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Spéculation internationale et régulation financière

Author

Listed:
  • Jacques Fontanel

    (CESICE - Centre d'études sur la sécurité internationale et les coopérations européennes - UPMF - Université Pierre Mendès France - Grenoble 2 - IEPG - Sciences Po Grenoble - Institut d'études politiques de Grenoble)

  • Fanny Coulomb

    (IEPG - Sciences Po Grenoble - Institut d'études politiques de Grenoble, CESICE - Centre d'études sur la sécurité internationale et les coopérations européennes - UPMF - Université Pierre Mendès France - Grenoble 2 - IEPG - Sciences Po Grenoble - Institut d'études politiques de Grenoble)

Abstract

Financial markets manage the alternative between immediate and deferred utility. The aim is to mobilize global savings to finance productive investments, protect the financial assets of savers and open up international trade. Today, controls on financial flows have been reduced by the 3D rule: disintermediation, decompartmentalization and deregulation. International transactions are growing at high speed, which is likely to lead to a generalized financial crisis, even if financial globalization is still limited. Financial globalization is a factor of macroeconomic insecurity, with an excessive expansion of the financial sphere. Several reform proposals have been put forward, but the dominance of liberal philosophy makes them hardly applicable today in view of the financial stakes of multinational firms and the banking sector. The risk of irresponsible behaviour in the financial markets is high, to the point of making a global financial crisis highly predictable.

Suggested Citation

  • Jacques Fontanel & Fanny Coulomb, 2006. "Spéculation internationale et régulation financière," Post-Print hal-03326513, HAL.
    • Handle: RePEc:hal:journl:hal-03326513
    Note: View the original document on HAL open archive server: https://hal.univ-grenoble-alpes.fr/hal-03326513v1
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    File URL: https://hal.univ-grenoble-alpes.fr/hal-03326513v1/document
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    References listed on IDEAS

    as
    1. Fang Cai & Francis E. Warnock, 2004. "International diversification at home and abroad," International Finance Discussion Papers 793, Board of Governors of the Federal Reserve System (U.S.).
    2. Jacques Fontanel, 1993. "Economistes pour la paix," Post-Print hal-03211534, HAL.
    3. Fanny Coulomb & Jacques Fontanel, 2000. "La puissance des États et la globalisation économique," Post-Print hal-02485620, HAL.
    4. Jacques Fontanel & Ivan Samson, 2002. "L'Etat, un agent économique contestable, mais irremplaçable," Post-Print hal-02197691, HAL.
    5. André Cartapanis, 2003. "Vers une prévention macro-prudentielle des crises financières internationales," Revue d'Économie Financière, Programme National Persée, vol. 70(1), pages 89-100.
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