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Les interventions de crise de la FED et de la BCE diffèrent-elles ?

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  • Anne-Marie Rieu-Foucault

    (EconomiX - EconomiX - UPN - Université Paris Nanterre - CNRS - Centre National de la Recherche Scientifique)

Abstract
Dans le contexte de la crise financière de 2007-2009, les banques centrales ont innové sous la forme de multiples mesures non conventionnelles. En raison d'une histoire, de mandats et de mises en œuvre de la politique monétaire différents, les premières mesures de crise, principalement pour la stabilité financière, ont différé entre la FED et la BCE, aboutissant à une taille des bilans et une structure des actifs spécifiques à chacune. Après 2015, les opérations d'achats d'actifs à grande échelle de la BCE ont marqué une convergence des politiques non conventionnelles des deux banques centrales, qui s'est traduite pour la BCE par le renoncement au principe de séparation entre politique monétaire et stabilité financière. Par ailleurs, la fonction de preneur de risque en dernier ressort des deux banques centrales s'est accrue même si des différences persistent dans leurs politiques de gestion des risques (champ des contreparties et titres éligibles aux opérations).

Suggested Citation

  • Anne-Marie Rieu-Foucault, 2018. "Les interventions de crise de la FED et de la BCE diffèrent-elles ?," Working Papers hal-04141702, HAL.
    • Handle: RePEc:hal:wpaper:hal-04141702
    Note: View the original document on HAL open archive server: https://hal.science/hal-04141702
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    Keywords

    Banques centrales; Mesures non conventionnelles;

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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