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Le revenu des Banques Centrales : un schéma simple sur sa formation et son affectation

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  • Etienne Gillard
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    Abstract

    [fre] L'objet de cet article est d'analyser le revenu qu'une Banque Centrale tire de son pouvoir d'émettre la monnaie, et de dégager les principaux canaux d'utilisation de ces fonds.. La théorie 'du seigneuriage est revue brièvement. Il est démontré que le seigneuriage total issu d'une politique systématique d'investissement des gains en capital pro­curés par l'émission additionnelle de mormaie-papier, depuis la fin du système de convertibilité-or, peut être analysé comme un flux de revenu résultant de ces investissements. La Banque Centrale appartenant au gouvernement (ou étant contrô­lée dans ses comptes d'exploitation par celui-ci), ces fonds sont transférés à l'Etat si l'Open-Market est le seul moyen d'intervention de l'Institut d'Emission, pour approvisio'nner l'économie en liquidités (cas américain). Mais ils peuvent aussi financer des subventions de crédit si les autorités monétaires pratiquent les rées­comptes à taux préférentiels (cas français).. Une application empirique est construite pour les économies française et amé­ricaine. Elle montre l'importance relative des ressources monétaires captées par les Etats par rapport à leurs ressources budgétaires classiques. [eng] This paper analyses central bank profits from money creation, and the main uses of these funds.. The seigniorage theory is reviewed briefly. It is argued that total seigniorage issued from systematic investment policy of the capital gain provided by the issuance of additionnal paper money, since the end of the gold convertibility System, can be viewed in term of a flow of income yielding from these investments. As the central bank is assumed to be a government owned institution (or is closely controled by the government in its financial statements), this flow of income is transfered to the government if the open market is the only way of central bank intervention (anglo-saxon case) toprovide liquidities.. But it may also finance subsidies if the monetary authorities rediscount papers at preferential interest rates (French case). An empirical test is presented concerning the French and American economics. It shows the relative size of « monetary ressources » obtained by the states in comparison with their standard budgetary ressources.

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    Bibliographic Info

    Article provided by Programme National Persée in its journal Revue économique.

    Volume (Year): 34 (1983)
    Issue (Month): 6 ()
    Pages: 1164-1187

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    Handle: RePEc:prs:reveco:reco_0035-2764_1983_num_34_6_408760

    Note: DOI:10.2307/3501636
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    Web page: http://www.persee.fr/web/revues/home/prescript/revue/reco

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