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Monnaie et convertibilité : trois expériences historiques

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  • Romain VEYRUNE

Abstract

The basic principle of central banking in legacy of the banking school dominates the monetary authorities behaviors in the main part of the world, especially in developed countries. A small group of countries ,including only developing countries, stay however away from the banking principle and choose a design of monetary authorities closer to the currency principle. This article aims at describing the historical records of these regimes and comparing them in order to determinate if they constitute a homogenous group. We argue that the regime under study, the franc zone and the currency boards, follow the same goal and implement the same monetary policy. Their mission is double : facilitate the commercial integration and guaranty the trust in the money. The tools commonly used are a fixed exchange rate and a monetary policy ruled by external accounts. The three regimes constitute thus an homogenous group, different from the group of central bank regimes. We call this group the convertibility regimes.

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  • Romain VEYRUNE, 2002. "Monnaie et convertibilité : trois expériences historiques," Working Papers 200216, CERDI.
    • Handle: RePEc:cdi:wpaper:181
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    References listed on IDEAS

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