IDEAS home Printed from https://ideas.repec.org/a/prs/reveco/reco_0035-2764_1994_num_45_3_409546.html
   My bibliography  Save this article

Risque de système et crise du rouble

Author

Listed:
  • Aliénor Benoist

Abstract

[eng] Systemic risk and the ruble crisis. . This paper deals with the mechanisms at work in the crisis affecting the ruble since 1990-1991, by resorting to the theory of systemic risk.. Emphasizing the long-lasting phenomena resisting the policy of stabilization initiated by Russia in January 1992, we will first of ail try to point out that some elements of systemic risk are indeed present and noticeable into the monetary structures of planned economy, namely in the relationship between the firms and the banking System. We will then try to understand how the process of transition affected these structures, suddenly speeding up he risk. The new relationship between the firms and the banking system provides once again an essential source of explanation for the mechanism. [fre] Risque de système et crise du rouble. . L'objet de cet article est d'analyser certains mécanismes de la crise qui frappe le rouble depuis 1990-1991 par le recours à la théorie du risque de système.. En mettant l'accent sur la résistance de certains phénomènes à la politique de stabilisation tentée depuis janvier 1992 en Russie, nous montrons d'abord que les ingrédients d'un tel risque sont présents dans les structures monétaires du Plan, au cœur de la relation qu'entretient le système bancaire avec les entreprises. Nous nous attachons ensuite à comprendre comment la disparition des structures du Plan soviétique a activé la réalisation de ce potentiel de risque. Le jeu des nouvelles relations entre banques et entreprises est au cœur de la compréhension du mécanisme.

Suggested Citation

  • Aliénor Benoist, 1994. "Risque de système et crise du rouble," Revue Économique, Programme National Persée, vol. 45(3), pages 545-560.
    • Handle: RePEc:prs:reveco:reco_0035-2764_1994_num_45_3_409546
    as

    Download full text from publisher

    File URL: https://www.persee.fr/doc/reco_0035-2764_1994_num_45_3_409546
    Download Restriction: Data and metadata provided by Persée are licensed under a Creative Commons "Attribution-Noncommercial-Share Alike 3.0" License http://creativecommons.org/licenses/by-nc-sa/3.0/
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Daniel C. Hardy & Ashok Kumar Lahiri, 1992. "Bank Insolvency and Stabilization in Eastern Europe," IMF Staff Papers, Palgrave Macmillan, vol. 39(4), pages 778-800, December.
    2. International Monetary Fund, 1992. "Bank Insolvency and Stabilization in Eastern Europe," IMF Working Papers 1992/009, International Monetary Fund.
    3. Eichengreen, Barry & Portes, Richard, 1986. "The Anatomy of Financial Crises," CEPR Discussion Papers 130, C.E.P.R. Discussion Papers.
    4. Portes,, 1987. "Threats to International Financial Stability," Cambridge Books, Cambridge University Press, number 9780521347891.
    5. Charles Goodhart, 1988. "The Evolution of Central Banks," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262570734, April.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. International Monetary Fund, 2002. "Banking Crises and Bank Resolution: Experiences in Some Transition Economies," IMF Working Papers 2002/056, International Monetary Fund.
    2. Kim, Teakdong & Koo, Bonwoo & Park, Minsoo, 2013. "Role of financial regulation and innovation in the financial crisis," Journal of Financial Stability, Elsevier, vol. 9(4), pages 662-672.
    3. Emil-Maria Claassen, 1993. "Cleaning the balance sheets of commercial banks in Eastern Europe and their role in corporate governance," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 129(3), pages 600-609, September.
    4. Viral V. Acharya & Denis Gromb & Tanju Yorulmazer, 2012. "Imperfect Competition in the Interbank Market for Liquidity as a Rationale for Central Banking," American Economic Journal: Macroeconomics, American Economic Association, vol. 4(2), pages 184-217, April.
    5. Anne Frémont & Jacques Mélitz & Frédéric Zumer, 2000. "Discrimination par le marché entre les dettes des États membres de l'UEM," Revue de l'OFCE, Programme National Persée, vol. 72(1), pages 39-69.
    6. Hamid Raza & Gylfi Zoega, 2019. "Capital Flows and the Real Economy," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 47(1), pages 13-23, March.
    7. Eichengreen, Barry, 1987. "Hegemonic Stability Theories of the International Monetary System," CEPR Discussion Papers 193, C.E.P.R. Discussion Papers.
    8. repec:spo:wpmain:info:hdl:2441/763 is not listed on IDEAS
    9. Eichengreen, Barry, 1988. "Resolving Debt Crises: An Historical Perspective," CEPR Discussion Papers 239, C.E.P.R. Discussion Papers.
    10. Junnosuke Shino, 2010. "Lender of Last Resort Policy in a Global Game and the Role of Depositors Aggregate Behavior as Signaling," Departmental Working Papers 201007, Rutgers University, Department of Economics.
    11. Currie, Carolyn, 2006. "A new theory of financial regulation: Predicting, measuring and preventing financial crises," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 35(1), pages 48-71, February.
    12. Grabel, Ilene, 1996. "Marketing the third world: The contradictions of portfolio investment in the global economy," World Development, Elsevier, vol. 24(11), pages 1761-1776, November.
    13. Chow, Edward H., 1998. "Oil crises and sovereign debt's private financingedward," International Review of Economics & Finance, Elsevier, vol. 7(4), pages 437-452.
    14. Laurence Scialom, 1994. "Quelques réflexions théoriques sur la crise des paiements en Russie," Revue Économique, Programme National Persée, vol. 45(3), pages 601-612.
    15. Seung Jung Lee & Kelly E. Posenau & Viktors Stebunovs, 2017. "The Anatomy of Financial Vulnerabilities and Crises," International Finance Discussion Papers 1191, Board of Governors of the Federal Reserve System (U.S.).
    16. Carolyn Currie, 2003. "Towards a General Theory of Financial Regulation: Predicting, Measuring and Preventing Financial Crises," Working Paper Series 132, Finance Discipline Group, UTS Business School, University of Technology, Sydney.
    17. Coimbra, Nuno & Kim, Daisoon & Rey, Hélène, 2022. "Central Bank Policy and the concentration of risk: Empirical estimates," Journal of Monetary Economics, Elsevier, vol. 125(C), pages 182-198.
    18. Charles Wyplosz, 1997. "EMU: Why and How It Might Happen," Journal of Economic Perspectives, American Economic Association, vol. 11(4), pages 3-21, Fall.
    19. Weller, Christian E. & von Hagen, Jürgen, 1999. "Financial fragility or what went right and what could go wrong in central European banking?," ZEI Working Papers B 13-1999, University of Bonn, ZEI - Center for European Integration Studies.
    20. Lee, Seung Jung & Posenau, Kelly E. & Stebunovs, Viktors, 2020. "The anatomy of financial vulnerabilities and banking crises," Journal of Banking & Finance, Elsevier, vol. 112(C).
    21. Laurence Scialom & Hélène Clément-Pitiot, 1995. "Réformer l'intermédiation financière en Russie : des options," Revue Économique, Programme National Persée, vol. 46(2), pages 433-455.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:prs:reveco:reco_0035-2764_1994_num_45_3_409546. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Equipe PERSEE (email available below). General contact details of provider: https://www.persee.fr/collection/reco .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.