Monnaie endogène, refinancement bancaire et offre de crédit

Post Keynesians have developped the view that credit availability is fundamentally determined by demand-side pressures. However, two aproaches o f money supply endogeneity are here distinguished : full and partial accommodation by central banks of reserve needs arising from bank lending. In the first case, central banks only set the supply price but not the supply quantity of reserves, in the second they can and do control reserve quantities. We examine the major implications of these theories on short term interest rates determination, management practices (particularly liability management) of commercial banks, financial innovations and quantity rationing by banks. We try to show that both the money supply and interest rates are endogenously determined by market forces, so that the aggregate loan supply schedule is not horizontal but positively sloped.