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Innovations financières, agrégats monétaires, politique monétaire

Listed author(s):
  • Yves Ullmo
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    [eng] Financial Innovation, Monetary Masses, Monetary Policy Financial innovation will be linked to those changes in regulations which correspond more fundamentally to the changes in borrowing and lending needs in a context of exchange rate and interest rate variation. Financial innovation has repercussion on monetary policy methods. First, we observe that financial innovation renders monetary masses more instable and distorts them in relation to real orders of size. Where innovating practices have matured, masses over-represent monetary reality; where these practices are developing, masses under-represent monetary reality. In addition, innovation is gradually depriving credit masses of their importance. In the main large countries, monetary authorities have reacted by redefining monetary masses in favour of wider, more diversified concepts. This has made their value somewhat less clear. In smaller countries, monetary masses have become less significant. In these conditions, monetary policy has been less and less oriented towards direct control of the quantity of credit and more and more towards control of central money rates, with exchange rates taking pride of place. Financial agents are for their part engaging more actively in financing procedures : the ill-mastered growth of their international assets, the increasing role of variable rates and the expansion of future markets, all tend to render monetary policy less precise and less effective. In Europe, the development of the ECU pleads in favour of tight harmonisation of national monetary policies. The fading role of monetary masses underlies the need for reinforced coordination within the EMS. [fre] Innovations financières, agrégats monétaires, politique monétaire Les innovations financières seront liées à l'évolution de la réglementation, correspondant plus fondamentalement à l'évolution des besoins des agents emprunteurs et prêteurs dans un contexte de variabilité des taux de change et des taux d'intérêt. Elles ont une incidence sur les modalités de la politique monétaire. On constate d'abord que l'innovation financière rend plus instables les agrégats monétaires et déforme leur relation avec les grandeurs réelles. Là où l'innovation est parvenue à maturité, les agrégats sur-représentent la réalité monétaire et là où elle est dans une phase d'essor, ils la sous-représentent. Par ailleurs, elle vide progressivement de leur contenu les agrégats du crédit. Les autorités monétaires ont réagi dans les grands pays en redéfinissant les agrégats monétaires au profit d'agrégats plus larges et en les diversifiant ce qui a quelque peu brouillé leur valeur. Dans les petits pays, ces agrégats ont pris moins d'importance. Dans ces conditions, la politique monétaire a eu de moins en moins recours au contrôle quantitatif direct du crédit et a de plus en plus joué sur le coût de la monnaie centrale, le taux de change prenant globalement plus d'importance. Les agents financiers s'engagent de leur côté plus activement dans les procédures de financement; la croissance des avoirs internationaux des agents économiques, mal suivis, le rôle croissant des taux variables et l'expansion des marchés à terme ont tendance à rendre moins efficace et moins précise la politique monétaire. Au plan de l'Europe, le développement de l'ECU privé plaide en faveur d'une harmonisation très forte des politiques monétaires nationales et la diminution du rôle des agrégats exige une coordination renforcée au sein du SME.

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    Article provided by Programme National Persée in its journal Revue d'économie financière.

    Volume (Year): 2 (1987)
    Issue (Month): 2 ()
    Pages: 25-36

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    Handle: RePEc:prs:recofi:ecofi_0987-3368_1987_num_2_2_1497
    Note: DOI:10.3406/ecofi.1987.1497
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