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La finance, prédatrice des richesses

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  • Jacques Fontanel

    (CESICE - Centre d'études sur la sécurité internationale et les coopérations européennes - IEPG - Sciences Po Grenoble - Institut d'études politiques de Grenoble - UGA [2016-2019] - Université Grenoble Alpes [2016-2019])

Abstract

Summary: Despite (or because of) this liberalization demanded by banks and multinational firms, the economic and financial crises have continued to take different forms since 1991: the financial bubble, the balance of payments crisis, the financial panic, bankruptcy or moral hazard. Risk taking and speculation tend to become the main activities of banks in the financial sector. After a strong call in 2008 for a reform of the financial system, particularly with the BIS (Bank for International Settlements) or the European Union (MSU, Single Supervisory Mechanism, and MRU, Single Resolution Mechanism), the risks of a crisis are always high. Under the pressure of the banking system, the separation between commercial banks and investment banks is not always effective. Secondly, international financing rules are not always respected, and several banks have been accused of fraudulent transactions, particularly in the United States. Finally, financial innovation becomes an effective means of speculation. It facilitated tax evasion and encouraged governments to reduce taxes and public investment. The question arises whether banks still finance the economy, while still benefiting from the support of central banks. New systems come competition in the financial field, including crypto-currencies (bitcoin), pension funds and Islamic banks.

Suggested Citation

  • Jacques Fontanel, 2019. "La finance, prédatrice des richesses," Working Papers hal-02151866, HAL.
    • Handle: RePEc:hal:wpaper:hal-02151866
    Note: View the original document on HAL open archive server: https://hal.univ-grenoble-alpes.fr/hal-02151866v1
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    References listed on IDEAS

    as
    1. Jacques Fontanel, 2010. "Les maîtres-penseurs de la crise financière mondiale," Post-Print hal-02110708, HAL.
    2. Jacques Fontanel & Michael Ward, 1993. "Military expenditures, armament, and disarmament," Post-Print hal-02065451, HAL.
    3. Steven Radelet & Jeffrey Sachs, 1998. "The Onset of the East Asian Financial Crisis," NBER Working Papers 6680, National Bureau of Economic Research, Inc.
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