Trois politiques pour trois crises

parBy J. Bradford DeLong

Une grosse crise financière est déclenchée par une chute importante du prix de toute une gamme d'actifs qui appartiennent aux banques et à d'autres institutions financières ou qui constituent lesréserves financières de leurs emprunteurs. La réponse à donner dépend du mode de chute du prix des actifs qui peut correspondre à trois types de crises différentes :

A full-scale financial crisis is triggered by a sharp fall in the prices of a large set of assets--thatassets that banks and other financial institutions own, or that thatmake up theirborrowers’ financial reserves of those who have borrowed from banks and other financial institutions. The cure of the financial crisis depends on which of three modes define the fall in asset prices takes.

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