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2005
- handle: 10670/1.0mfsn2
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Alexandre Lamfalussy, « Les turbulences financières des années 2000-2003 », Reflets et perspectives de la vie économique, ID : 10670/1.0mfsn2
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This essay examines, first, the sources and the nature of the stock market meltdown which took place between end-2000 and the spring of 2003. It then suggests that there were three reasons why this spectacular meltdown did not turn into a general financial crisis and a deep recession: the remarkable resilience of the developed countries’ banking systems to financial distress; the administration to the US economy of a simultaneous monetary and fiscal stimulus without historical precedent; and the fact that governments did not succumb to protectionist temptations. It concludes by listing some concerns about the sustainability of the current worldwide recovery: the aggravation of external and internal financial imbalances in the US economy; the major challenge facing US monetary authorities to absorb the potentially destabilizing excess liquidity which resulted from the massive monetary stimulus of 2000-2001; and, last but not least, the pervasive opacity of our globalised financial system.