Les banques centrales et la crise

BERKELEY – Il y a 10 ans, Paul Krugman, le prix Nobel 2008 d'économie a écrit un petit livre intitulé Pourquoi les crises reviennent toujours [The Return of Depression Economics]. Il n'a eu aucun succès.

La crise financière d'Asie de l'Est en 1997-1998 a été intense mais brève ; elle a pu être surmontée rapidement, une fois que le FMI a réalisé que le problème ne tenait pas à des gouvernements irresponsables et que le secrétaire au Trésor américain de l'époque, Robert Rubin, a en quelque sorte parachuté les banques de New-York dans l'économie sud-coréenne. Peu après, en 2000-2001 l'effondrement de la bulle internet n'a pas causé une dépression, mais un léger déclin de la production, si peu marqué qu'il ne mérite pas vraiment d'être qualifié de dépression. 

Krugman est maintenant de retour avec une nouvelle version enrichie de son livre, et malheureusement c'est le moment idéal. Car il est beaucoup plus approprié aujourd'hui qu'en 1998 de penser en termes "d'économie de la dépression".

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