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Intermédiation et stabilité financière dans les économies émergentes

Listed author(s):
  • Jean-Pierre Allegret
  • Bernard Courbis
  • Philippe Dulbecco

[fre] Depuis la fin des années 1980, les économies émergentes ont amorcé un processus de libéralisation financière qui s'effectue dans un contexte d'accroissement significatif du nombre de crises bancaires. Ces dernières montrent notamment l'importance de la prise en compte du cadre institutionnel pour analyser les implications de la libéralisation financière. Dans ce papier nous cherchons à échapper à l'alternative excès de marché/insuffisance de marché en soulignant que les conditions de la viabilité des réformes financières résident dans la recherche de la complémentarité entre le marché et l'intermédiation dans les pays émergents. L'idée étant que la réponse à l'instabilité financière doit être appréhendée dans une dynamique institu- tionnelle où les économies émergentes utiliseraient les avantages d'un système intermédié pour renforcer le processus de marché. [eng] Emerging economies which have implemented since the end of the 80 s a financial liberalisation process have been confronted at the same time to banking crisis. These latter highlight the role played by the institutional framework in the financial liberalisation process. The objective of this paper is to go through the usual alternative too much/too little market in order to explain that the success of any liberalisation process relies on the complementarity of the market and the intermediation. The point is that the solution to financial instability is to be found into an institutional dynamics into which emerging economies may benefit from intermediation in order to enforce the market process.

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

Volume (Year): 17 (2003)
Issue (Month): 4 ()
Pages: 213-242

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Handle: RePEc:prs:rfreco:rfeco_0769-0479_2003_num_17_4_1476
Note: DOI:10.3406/rfeco.2003.1476
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