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Seigneuriage et financement d'un bien public

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Author Info

  • Crettez, B.
  • Michel, P.
  • Wigniolle, B.

Abstract

Dans ce document, on itudie le seigneuriage dans un modhle ` ginirations imbriquies avec contrainte de liquiditi. La monnaie criie par le gouvernement sert ` financer un bien public. On considhre d'abord le cas oy c'est le seul instrument de financement, le bien public correspondant ` un seigneuriage pur. Le montant de bien public est alors igal ` la valeur rielle prilevie par le gouvernement ` l'aide de la criation monitaire. Nous mettons en ividence une "courbe de Laffer" du seigneuriage, ou, a partir d'un certain niveau de creation monetaire, la valeur de la monnaie creee diminue et tend vers zero. L'optimum social dynamique depend fondamentalement du choix du facteur d'actualisation social. C'est un optimum de second rang, obtenu sous forme explicite. L'introduction d'instruments de politique economique supplementaires, les transferts forfaitaires, permet de realiser l'optimum social de premier rang, ou les distorsions monetaires sont totalement neutralisees. Pour cela, il faut que le rendement reel de la monnaie soit egal au rendement des investissements dans les firmes. C'est la regle de Friedman dont la realisation impose que le gouvernement detruise de la monnaie en sorte que le taux de deflation soit egal au taux d'interet.

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Bibliographic Info

Paper provided by Université Panthéon-Sorbonne (Paris 1) in its series Papiers d'Economie Mathématique et Applications with number 98.40.

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Length: 42 pages
Date of creation: 1998
Date of revision:
Handle: RePEc:fth:pariem:98.40

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Postal: France; Universite de Paris I - Pantheon- Sorbonne, 12 Place de Pantheon-75005 Paris, France
Phone: + 33 44 07 81 00
Fax: + 33 1 44 07 83 01
Web page: http://cermsem.univ-paris1.fr/
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Related research

Keywords: FINANCEMENT ; BIENS PUBLICS ; SEIGNEURAGE;

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