Les déterminants et les acteurs du prêt international en dernier ressort pendant la période de l'étalon-or classique (1890-1914). Quelques enseignements pour l'avenir

Caroline Denise

Revue Économique, 2001, vol. 52, issue 2, 415-430

Abstract: [eng] The foundations of the international lender of last resort function and its actors under the gold standard (1890-1914). A few lessons to be learnt from the past. . This article examines two dimensions of the international lender of last resort function under the gold standard. The first one deals with the macroeconomic foundations of the rise of cooperation associated with financial interdependence. They explain why cooperation stems from common interests and sometimes casual complementarities. The second one deals with the microeconomic reasons for the upshot of the management of crises and for the share of responsibilities by the interplay between various actors-states, central banks and commercial banks. These analyses are then related to the current debate around the organisation of International Lender of Last Resort arrangements to see if lessons can be learnt from the past. [fre] Cet article analyse la fonction de prêt international en dernier ressort sous l'étalon-or classique, à travers deux dimensions : d'une part, les facteurs macro­économiques tenant aux interdépendances financières qui expliquent pourquoi la coopération émerge à partir d'intérêts communs et de complémentarités parfois fortuites ; d'autre part, les facteurs microéconomiques expliquant l'issue de la gestion des crises et le partage des responsabilités à travers les interactions des différents acteurs - État, banques centrales et banques commerciales. Ces analyses sont confrontées aux interrogations actuelles sur la mise en place de structures internationales de prêt en dernier ressort afin d'en tirer quelques enseignements.

Date: 2001
Note: DOI:10.3406/reco.2001.410326
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