The question of central banks’ partial liability for emerging crisis is raised when sustainable low interest rates lead to excessive risk exposures, especially if faced by banks. Portfolio choices also depend on the bank capital channel and may induce regulatory capital arbitrages. In this...

The question of central banks’ partial liability for emerging crisis is raised when sustainable low interest rates lead to excessive risk exposures, especially if faced by banks. Portfolio choices also depend on the bank capital channel and may induce regulatory capital arbitrages. In this...

RESUME :Les crises génératrices d'effets d'amplification conduisent les banques centrales à intervenir horsdu périmètre conventionnel de la politique monétaire. Notre objet est de spécifier une règle decomportement intégrant cette mission. Notre modèle, fondé sur la prise en...

Global financial crises trigger off amplification effects, which allow relatively small shocks to propagate through the whole financial system. For this reason, the range of Central banks policies is now widening beyond conventional monetary policies and lending of last resort. The aim of this...

In the event of a third generation crisis, international lending of last resort should be used if and only if the ILLOR is informed on the subject of financial and banking domestic markets. Therefore, it will act at a macroeconomic level, as a usual ILLOR, but also at a microeconomic level,...

In the event of third generation crisis, international lending of last resort should be used if and only if the ILLOR is informed on the subject of financial and banking domestic markets. Therefore, if will act at a macroeconomic level, as a usual ILLOR, but also at a microeconomic level, since...

L'objet de cet article est l'analyse de l'aléa moral caractéristique des relations entre la Russie et le FMI. On s'appuie sur un modèle original de "jeu de faux semblants" comportant un prêteur multilatéral dont la fonction d'utilité dépend de la stabilité du Système Financier...

In the event of a third generation crisis, international lending of last resort should be used if and only if the international lender of last resort (ILOLR) is informed on the subject of domestic financial and banking markets. Therefore, it will act at a macroeconomic level, as an usual ILOLR,...

This paper aims to analyse the relationship between Russia and the IMF. The model used is one with a multilateral lender, whose utility depends on the stability of the international financial system, and a borrowing country, whose debt threatens this stability.