Après la crise financière : « réguler » ou refondre ?
The magnitude of the crisis directly questions the effectiveness of prudential regulations as they are doomed to encounter three major obstacles: 1) the competition forces as they drive agents possibly against their will; 2) the essential impossibility of a proper risk control ex ante; 3) the symbol...
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| Format: | Article |
| Language: | English |
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Association Recherche & Régulation
2009-06-01
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| Series: | Revue de la Régulation |
| Subjects: | |
| Online Access: | https://journals.openedition.org/regulation/7461 |
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| Summary: | The magnitude of the crisis directly questions the effectiveness of prudential regulations as they are doomed to encounter three major obstacles: 1) the competition forces as they drive agents possibly against their will; 2) the essential impossibility of a proper risk control ex ante; 3) the symbolic effects of “innovation” as a social belief as it twists collective expectations and risk appraisal. Contrary to the prudential approaches, too likely to be overwhelmed by a new bubble dynamic, the present paper advocates for a radical overhaul of financial structures, according to the twoflold principle of a drastic decrease in the profit-risk profile of capital market activities and of their severe “desophistication” as well. Several propositions are made in this line including one aiming at a new brand of banking structures giving way to what could dubbed a “socialized credit system”. |
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| ISSN: | 1957-7796 |