IDEAS home Printed from
   My bibliography  Save this article

L'occurrence d'une crise financière dans un modèle de troisième génération


  • Delphine Lahet


[eng] This article deals with a financial crisis third generation model that explains the Asian crisis. It focuses on financial panic, banking deficiencies and moral hazard. In a first generation model framework and a cross-generational framewok, we try to define the occurrence of a crisis in different ways. First, we show that a crisis is triggered by a jump between equilibria, from a no crisis equilibrium to a crisis one. Then, we highlight the underlying fundamentals - like bank credit - that may precipitate the occurrence of a crisis. In a last point, we show that taking into account moral hazard may hasten the crisis and it doesn't call into question the jump between equilibria as the triggering of a crisis. [fre] Cet article a pour objet d'élaborer un modèle de crise financière afin de préciser le déclenchement de la crise asiatique. On se place donc dans le cadre des modèles de la troisième génération qui expliquent cette crise en tenant compte de la panique financière, des défaillances bancaires et du risque moral. C'est sur la base d'un modèle de première génération et d'un travail intergénération que nous tentons de définir l'occurrence d'une crise de plusieurs façons. Tout d'abord, nous montrons que le déclenchement d'une crise financière peut être caractérisé par un processus d'équilibres multiples i.e. le passage d'un équilibre de non crise à un équilibre de crise. Puis, nous mettrons en valeur les variables fondamentales, tel le crédit bancaire, dont la dégradation précipite l'occurrence de la crise. Enfin, nous établissons que la prise en compte du risque moral dans notre modélisation accélère le déclenchement de la crise et que le processus d'équilibres multiples reste valable dans cette configuration.

Suggested Citation

  • Delphine Lahet, 2001. "L'occurrence d'une crise financière dans un modèle de troisième génération," Revue Française d'Économie, Programme National Persée, vol. 16(2), pages 179-206.
  • Handle: RePEc:prs:rfreco:rfeco_0769-0479_2001_num_16_2_1512
    Note: DOI:10.3406/rfeco.2001.1512

    Download full text from publisher

    File URL:
    Download Restriction: no

    File URL:
    Download Restriction: no

    References listed on IDEAS

    1. Masson, Paul, 1999. "Contagion:: macroeconomic models with multiple equilibria," Journal of International Money and Finance, Elsevier, vol. 18(4), pages 587-602, August.
    2. Krugman, Paul, 1979. "A Model of Balance-of-Payments Crises," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 11(3), pages 311-325, August.
    3. Flood, Robert & Marion, Nancy, 1999. "Perspectives on the Recent Currency Crisis Literature," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 4(1), pages 1-26, January.
    4. Jeanne, Olivier, 1997. "Are currency crises self-fulfilling?: A test," Journal of International Economics, Elsevier, vol. 43(3-4), pages 263-286, November.
    5. Pierre-Richard Agénor & Jagdeep S. Bhandari & Robert P. Flood, 1992. "Speculative Attacks and Models of Balance of Payments Crises," IMF Staff Papers, Palgrave Macmillan, vol. 39(2), pages 357-394, June.
    6. Peter Isard, 1994. "Realignment Expectations, Forward Rate Bias, and Intervention in an Optimizing Model of Exchange Rate Adjustment," IMF Staff Papers, Palgrave Macmillan, vol. 41(3), pages 435-459, September.
    7. Flood, Robert P. & Garber, Peter M., 1984. "Collapsing exchange-rate regimes : Some linear examples," Journal of International Economics, Elsevier, vol. 17(1-2), pages 1-13, August.
    8. Cavallari, Lilia & Corsetti, Giancarlo, 2000. "Shadow rates and multiple equilibria in the theory of currency crises," Journal of International Economics, Elsevier, vol. 51(2), pages 275-286, August.
    Full references (including those not matched with items on IDEAS)

    More about this item


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:prs:rfreco:rfeco_0769-0479_2001_num_16_2_1512. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Equipe PERSEE). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.