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Le développement des marchés financiers et les crises : quelles leçons pour les économies émergentes ?

Listed author(s):
  • Faruk Ülgen


    (CREG - Centre de recherche en économie de Grenoble - Grenoble 2 UPMF - Université Pierre Mendès France)

This article presents an examination of the ins and outs of the liberal financial doctrine to consider the main lessons which could be drawn from the 2007-08 crisis in the aim of reconsidering the development of financial systems in our economies. Throught a synthesis of the theoretical foundations of liberalization reforms, the links between the process of financial developement and the crisis are studied. The 2007-08 crisis points out that the monetary and financial difficulties do not lie in the economic fragilities which would be connected to the underdevelopment, but rather in the way liberalized economies work. From this point fo view, it sems, relatively speaking, that financial instabilities ate the result of endogenous problems of the finacialized and globalized economic systems more than the natural outcome of the difficulties of transition of some economies towards a so-called efficient market economy.

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Paper provided by HAL in its series Post-Print with number halshs-01003213.

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Date of creation: 2013
Publication status: Published in Investigación económica, Revista de la Facultad de economía PUCE, 2013, pp.281-310
Handle: RePEc:hal:journl:halshs-01003213
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