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mercredi, 30 avril 2008

Prévenir les crises financières : ou comment redéfinir la place des marchés financiers et des banques et quelques règles du jeu.

article publié dans la Revue Europolis – avril 2008 



In joining the US financial model for about 15 years,western countries have deeply changed their own financial system.
From overwhelming credit domination they have chosen the preeminence of marketable products, either directly or indirectly by securitization. By financial innovations, deregulation, new investors and,last but not least,the run for higher return than the low interest rate made possible for the last decade, the basic securitization of credits was rapidly abandoned for complex one and credit derivatives.

With the tremendous present crisis, which can be considered as the first securitization crisis, we have seriously to reconsider our conception of intermediation role in financing the economies in the one hand, and markets
circuits in the other. So do we for the action of supervisors and central bankers to try to reduce, as soon as possible, the appearance of such a dangerous global crisis.

Pragmatically, this article proposes some delimitation for the securitization field in view of limitation too much volatility and false liquidity  in marketable products. It also pleads for reduction in prudential bias always remaining in Basle 2 for securitization and trading portfolios. Finally, it asks to central bankers to  develop a new policy in refinancing banking system by taking in consideration the major changes occurred in money central needs on a
bilateral basis and no more on a global one.It is the indispensable counterpart of their role as lenders of last resort.