IDEAS home Printed from
   My bibliography  Save this article

Monnaie et système de paiement: le problème de la formation de l'équilibre


  • Jean Carteller


[eng] During the past forty years stability of equilibrium theoty revealed itself as a very difficult topic. One of the most significant problem concerns an inconsistency of non-tâtonnement models: efficiency of market appears incompatible with barter or, alternatively, existence of money is ruled out by the fundamental usual assumptions of Arrow-Debreu model. As a result, modern theory gives a very special picture of the working of a market economy, dramatically different from that commonly accepted by economists since Adam Smith. A striking (and undesired) feature of the former is the dichotomy between determination of prices and quantities, on one hand, and the realisation of transactions, on the other. Starting from alternative assumptions, namely the existence of a payment system as a mean of coordination between individual agents, it is possible to build consistent non- tâtonnement models converging toward equilibria very different of those obtained through static analysis (path-dependence). Moreover the dichotomy alleged above no longer holds. This paper is mostly devoted to the issue raised by effective dise- quilibria and to the minimal hypotheses required for the existence of a payment system. [fre] Parmi les difficultés de l'étude de la stabilité de l'équilibre, révélées par la théorie moderne, la plus significative semble être l'impossibilité de construire des modèles acceptables de non-tâtonnement, c'est-à-dire conciliant l'efficacité des marchés et le recours aux seules hypothèses usuelles de la théorie statique standard (absence de monnaie, notamment). Il en est résulté que l'image produite par la théorie économique diffère dramatiquement de celle que les économistes, depuis plusieurs siècles, pensent être celle du marché. Il est soutenu qu'en adoptant comme point de départ la notion de système de paiement, il est possible de lever quelques-uns des principaux obstacles de principe rencontrés par la théorie actuelle. En interprétant la monnaie comme le mode d'accord et le moyen de coordination entre les individus, il devient concevable de construire des dynamiques effectives aboutissant à des équilibres différents de ceux déterminés par la théorie statique et de donner du marché une représentation plus conforme aux exigences de l'intuition commune (en particulier, refus de la séparation entre détermination des prix et quantités, d'une part, et réalisation des transactions, d'autre part.)

Suggested Citation

  • Jean Carteller, 1991. "Monnaie et système de paiement: le problème de la formation de l'équilibre," Revue Française d'Économie, Programme National Persée, vol. 6(3), pages 3-37.
  • Handle: RePEc:prs:rfreco:rfeco_0769-0479_1991_num_6_3_1287
    Note: DOI:10.3406/rfeco.1991.1287

    Download full text from publisher

    File URL:
    Download Restriction: no

    File URL:
    Download Restriction: no

    More about this item


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:prs:rfreco:rfeco_0769-0479_1991_num_6_3_1287. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Equipe PERSEE). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.