New Central Banking and International Credit Cycle

André Cartapanis Sciences Po Aix ; GREDEG, UMR 7321, CNRS et université de Nice Sophia Antipolis ; CHERPA, EA 4261, Sciences Po Aix. Contact : andre.cartapanis@sciencespo-aix.fr.


Since the international financial crisis, a new central banking is prepared, and therefore a redefinition of monetary policies pursued by central banks and instruments to ensure financial stability. The analysis in this article focuses on the relationship between the new central banking and the globalization of credit, especially in light of the recent experience of emerging countries. There is a plea for an extension of macroprudential policies to foreign sources of credit boom.


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