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L’éternel retour des crises financières

Author

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  • Elie Cohen

    (CEVIPOF - Centre de recherches politiques de Sciences Po (Sciences Po, CNRS) - Sciences Po - Sciences Po - CNRS - Centre National de la Recherche Scientifique)

Abstract

Entre 1997 et 2010, un nombre inédit de crises financières se sont succédé : crise asiatique, crise de la nouvelle économie, crise du longterm capital management (LTCM), crise d'Enron, crise des subprimes et, à présent, crise des dettes souveraines. On retrouve les mêmes facteurs dans chacune de ces crises : les produits dérivés qui se révèlent toxiques, les leveraged buyouts (LBO) à forts effets de levier, les marchés de gré à gré non régulés, les conflits d'intérêts des agences de notation, les pannes de liquidité, les défauts de la supervision et, pour finir, la propagation internationale. Les mêmes acteurs se relaient sur la scènes de ces crises : investisseurs non sophistiqués, petits génies de la finance, comptables trop habiles, politiques indécis et régulateurs aveugles. Ces crises majeures n'ont pas entraîné de récessions mondiales, mais elles ont durablement affecté l'économie et l'équilibre du système financier.

Suggested Citation

  • Elie Cohen, 2013. "L’éternel retour des crises financières," SciencePo Working papers Main hal-03398069, HAL.
    • Handle: RePEc:hal:spmain:hal-03398069
    Note: View the original document on HAL open archive server: https://hal-sciencespo.archives-ouvertes.fr/hal-03398069
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    Keywords

    Crise financière;

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