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Un système de « Free Banking » peut-il s'autoréguler ?

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Author Info

  • Jean-Marc Figuet
  • Pascal Kauffmann

Abstract

[fre] Dans ce travail, nous nous interrogeons sur la propriété qu'aurait un régime de free banking à autoréguler l'émission monétaire. Nous présentons tout d'abord les traits caractéristiques du free banking et les principaux mécanismes censés permettre cette autorégulation. Nous examinons ensuite, sur la base de simulations numériques, la capacité d'une banque donnée à détecter un comportement de surémission émanant d'une de ses concurrentes. Cette capacité s'avère limitée et peut révéler de longs délais de réaction. Un problème d'instabilité dynamique de l'offre de monnaie peut en résulter, que nous mettons analytiquement en évidence. [eng] In this work, we question the ability of a free banking regime to regulate the money supply in the absence of a central bank. We first present the main features of such a monetary regime, and we describe the mechanisms which should permit the control of the money supply. Byway of numerical simulations we then examine the ability of a bank to detect an overissue emanating from another bank. This ability appears to be rather limited, and when detection is effective, it can take long lags. It follows that the money supply may be dynamically unstable.

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File URL: http://dx.doi.org/10.3406/rfeco.1998.1056
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File URL: http://www.persee.fr/articleAsPDF/rfeco_0769-0479_1998_num_13_2_1056/rfeco_0769-0479_1998_num_13_2_1056.pdf?mode=light
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Bibliographic Info

Article provided by Programme National Persée in its journal Revue française d'économie.

Volume (Year): 13 (1998)
Issue (Month): 2 ()
Pages: 231-258

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Handle: RePEc:prs:rfreco:rfeco_0769-0479_1998_num_13_2_1056

Note: DOI:10.3406/rfeco.1998.1056
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Web page: http://www.persee.fr/web/revues/home/prescript/revue/rfeco

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Cited by:
  1. Catherine Karyotis, 2008. "Histoire de la compensation: de la monnaie aux titres," Revue d'Économie Financière, Programme National Persée, vol. 91(1), pages 77-95.

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