Spéculation internationale et régulation financière

Jacques Fontanel () and Fanny Coulomb ()
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Jacques Fontanel: CESICE - Centre d'études sur la sécurité internationale et les coopérations européennes - UPMF - Université Pierre Mendès France - Grenoble 2 - IEPG - Sciences Po Grenoble - Institut d'études politiques de Grenoble
Fanny Coulomb: IEPG - Sciences Po Grenoble - Institut d'études politiques de Grenoble, CESICE - Centre d'études sur la sécurité internationale et les coopérations européennes - UPMF - Université Pierre Mendès France - Grenoble 2 - IEPG - Sciences Po Grenoble - Institut d'études politiques de Grenoble

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Abstract: Financial markets manage the alternative between immediate and deferred utility. The aim is to mobilize global savings to finance productive investments, protect the financial assets of savers and open up international trade. Today, controls on financial flows have been reduced by the 3D rule: disintermediation, decompartmentalization and deregulation. International transactions are growing at high speed, which is likely to lead to a generalized financial crisis, even if financial globalization is still limited. Financial globalization is a factor of macroeconomic insecurity, with an excessive expansion of the financial sphere. Several reform proposals have been put forward, but the dominance of liberal philosophy makes them hardly applicable today in view of the financial stakes of multinational firms and the banking sector. The risk of irresponsible behaviour in the financial markets is high, to the point of making a global financial crisis highly predictable.

Keywords: International speculation; Financial regulation; Global financial crisis; Spéculation internationale; Régulation financière; Crise financière mondiale (search for similar items in EconPapers)
Date: 2006
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Published in Annuaire français de relations internationales , 2006, VII, pp.858-872

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