Margaret Scott

Trop de « trop important pour faire faillite » ?

LONDRES – À l’évidence, la crise financière globale de 2008-2009 a plus spécifiquement été une crise des banques systémiquement importantes et d’autres institutions financières comme AIG. En conséquence, les problèmes qui apparaissent lorsque de telles institutions sont dites « trop importantes pour faire faillite » font l’objet de débats fort animés.

Politiquement, ce débat se focalise sur le coût des renflouements et sur les mesures fiscales visant à « récupérer notre argent ». Pour les économistes, le débat se concentre sur les aléas moraux résultant des perspectives ex ante de renflouage, qui fragilisent la discipline du marché sur les prises de risques excessives – ainsi que sur l’avantage indu que de telles garanties implicites confèrent aux acteurs majeurs par rapport à leurs concurrents assez-petits-pour-faire-faillite.

De nombreuses options politiques sont actuellement au cour des débats. Elles comprennent des ratios de capitaux propres plus élevés pour les banques systémiquement importantes, une surveillance plus stricte, des limitations sur les activités de transaction, des plans de résolution et de reprise préétablis, et des taxes visant non pas à « récupérer notre argent, » mais à internaliser les externalités – c’est-à-dire à faire payer les fautifs pour les coûts sociaux induits par leur comportements – et à créer de meilleures incitations.

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