IDEAS home Printed from
   My bibliography  Save this article

Monnaie de crédit et dettes privées


  • Xavier Ragot


We analyze the causes of money circulation when the issuance of private debts allows agents to transact with each other. We show in general equilibrium that credit money enables agents to transfer their costs of debt management to the banking system. If the cost to access to liquidity is too high, then agents can go back to private debt transactions and the economy gets de-monetized. We focus on the choice of the number of transactions by each agent and the de-monetization process. Finally, we show that this model can explain some aspects of the evolution of barter in Russia in the 90’s. Classification JEL : E41, E51, L11

Suggested Citation

  • Xavier Ragot, 2002. "Monnaie de crédit et dettes privées," Revue économique, Presses de Sciences-Po, vol. 53(3), pages 679-688.
  • Handle: RePEc:cai:recosp:reco_533_0679

    Download full text from publisher

    File URL:
    Download Restriction: free

    File URL:
    Download Restriction: free

    Other versions of this item:

    References listed on IDEAS

    1. Demekas, Dimitri G & Kontolemis, Zenon G, 2000. " Government Employment and Wages and Labour Market Performance," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 62(3), pages 391-415, July.
    2. Holmlund, Bertil, 1997. "Macroeconomic Implications of Cash Limits in the Public Sector," Economica, London School of Economics and Political Science, vol. 64(253), pages 49-62, February.
    3. Holmlund, Bertil & Linden, Johan, 1993. "Job matching, temporary public employment, and equilibrium unemployment," Journal of Public Economics, Elsevier, vol. 51(3), pages 329-343, July.
    Full references (including those not matched with items on IDEAS)

    More about this item

    JEL classification:

    • E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • L11 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Production, Pricing, and Market Structure; Size Distribution of Firms


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:cai:recosp:reco_533_0679. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Jean-Baptiste de Vathaire). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.