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Nouveaux risques, nouveaux enjeux pour les autorités

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  • François Meunier

Abstract

[eng] New risks, new adds for the official authorities . As soon as the dust of the October 1987 crash settled down, a new emphasis has been given by authorities on financial re-regulation. But where and how should it be applied ? To adress these issues, the nature of the financial mutations of the past years is examined. As far as they correspond to deeply rooted technical changes, the article stresses the futility of any attempts to repel them by regulation. But these mutations are revealing new aspects of risk, which stem, as it is currently observed in the insurance industry, from the inability of free competitive markets to give a proper answer in every case to the allocation of risk amongst participants. Prudential measures could then be the most relevant instrument for public intervention. But in other cases, a more direct intervention or, on the contrary, the promotion of new financial markets are required. [fre] Si la secousse boursière d'octobre 1987 explique l'effort actuel des autorités en matière de réglementation financière, comment et dans quels domaines doit-il être appliqué ? Pour y répondre, nous examinons d'abord la nature des mutations financières des dernières années : Une large part du mouvement de déréglementation correspond à des innovations techniques de fond, qu'il serait futile de vouloir empêcher. Mais ces évolutions font en retour apparaître des risques de nouvelle nature, qui résultent, comme pour l'industrie des assurances, de cas bien connus où des marchés concurrentiels ne sont pas capables de répartir au mieux le risque entre les agents. L'intervention publique est alors investie de nouvelles responsabilités. La définition de contraintes prudentielles est souvent l'outil le plus adapté. Mais elle n'est qu'un moyen parmi d'autres.

Suggested Citation

  • François Meunier, 1988. "Nouveaux risques, nouveaux enjeux pour les autorités," Revue d'Économie Financière, Programme National Persée, vol. 5(2), pages 244-255.
  • Handle: RePEc:prs:recofi:ecofi_0987-3368_1988_num_5_2_4663
    DOI: 10.3406/ecofi.1988.4663
    Note: DOI:10.3406/ecofi.1988.4663
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