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Banques, monnaie et paiements

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  • Jean-Charles Rochet
  • Marianne Verdier

Abstract

The traditional business model of commercial banks exploits economies of scale between deposits and credit. New information technologies (Fintechs) and giant internet platforms (Bigtechs) are putting this model in serious jeopardy. Bigtechs even threaten the monetary sovereignty of states by potentially offering citizens of the world new currencies that are beyond the control of those states, such as Facebook?s Global Stablecoin project Diem. This threat explains why many jurisdictions are seriously considering the creation of central bank digital currencies (CBDCs), so as discourage Fintech firms from creating new currencies. We analyze these upheavals and their foreseeable consequences and advocate for the development of a real public policy on payments. Classification JEL : D40, G01, G21, G23, O33

Suggested Citation

  • Jean-Charles Rochet & Marianne Verdier, 2021. "Banques, monnaie et paiements," Revue d'économie financière, Association d'économie financière, vol. 0(2), pages 135-155.
    • Handle: RePEc:cai:refaef:ecofi_142_0135
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    More about this item

    JEL classification:

    • D40 - Microeconomics - - Market Structure, Pricing, and Design - - - General
    • G01 - Financial Economics - - General - - - Financial Crises
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

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