Crise systémique et régulation financière

ULGEN, Faruk (2010): Crise systémique et régulation financière.

Abstract

One of the privileged explanations of the current crisis is the sophistication and the weak transparency of financial markets which would have allowed speculative behavior to elude authorities’ supervision. This article develops a different view by putting the emphasis on the model of organization of financial systems. This is established on the predominance of micro-prudential supervision schemes following the hypothesis of free market efficiency. From 1980-90, prudential mechanisms have worked in favor of self-regulation models and the systemic stability is mainly founded on the individual security of banking institutions. We show that this orientation suffers from the fallacy of composition; the micro-prudential model turns out to be unsuitable for the management of systemic risks because of the absence of an automatic bridge between the micro and the macroeconomic levels. The new regulatory environment feeds then successive bubbles the recurrence of which seems to require a modification of the rules of organization to avoid the forced socialization of the losses of private actors.

• Item Type: MPRA Paper
• English Title: Systemic crisis and financial regulation
• Language: French
• Keywords: Systemic crisis; efficient markets; regulatory schemes
• Subjects: G - Financial Economics > G1 - General Financial Markets > G18 - Government Policy and Regulation; E - Macroeconomics and Monetary Economics > E4 - Money and Interest Rates > E44 - Financial Markets and the Macroeconomy; G - Financial Economics > G0 - General > G01 - Financial Crises

References

Acemoglu, D. (2009), « The crisis of 2008: structural lessons for and from economics », Policy Insight N°28, Centre for Economic Policy Research, January.

Aglietta, M. (2003), « Le risque systémique dans la finance libéralisée », Revue d’économie financière, 70, 33-50.

Aglietta, M. et Berrebi, L. (2007), Désordres dans le capitalisme mondial, Odile Jacob, Paris.

Allen F. and Gale D. (2007), “Systemic Risk and Regulation”, in Carey M. and Stulz, R M. (eds.), The Risks of Financial Institutions, National Bureau of Economic Research, University of Chicago Press, pp. 341-374.

Barth, J. R., Dan Brumbaugh Jr, R. and Wilcox, J. A. (2000), “The Repeal of Glass-Steagall and the Advent of Broad Banking”, The Office of the Comptroller of the Currency and the U.S. Department of the Treasury, Economic and Policy Analysis Working Paper, 2000-5, April.

Barth, J. R., Caprio, G. and Levine, R. (2006), Rethinking Bank Regulation, Cambridge University Press.

Bhattacharya, S., Boot, W. A. and Thakor, A. V. (1998), “The Economics of Bank Regulation”, Journal of Money, Credit, and Banking, 30(4), 745-770.

Brunnermeier, M., Crockett, A., Goodhart, Ch., Persaud, A. D. and Shin, H. (2009), The Fundamental Principles of Financial Regulation, ICMB-CEPR, Preliminary Conference Draft, 11, Geneva.

Cafaggi, F. (2004), “Le rôle des acteurs privés dans le processus de régulation: participation, autorégulation et régulation privée », Revue française d’administration publique, N°109, 23-35.

Calomiris, Ch. W., Klingebiel, D. and Laeven, L. (2005), “Financial Crisis Policies and Resolution Mechanisms. A Taxonomy from Cross-Country Experience”, in Honohan, P. and Laeven, L. (eds.), Systemic Financial Crises, Cambridge University Press, pp. 25-75.

European Central Bank (2005), Financial Stability Review.

Frankel, J. A. (2009), “What’s In and Out in Global Money”, Finance and development, IMF, Septembre, pp. 13-17.

Frenkel, R. and Rapetti, M. (2009), “A developing country view of the current global crisis: what should not be forgotten and what should be done”, Cambridge Journal of Economics, 33, pp. 685-702.

Goodhart, C.A.E. and Illing, G. (2002), Financial Crises, Contagion and the Lender of Last Resort: A Reader, UK: Oxford University Press.

Greenspan, A. (2008), “ We will never have a perfect model of risk”, Financial Times, 16 march 2008.

Greenspan, A. (2007), “The Roots of the Mortgage Crisis”, The Wall Street Journal, 12 December 2007.

Greenspan, A. (2005a), Government sponsored enterprises, Remarks by Chairman Alan Greenspan, to the Conference on Housing, Mortgage Finance, and the Macroeconomy, Federal Reserve Bank of Atlanta, Atlanta, Georgia, May 19.

Greenspan, A. (2005b), Mortgage banking, Remarks by Chairman Alan Greenspan to the American Bankers Association Annual Convention, Palm Desert, California, September 26.

International Monetary Fund (2005), Global Financial Stability Report, September.

International Monetary Fund (2010), Global Financial Stability Report, October.

Jorion, P. (2006), Value at Risk. 3rd ed. The New Benchmark for Managing Financial Risk, McGraw-Hill Professional.

Klein, L. R. and Shabbir, T. (eds.) (2006), Recent Financial Crises, Edward Elgar.

Lordon, F. (2009), “Après la crise financière: “réguler” ou refondre ?”, Revue de la régulation, N°5, 1e trimestre.

Markowitz, H. M. (2005), “Market Efficiency: A Theoretical Distinction and So What?” Financial Analysts Journal, September/October, pp. 17-30.

Minsky, H. P. (1986), Stabilizing an Unstable Economy, Yale University Press.

Mishkin, F. S. (ed.) (2001), Prudential Supervision. What Works and What Doesn’t, A National Bureau of Economic Research Conference Report, The University of Chicago Press.

National Bank of Belgium (2005), Financial Stability Review.

Orléan, A. (2009), De l’euphorie à la panique: penser la crise financière, Cepremap, Editions Rue d’Ulm.

Quinn, B. JM. (2009), “The Failure of Private Ordering and the Financial Crisis of 2008”, Boston College Law School Faculty Papers, Paper 241.

Schinasi, G. J. (2004), “Defining Financial Stability”, IMF Working Paper, WP/04/187.

Tarullo, D. K. (2009), Financial Regulation: Past and Future, Speech at the Money Marketeers of New York University, New York, November 9.

Trebing, H. M. (2004), “Assessing Deregulation: The Clash between Promise and Reality”, Journal of Economic Issues, Vol. XXXVIII, N°1, March, pp. 1-27.

Ülgen, F. (2010), “In search of relevant regulatory policies: A Minskian lecture in view of the current financial crisis”, in T. Lagoarde-Segot (ed.) After the Crisis: Rethinking Finance, Nova Science Publishers, Inc., New York.

Ülgen, F. (2009a), “The current financial crisis: paving the way for reconsidering the working of market economies”, Idea. A Journal of Humanities, 1(2).

Ülgen, F. (2009b), « Régulation monétaire et financière et viabilité des économies de marché », Document de travail, Creppem, Grenoble.

Ülgen, F. (1994), L’Endogénéité de la monnaie : Ebauche d’une théorie de l’économie monétaire, Thèse de Doctorat en Sciences Economiques, Université de Paris X-Nanterre.