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Monnaie de crédit et dettes privées

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  • Xavier Ragot

Abstract

[fre] Monnaie de crédit et dettes privées. . Cet article analyse les avantages de la circulation monétaire lorsque les agents peuvent régler leurs transactions au sein de réseaux de dettes privées. On montre en équilibre général que la monnaie de crédit est un moyen de transférer les coûts de gestion de dettes vers le système bancaire lorsque celui-ci possède un avantage comparatif dans ce domaine. Lorsque le coût d'accès à la liquidité est trop impor­tant, les agents reviennent vers des formes de paiement par dettes privées. Une attention particulière est portée au choix du nombre de transactions par les agents et au processus de démonétisation de l'économie. On compare enfin les résultats de ce modèle à certains mécanismes propres à la démonétisation de l'économie russe des années 1990.. [eng] Credit money and private loans. . We analyze the causes of money circulation when the issuance ofprivate 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 demonetized. We focus on the choice of the number of transactions by each agent and the de-monetization pro-cess. Finally, we show that this model can explain some aspects of the evolution of barter in Russia in the 90's.

Suggested Citation

  • Xavier Ragot, 2002. "Monnaie de crédit et dettes privées," Revue Économique, Programme National Persée, vol. 53(3), pages 679-688.
  • Handle: RePEc:prs:reveco:reco_0035-2764_2002_num_53_3_410437
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    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

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