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Monnaie de compte et système de paiements chez James Steuart. Quel rôle pour la stabilité bancaire ?

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  • Michel Piteau

Abstract

The part of literature concerning monetary theory which focuses on payments system corresponds to a specific tradition. This article seeks to state the peculiar place held in it by James Steuart when, in the XVIII th century, cash payments and partial money keep on ruling. Among the very first he investigates the consequences resulting from the development of a money of credit conceived as a complete one and he underlines the necessity of an imperative stability for the banking system. The first part examines why, with the aim of curbing hoardings and the spoliation of lenders associated with a nominalist approach of the unit of account, he defends the generalization of a banking currency mingled with a stable money of account. The second part studies how, with the “bankarization” of money creation, Steuart succeeds in showing the importance, as unit of account and standard of payments, of the numéraire chosen for the lending contracts of the banking system. A system which stability agents are confident with because prudential rules, regulation and supervision are considered as efficient. Classification JEL : B110, E420, E500, G200, G210, N230, N430

Suggested Citation

  • Michel Piteau, 2002. "Monnaie de compte et système de paiements chez James Steuart. Quel rôle pour la stabilité bancaire ?," Revue économique, Presses de Sciences-Po, vol. 53(2), pages 245-271.
  • Handle: RePEc:cai:recosp:reco_532_0245
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    References listed on IDEAS

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    1. Mongin, P & d'Aspremont, C, 1996. "Utility Theory and Ethics," Papers 9632, Paris X - Nanterre, U.F.R. de Sc. Ec. Gest. Maths Infor..
    2. Marc Fleurbaey & François Maniquet, 2006. "Compensation and responsibility," Working Papers halshs-00121367, HAL.
    3. FLEURBAEY, Marc & MANIQUET, François, 1998. "Optimal income taxation: and ordinal approach," CORE Discussion Papers 1998065, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    4. Fleurbaey, Marc, 1995. "Equal Opportunity or Equal Social Outcome?," Economics and Philosophy, Cambridge University Press, vol. 11(01), pages 25-55, April.
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    More about this item

    JEL classification:

    • B11 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Preclassical (Ancient, Medieval, Mercantilist, Physiocratic)
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • N23 - Economic History - - Financial Markets and Institutions - - - Europe: Pre-1913
    • N43 - Economic History - - Government, War, Law, International Relations, and Regulation - - - Europe: Pre-1913

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