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Filet de sécurité financière international et accords régionaux : quel équilibre ?

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  • Matthieu Bussière
  • Bruno Cabrillac
  • Alain Naef

Abstract

The Global Financial Safety Net (GFSN) has evolved over the past decade. While the IMF remains at its centre and even more after the August 2021 SDR allocation, its regional dimension has been comforted by the establishment of the European Stability Mechanism in the euro area. The other striking feature of the GFSN evolution has been the robust growth of foreign exchange reserves, indicating a persistent resistance to calling on the IMF and a preference for self-insurance. This article presents a historical analysis of financial crises in the past thirty years. These findings highlight that these crises have a strong regional component, which calls for a GFSN, stronger at the global rather than at the regional level. JEL Classification: E6, E42, E50, F3, G01, G21

Suggested Citation

  • Matthieu Bussière & Bruno Cabrillac & Alain Naef, 2022. "Filet de sécurité financière international et accords régionaux : quel équilibre ?," Revue d'économie financière, Association d'économie financière, vol. 0(1), pages 147-161.
    • Handle: RePEc:cai:refaef:ecofi_145_0147
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    JEL classification:

    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • F3 - International Economics - - International Finance
    • G01 - Financial Economics - - General - - - Financial Crises
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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