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L’émergence d’une banque supérieure sous le régime de la liberté bancaire

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  • Laurent LE MAUX

    (Université de Paris 8)

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    Abstract

    La théorie de la banque centrale analyse la hiérarchisation bancaire dans le cadre du monopole d'émission de billets de banque. Or sous le régime de la liberté bancaire dans lequel les banques peuvent émettre des billets et des dépôts à vue sans restrictions quantitatives ou autres, la structure bancaire converge également vers la hiérarchisation. L'émergence d'une banque supérieure intervenant en tant que prêteur en dernier ressort est alors un phénomène spontané et constitue une innovation du système de paiement afin d'endiguer les ruées de remboursement, et non une création du législateur ou une conséquence de la réglementation. Afin d'établir un système bancaire rigoureusement décentralisé, c'est-à-dire sans banque supérieure, les chambres de compensation doivent respecter des règles très strictes leur interdisant de créer de la monnaie supérieure. Sans ces règles et sans cette intervention du législateur, la structure hiérarchisée du système bancaire est alors définitive.

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    Bibliographic Info

    Paper provided by Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES) in its series Discussion Papers (REL - Recherches Economiques de Louvain) with number 2004024.

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    Length: 30
    Date of creation: 01 Jun 2004
    Date of revision:
    Handle: RePEc:ctl:louvre:2004024

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    Related research

    Keywords: Banque libre; Chambre de compensation; Prêteur en dernier ressort;

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    1. George A. Selgin & Lawrence H. White, 1994. "How Would the Invisible Hand Handle Money?," Journal of Economic Literature, American Economic Association, vol. 32(4), pages 1718-1749, December.
    2. Lawrence H. White, 1983. "Competitive Money, Inside and Out," Cato Journal, Cato Journal, Cato Institute, vol. 3(1), pages 281-304, Spring.
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