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Turbulence financière et crise des politiques monétaires

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  • Jean-Paul Pollin

Abstract

[fre] Cet article tente de décrire et d'interpréter les déconvenues subies par les politiques de normes monétaires. On montre tout d'abord que bon nombre de banques centrales ont été incapables, dans un passé récent, de fixer et de faire respecter leurs objectifs de croissance de la masse monétaire. Ceci s'explique sans doute par la rupture des relations empiriques entre les agrégats monétaires et les objectifs de politique économique, dans un contexte d'innovations financières et de déréglementation. Mais on tente aussi de démontrer que ces difficultés sont le résultat d'une analyse insuffisante de l'intégration : dans la théorie monétaire post-keynésienne, l'incidence des contraintes financières sur la dynamique du système est mal étudiée ou ignorée. On conclut que les politiques de normes monétaires comportent aujourd'hui plus d'inconvénients que d'avantages. [eng] On the crisis of monetary policies . The purpose of this article is to point out and to explain the difficulties encountered by many central banks with their targeting strategies. In a recent past, monetary authorities of the main industrial countries were unable to define manageable targets for their monetary agregates. This is due obviously to the instability of the empirical relationships between the monetary agregate and the ultimate objectives of monetary policy, within a context of financial innovations and deregulation. But one can argue that this is due also to some misunderstanding of the interaction between the real and financial actors of the economy : post-keynesian monetary theory didn't analyse with sufficient attention the impact of financial constraint on the dynamics of the economic system. We conclude that monetary targeting seems to be now of doubtful relevance for economic policy.

Suggested Citation

  • Jean-Paul Pollin, 1988. "Turbulence financière et crise des politiques monétaires," Revue d'Économie Financière, Programme National Persée, vol. 5(2), pages 22-32.
  • Handle: RePEc:prs:recofi:ecofi_0987-3368_1988_num_5_2_4640
    DOI: 10.3406/ecofi.1988.4640
    Note: DOI:10.3406/ecofi.1988.4640
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    Cited by:

    1. Robert Raymond, 2009. "Vers l'indépendance des banques centrales et une politique monétaire européenne," Revue d'Économie Financière, Programme National Persée, vol. 8(1), pages 21-50.

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