LAURENCE SCIALOM
Professeur(e)
2022-16
Shaky foundations Central bank independence in the 21st century
Jérôme Deyris, Gaëtan Le Quang, Laurence Scialom
- Résumé
- L'indépendance de la banque centrale (IBC) a été présentée par les économistes dans les années 1980 comme un arrangement institutionnel de rupture et supérieur à d'autres pour atteindre un bien commun - une inflation basse et stable- de manière non partisane. Dans cet article, nous soutenons que ce point de vue doit être remis en question. Tout d'abord, les recherches en histoire des faits et de la pensée économiques montrent que l'idée de l'IBC n'est pas nouvelle et qu'elle a été adoptée dans des conditions socio-historiques particulières, en réponse à des intérêts particuliers. Plutôt qu'un progrès indiscutable de la science économique, l'IBC est le fondement d'une configuration particulière du régime monétaire, dépassable comme ses prédécesseurs. Deuxièmement, nous soutenons que le cas simpliste imaginé par la théorie de l'IBC (la fixation d'un taux d'intérêt unique déconnecté des pressions politiques) est dépassé depuis longtemps. Depuis plus de 15 ans, les banques centrales ont accru leur empreinte sur l'économie, en se lançant dans de vastes programmes d'achat d'actifs et en adoptant des politiques macroprudentielles. Ce pro-activisme oblige les banques centrales indépendantes à s'attaquer constamment à de nouvelles questions de distribution - et donc de politique -, ce qui entraîne un nombre croissant de critiques à leurs actions en matière d'inégalités ou de changement climatique. Cet écart croissant entre la théorie et les pratiques rend plausible une nouvelle évolution du dispositif institutionnel vers une démocratisation de la politique monétaire.
- Mot(s) clé(s)
- Indépendance des banques centrales, politique monétaire, politique macroprudentielle
2020-7
Pratiques et doctrine des banques centrales au défi du changement climatique : rupture ou continuité ?
Laurence Scialom
- Résumé
- Les banques centrales sont confrontées au défi financier du changement climatique : nécessité d’une réallocation massive des flux financiers du « marron » au « vert » et risques financiers climatiques considérés comme systémiques. Y répondre va induire des changements profonds de leur doctrine et de leurs pratiques. Cet article montre que l’histoire est jalonnée de telles mutations rapides du central banking. Il analyse les arguments en faveur de l’intégration des risques financiers climatiques dans la doctrine et dans le cadre opérationnel des banques centrales et il tente d’explorer ce que pourrait concrètement signifier un verdissement des actions de la banque centrale.
- Mot(s) clé(s)
- banque centrale, changement climatique, risques financiers
2014-39
Banking Union: Time Is Not On Our Side
Adrien Béranger, Jézabel Couppey Soubeyran, Laurence Scialom
- Résumé
- This paper reviews the various mechanisms and rules that has been proposed to build a banking union in Europe. We argue that the banking union is a promising solution to the Eurozone crisis because it completes the unification of the Euro currency, forms a solution to both the financial and monetary fragmentation of the Euro area financial markets and helps breaking the vicious circle created by domestic banking system impairments and the sovereign debt crisis. We underline not only the shortcomings and hurdles to reach a fully-fledged banking union, and the hazards created by the inconsistencies between their phasing-in in the sequential schedule decided by states. To reduce the loopholes induced by the sequential approach, we propose to implement a rule of shared-bailout during the transition period that consist in a loss-sharing rule among countries hosting an entity of a bank group and indicted in the living wills of the systemic banking companies
- Mot(s) clé(s)
- Eurozone, banking union, bank supervision, resolution
2009-29
A systemic approach to financial regulation: a European perspective
Michel Aglietta, Laurence Scialom
- Résumé
- The global financial crisis has pinpointed the relevance and the virulence of systemic risk in modern innovative finance. It is grounded in the propensity of credit markets to drift to extremes in close correlation with asset price spikes and slumps. In turn, such a propensity is nurtured by the heuristic behaviour of market participants under severe uncertainty. While plagued by disaster myopia, market participants spread systemic risk. Such adverse conditions have been magnified by financial innovations that have made finance predatory and capable of capturing regulators to annihilate prudential policies. Malfunctioning in finance is so deep and disorders are so widespread that sweeping reforms are the order of the day, if financial stability is viewed as a primary public concern. In this paper we argue that macro prudential policy should be the linchpin of relevant reforms. Being a top-down approach, it impinges both upon monetary policy and micro prudential policy. Central banks should pursue a dual objective of price and financial stability. Bank supervisors should broaden their oversight on a much larger perimeter, encompassing all systematically important institutions. Counter cyclical capital provisions should be required and linked to the control of aggregate credit supply. Leveraged institutions without deposit base should be subject to incentives for a much stricter liquidity management. To stem regulatory capture, prompt corrective action should be enlarged in its scope and adapted to mark-to-market financial intermediaries. Implementing macro prudential policy entails institutional changes. Central banks, bank supervisors and other financial regulators need to work much closer than beforehand, because the spread of systemic risk is not deterred by institutional and geographical frontiers. The changes to make are particularly stringent in Europe, where national parochialism makes the resolution of orderly cross-border bank crisis all but impossible.
- Mot(s) clé(s)
2008-23
Northern Rock: The anatomy of a crisis – the prudential lessons
Sonia Ondo-Ndong, Laurence Scialom
- Résumé
- This paper attempts to analyse the main characteristics of the Northern Rock crisis and the responses of the Bank of England as lender of last resort. On the basis of the diagnosis about the causes and the handling of this banking crisis we detect the shortcomings prevailing in the UK prudential device. We therefore try to draw the prudential lessons of this experience. As we cannot claim to present an exhaustive picture of the crisis's implications from a prudential point of view, we chose to focus instead on the points with practical significance far beyond the UK's case.
- Mot(s) clé(s)
- bank bankruptcy, deposit insurance, liquidity regulation
2008-21
Permanence and innovation in central banking policy for financial stability
Michel Aglietta, Laurence Scialom
- Résumé
- In the first part of this paperer, we emphasize the adaptability and continuity of the lender-of-last-resort doctrine beyond the diversity of financial structures from the 19th century to the present day.. The second part deals with the global credit crisis and the analysis of the central banks' innovative practices during the 2007-2008 financial crisis. We highlight that the lender of last resort's role is not confined to providing emergency liquidity. It aims to provide orderly deleveraging in the financial system in order to preserve the financial intermediation process. Our conclusion underlines that the crisis management has become global and strategic. It opens the way to a major regulatory and supervisory reform.
- Mot(s) clé(s)
- lender of last resort, central banking, liquidity crisis
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