1929-1990-2008 : les leçons des crises passées face à la crise actuelle
Résumé
1929-1990-2008: Lessons from Past Crises
Lessons can be drawn from past crises - the 1929 krach, the Japanese crisis of the 1990s - for current national economic policies. Policymakers must be aware of the seriousness of liquidity crises that threaten the economy. To avoid them, the financial system must be cleaned up, and fiscal policies supporting economic growth must be developed. There is also a need for international coordination, especially concerning reforms in the financial system, that should address the main dilemma: allowing the free flow of capital or setting barriers against it.
Lessons can be drawn from past crises - the 1929 krach, the Japanese crisis of the 1990s - for current national economic policies. Policymakers must be aware of the seriousness of liquidity crises that threaten the economy. To avoid them, the financial system must be cleaned up, and fiscal policies supporting economic growth must be developed. There is also a need for international coordination, especially concerning reforms in the financial system, that should address the main dilemma: allowing the free flow of capital or setting barriers against it.
La crise de 1929, la crise japonaise des années 1990, génèrent leurs leçons en politique intérieure. D'abord l'obligation de prendre très au sérieux les menaces de crises systémiques, et les premières mesures à leur opposer : injection de liquidités, purge du système financier, relance budgétaire... Elles ont aussi leurs leçons en matière de coordination internationale, au premier chef sur les axes possibles de réforme du système financier : liberté de mouvement des capitaux, ou cloisonnement de la finance.