possible frameworks to implement it. Two global consistent models stand out : one relies on the rules that convert the function of Lender of Last Resort into a meta- regulator, the other is based on constructive ambiguity and the establishment of a network of central banks.

Suggested Citation

  • Michel Aglietta & Caroline Denise, 1999. "Les dilemmes du prêteur en dernier ressort international," Revue Française d'Économie, Programme National Persée, vol. 14(4), pages 35-85.
  • Handle: RePEc:prs:rfreco:rfeco_0769-0479_1999_num_14_4_1091
    Note: DOI:10.3406/rfeco.1999.1091
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