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La réforme du 100 % réserves : calamité ou opportunité ?

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  • Christian Pfister

Abstract

This article considers the various 100 % Reserve plans that have appeared since the interwar period and have been adapted in the following period. In all formulations of those schemes, Government liabilities (cash, central bank reserves and short-term Treasuries) back banks' sight deposits. The article briefly presents the six categories of plans. It highlights their common features as well as their differences, showing that the differences are more numerous than the common features. The criticisms voiced against the different formulations of 100 % Reserves are exposed. In spite of these criticisms, the article shown that the 100 % Reserve reform is becoming topical, with recent private sector, central banks and political initiatives that relate to it. Overall, the 100 % Reserve reform does not appear as a meaningful opportunity to improve the functioning of banking systems. Furthermore, at least, one of its variants could easily turn into a calamity. Fortunately, it is not that variant that is getting more topical. Classification JEL : E42, E51, E52, E58.

Suggested Citation

  • Christian Pfister, 2021. "La réforme du 100 % réserves : calamité ou opportunité ?," Revue d'économie financière, Association d'économie financière, vol. 0(1), pages 293-316.
    • Handle: RePEc:cai:refaef:ecofi_141_0293
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    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • 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

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