Systèmes financiers et transition : où en est-on ? Une revue critique de la libéralisation financière

Worsening financial instability in the 1980s and 1990s has darkened the idyllic vision of the liberalization of finance. Difficulties in the banking sectors in Asian, Latin American and Eastern European countries led to large-scale systemic crises ; and deregulation seriously affected banks. This critical review of the literature on financial liberalization focuses on the latter' s endemic weaknesses and on a few institutional and conceptual solutions. Emphasis is placed on banks' microeconomic activities as a driving force in economic growth and on their role in the transition process wherein actors and their various advisers often justified the financial market.