Les turbulences financières des années 2000-2003

Alexandre Lamfalussy

Reflets et perspectives de la vie économique, 2005, vol. XLIV, issue 1, 87-92

Abstract: This essay examines, first, the sources and the nature of the stock market meltdown which took place between end-2000 and the spring of 2003. It then suggests that there were three reasons why this spectacular meltdown did not turn into a general financial crisis and a deep recession: the remarkable resilience of the developed countries? banking systems to financial distress; the administration to the US economy of a simultaneous monetary and fiscal stimulus without historical precedent; and the fact that governments did not succumb to protectionist temptations. It concludes by listing some concerns about the sustainability of the current worldwide recovery: the aggravation of external and internal financial imbalances in the US economy; the major challenge facing US monetary authorities to absorb the potentially destabilizing excess liquidity which resulted from the massive monetary stimulus of 2000-2001; and, last but not least, the pervasive opacity of our globalised financial system.

Keywords: Stock market crisis; financial stability; systemic risks (search for similar items in EconPapers)
Date: 2005
References: Add references at CitEc
Citations:

Downloads: (external link)
http://www.cairn.info/load_pdf.php?ID_ARTICLE=RPVE_441_0087 (application/pdf)
http://www.cairn.info/revue-reflets-et-perspective ... e-2005-1-page-87.htm (text/html)
free

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:cai:rpvedb:rpve_441_0087

Access Statistics for this article

More articles in Reflets et perspectives de la vie économique from De Boeck Université
Bibliographic data for series maintained by Jean-Baptiste de Vathaire ().