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Les banques centrales et la stabilité financière : nouveau rôle, nouveau mandat, nouveaux défis ?

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  • Laurent Clerc
  • Robert Raymond

Abstract

Both the central bank strategic framework and doctrine have been challenged by the recent financial crisis. Their focus on price stability was too narrowly defined and insufficient considerations were given to financial stability. When key interest rates reached their zero lower bound, central banks had to resort to non-conventional measures, leading them to err far away from their legal mandate. Paradoxically, this strategic framework has not been questioned so far. The central bank mandate has even been extended to factor in macro-prudential policy and, in some cases, micro-prudential responsibilities. The main challenge raised by the centralization of all these regulatory powers is the extent to which central banks will be able to carry out all their duties in full independence. However, independence is key for the success and the implementation of central bank core missions : price stability and lender of last resort. Classification JEL: E41, E52, E58, E63.

Suggested Citation

  • Laurent Clerc & Robert Raymond, 2014. "Les banques centrales et la stabilité financière : nouveau rôle, nouveau mandat, nouveaux défis ?," Revue d'économie financière, Association d'économie financière, vol. 0(1), pages 193-214.
    • Handle: RePEc:cai:refaef:ecofi_113_0193
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    JEL classification:

    • E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money
    • 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
    • E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy

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