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Monnaie, banque et capital

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  • François Marini

Abstract

In this paper, we develop a new interpretation of the Diamond-Dybvig [1983] model which leads to a new concept of money. We define money as a portfolio made up by a zero-coupon bond and a put option of this bond to the bank. To hold a demand deposit contract is equivalent to hold this portfolio. We show that money is endogenous if the bank holds a sufficient amount of capital.

Suggested Citation

  • François Marini, 2003. "Monnaie, banque et capital," Revue d'économie politique, Dalloz, vol. 113(1), pages 105-124.
    • Handle: RePEc:cai:repdal:redp_131_0105
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