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Politique monétaire et stabilité financière

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  • Anne-Marie Rieu-Foucault

Abstract

Trois positionnements théoriques de la politique monétaire par rapport à la stabilité financière sont proposés : assurer le bon fonctionnement des canaux de transmission, utiliser la stabilité financière pour la stabilité des prix et définir un objectif de stabilité financière pour les politiques monétaires. Le premier positionnement relève de la politique de liquidité, qui est naturellement dévolue aux banques centrales. Les deux autres positionnements relèvent d’une politique de solvabilité car prenant en compte la croissance du crédit, les prix d’actifs et l’évolution du cycle financier. Dans ces deux derniers cas, la politique de solvabilité qui n’est pas naturellement dévolue à la banque centrale ouvre un questionnement sur l’absence d’indépendance entre politique monétaire et stabilité financière. Que la stabilité financière soit analysée du point de vue de la stabilité des prix, des mesures non conventionnelles ou des politiques macroprudentielles, le débat sur l’indépendance des deux politiques reste non tranché.A l’heure actuelle, le choix a été fait de ne pas modifier le mandat des banques centrales. Des conséquences sur la politique budgétaire pourraient autrement en résulter.

Suggested Citation

  • Anne-Marie Rieu-Foucault, 2018. "Politique monétaire et stabilité financière," EconomiX Working Papers 2018-13, University of Paris Nanterre, EconomiX.
    • Handle: RePEc:drm:wpaper:2018-13
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    References listed on IDEAS

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    More about this item

    Keywords

    Politique monétaire; Stabilité financière; Liquidité;
    All these keywords.

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • G01 - Financial Economics - - General - - - Financial Crises

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