LÕŽmergence dÕune banque supŽrieure sous le rŽgime de la libertŽ bancaire

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LÕŽmergence dÕune banque supŽrieure sous le rŽgime de la libertŽ bancaire

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Laurent LE MAUX (UniversitŽ de Paris 8)

Abstract

La thŽorie de la banque centrale analyse la hiŽrarchisation bancaire dans le cadre du monopole d'Žmission de billets de banque. Or sous le rŽgime de la libertŽ bancaire dans lequel les banques peuvent Žmettre des billets et des dŽp™ts ˆ vue sans restrictions quantitatives ou autres, la structure bancaire converge Žgalement vers la hiŽrarchisation. L'Žmergence d'une banque supŽrieure intervenant en tant que prteur en dernier ressort est alors un phŽnomne spontanŽ et constitue une innovation du systme de paiement afin d'endiguer les ruŽes de remboursement, et non une crŽation du lŽgislateur ou une consŽquence de la rŽglementation. Afin d'Žtablir un systme bancaire rigoureusement dŽcentralisŽ, c'est-ˆ-dire sans banque supŽrieure, les chambres de compensation doivent respecter des rgles trs strictes leur interdisant de crŽer de la monnaie supŽrieure. Sans ces rgles et sans cette intervention du lŽgislateur, la structure hiŽrarchisŽe du systme bancaire est alors dŽfinitive.

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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
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Handle: RePEc:ctl:louvre:2004024

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Find related papers by JEL classification:
E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
N11 - Economic History - - Macroeconomics and Monetary Economics; Growth and Fluctuations - - - U.S.; Canada: Pre-1913

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Selgin, George A. & White, Lawrence H., 1985. "The Evolution of a Free Banking System," Working Papers 85-38, C.V. Starr Center for Applied Economics, New York University. [Downloadable!]
Other versions:
- Selgin, George A & White, Lawrence H, 1987. "The Evaluation of a Free Banking System," Economic Inquiry, Oxford University Press, vol. 25(3), pages 439-57, July.
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. [Downloadable!] (restricted)
Other versions:
- Selgin, G.A. & White, L.H., 1993. "How Would the Invisible Hand Handle Money?," Papers 380e, Georgia - College of Business Administration, Department of Economics.

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