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L’inexorable dérive du système financier

Author

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  • Vivien Levy-Garboua
  • Gérard Maarek

Abstract

The monetary and financial system of developed countries is in constant move, to accommodate changes in the technological, political and social conditions. After a period of ?national welfare capitalism?, post WWII, and the ?global liberal capitalism? spreading over the 1980-2010 period, we enter a new era, where systemic crisis follow one another, putting a stop to globalization and multilateralism. The rules and principles that used to prevail are no longer accepted and state supervision is tighter. We try to characterize the slow move of the financial system: on the monetary side, we put forward seven statements which, in our opinion, will shape monetary policy and the role of central banks in the years to come. This inexorable drift brings the financial system towards a dangerous, old fashioned return of inflation and financial repression. Classification JEL : B26, E50, E51, E52, E58, G01, G21, G23, G28

Suggested Citation

  • Vivien Levy-Garboua & Gérard Maarek, 2021. "L’inexorable dérive du système financier," Revue d'économie financière, Association d'économie financière, vol. 0(2), pages 29-47.
    • Handle: RePEc:cai:refaef:ecofi_142_0029
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    JEL classification:

    • B26 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Financial Economics
    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • 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
    • G01 - Financial Economics - - General - - - Financial Crises
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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