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Les crises récentes en Turquie et en Argentine sont-elles les dernières d’une espèce en voie de disparition ?

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  • Barry Eichengreen

Abstract

[fre] Cet article apporte de nouveaux éclaircissements sur les efforts des instances officielles pour mieux prévenir et résoudre les crises financières. Les progrès réalisés ont permis de faire de la scène internationale une place financière plus sûre. Les retombées internationales relativement limitées des crises en Turquie et en Argentine le démontrent clairement. La plus grande flexibilité des taux de change sur d'autres marchés émergents a apporté le bénéfice d'une marge d'ajustement supplémentaire. L'amélioration du contrôle et de la régulation, ainsi qu'un niveau d'endettement réduit du système financier international ont limité la détresse du secteur bancaire et affaibli le rôle du réseau des créanciers habituels à l'origine de la propagation des difficultés financières. Toutefois, il se pourrait simplement que les crises en Turquie et en Argentine aient été plus largement prévues et anticipées que la plupart des crises précédentes, permettant ainsi aux acteurs du marché financier de mieux se protéger. . Classification JEL : E44, F31, G15 [eng] Are Turkey and Argentina's crises the last of a dying breed ? . This paper assesses recent events in Turkey and Argentina for the light they shed on official efforts to better prevent and resolve financial crises. A case can be made that progress on the official agenda has begun to make the world a safer financial place. This is evident in the relatively limited international spillovers of the Turkish and Argentine crises. More flexible exchange rates in other emerging markers have added an additional margin for adjustment. Improved supervision and regulation and reduced leverage in the international financial system have limited banking-sector distress and weakened the operation of the common-creditor channel for the spread of financial difficulties. Still, it could simply be that the Turkish and Argentine crises were more widely foreseen and anticipated than most of their predecessors, allowing financial market participants to hedge their exposures. . JEL classification : E44, F31, G15

Suggested Citation

  • Barry Eichengreen, 2003. "Les crises récentes en Turquie et en Argentine sont-elles les dernières d’une espèce en voie de disparition ?," Revue d'Économie Financière, Programme National Persée, vol. 70(1), pages 51-64.
    • Handle: RePEc:prs:recofi:ecofi_0987-3368_2003_num_70_1_4820
    DOI: 10.3406/ecofi.2003.4820
    Note: DOI:10.3406/ecofi.2003.4820
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    References listed on IDEAS

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    4. Mr. Stanley Fischer & Ms. Ratna Sahay & Mr. Carlos A. Végh Gramont, 2002. "Modern Hyper- and High Inflations," IMF Working Papers 2002/197, International Monetary Fund.
    5. Frederic S. Mishkin & Klaus Schmidt-Hebbel, 2001. "One decade of inflation targeting in the world : What do we know and what do we need to know?," Working Papers Central Bank of Chile 101, Central Bank of Chile.
    6. von Hagen, Jurgen & Eichengreen, Barry, 1996. "Federalism, Fiscal Restraints, and European Monetary Union," American Economic Review, American Economic Association, vol. 86(2), pages 134-138, May.
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    Cited by:

    1. Boyer, Robert, 2009. "Feu le régime d’accumulation tiré par la finance," Revue de la Régulation - Capitalisme, institutions, pouvoirs, Association Recherche et Régulation, vol. 5.

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    More about this item

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

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