L’inexorable dérive du système financier

Vivien Levy-Garboua and Gérard Maarek

Revue d'économie financière, 2021, vol. N° 142, issue 2, 29-47

Abstract: The monetary and financial system of developed countries is in constant move, to accommodate changes in the technological, political and social conditions. After a period of ?national welfare capitalism?, post WWII, and the ?global liberal capitalism? spreading over the 1980-2010 period, we enter a new era, where systemic crisis follow one another, putting a stop to globalization and multilateralism. The rules and principles that used to prevail are no longer accepted and state supervision is tighter. We try to characterize the slow move of the financial system: on the monetary side, we put forward seven statements which, in our opinion, will shape monetary policy and the role of central banks in the years to come. This inexorable drift brings the financial system towards a dangerous, old fashioned return of inflation and financial repression. Classification JEL : B26, E50, E51, E52, E58, G01, G21, G23, G28

JEL-codes: B26 E50 E51 E52 E58 G01 G21 G23 G28 (search for similar items in EconPapers)
Date: 2021
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