Decentralized internal rating based models (self-regulation) which are substituted to public regulation are not able to hold a long-term macroeconomic vision or to take into account interdependencies among private units and markets. Therefore, they seem to be unable to tackle with systemic crises. Moreover, liberal supervision schemes reduce the field of action of monetary authorities and limit the systemic range of their interventions in case of large crisis. Then the absence of macro-regulatory schemes reveals to be one of the causes of the appearance and the persistency of generalized financial crises. A reappraisal of the Minskian financial instability hypothesis and the results of models of conventions, of financing by LBO and of cognitive dissonance points out that the current financial crisis casts doubt on two principles of the way of regulation of modern capitalism: 1) The capacity of market mechanisms for correcting errors of judgment of decentralized actors without structural public interventions; 2) The efficiency of the self-regulation of markets regarding public regulation schemes. These principles turn out to be unable to ensure the continuity in market relations under their present form. So, new research becomes compulsory in order to imagine new macro-prudential mechanisms seeking to strengthen the viability of economic and monetary relations.
Régulation monétaire et financière et viabilité des économies de marché