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Implications de l’imperfection des marchés financiers pour la politique monétaire

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  • Meixing Dai

    (Maître de conférences, Université de Strasbourg (BETA))

Abstract

Dans une économie de marchés financiers qui est soumise à un risque de dysfonctionnement et où les actifs financiers sont des substituts imparfaits, on ne peut pas négliger les marchés financiers et monétaires dans les décisions de politique monétaire comme le fait actuellement la littérature du ciblage d’inflation et des règles du taux d’intérêt. Le dysfonctionnement des marchés financiers et monétaires qui débouche sur une crise financière majeure caractérisée par l’éclatement des bulles spéculatives sur les prix des actifs réels et financiers, pourrait obliger la banque centrale à mener une politique du taux d’intérêt zéro associée à des politiques d’assouplissement quantitatif et/ou à des politiques de crédit destinées à sortir de la trappe à liquidité ou à l’éviter. Après la sortie de crise, il est indispensable de réviser la stratégie et la conduite de la politique monétaire en prenant en compte le fonctionnement imparfait des marchés financiers et monétaires.

Suggested Citation

  • Meixing Dai, 2010. "Implications de l’imperfection des marchés financiers pour la politique monétaire," Bulletin de l'Observatoire des politiques économiques en Europe, Observatoire des Politiques Économiques en Europe (OPEE), vol. 22(1), pages 28-35, June.
    • Handle: RePEc:ulp:buopee:v:22:y:2010:m:06:i:7
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    References listed on IDEAS

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    Cited by:

    1. Meixing Dai, 2012. "External Constraint and Financial Crises with Balance Sheet Effects," International Economic Journal, Taylor & Francis Journals, vol. 26(4), pages 567-585, March.

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    More about this item

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination

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