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Marchés de capitaux : dé ou re-réglementation

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  • Didier Bruneel

Abstract

[eng] Financial markets : deregulation or re-regulation . At the national level, the unification stage of financial markets is characterized by the conflict between deregulation, which is necessary to market efficiency, and the maintenance of a minimum legal framework intended to ensure operators' information and transactions liquidity, i.e. the stability of the financial system. The gradual removal of interest rate regulations, the declining role of reserve requirements and the relaxing of operating procedures in securities markets contribute to efficiency. The limitations to market entry, the definition of minimum standards for market makers, the division of activities between commercial banks and investment banks, the insurance of deposits and the reflections on the lender of last resort are aimed at securing the financial system stability. Following a similar procedure, market globalization leads spontaneously to adjusting national regulations to the loosest. In view of the dangers involved in this trend, we have been witnessing, for a few years a re-regulation process occurring in a supranationally defined framework. [fre] La phase d'unification des marchés de capitaux au plan national est caractérisée par le conflit entre une déréglementation, nécessaire à l'efficience du marché, et le maintien d'un cadre réglementaire minimum, destiné à assurer l'information des opérateurs et la liquidité des transactions, c'est-à-dire la stabilité du système financier. L'élimination progressive des réglementations relatives aux intérêts créditeurs, le déclin du rôle des réserves obligatoires et l'assouplissement des conditions de fonctionnement des marchés de titres contribuent à l'efficience. Les restrictions à l'entrée d'un marché, la définition de normes minima pour les market makers, la séparation des activités entre banques commerciales et banques d'investissement, l'assurance des dépôts et les réflexions sur le prêteur en dernier ressort s'inscrivent dans la recherche du maintien de la stabilité du système financier. Suivant un processus analogue, l'internationalisation des marchés conduit spontanément à l'alignement des réglementations nationales sur la moins contraignante d'entre elles.

Suggested Citation

  • Didier Bruneel, 1988. "Marchés de capitaux : dé ou re-réglementation," Revue d'Économie Financière, Programme National Persée, vol. 5(2), pages 256-273.
  • Handle: RePEc:prs:recofi:ecofi_0987-3368_1988_num_5_2_4664
    DOI: 10.3406/ecofi.1988.4664
    Note: DOI:10.3406/ecofi.1988.4664
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