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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

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    References listed on IDEAS

    1. Dornbusch, Rudiger, 1976. "Expectations and Exchange Rate Dynamics," Journal of Political Economy, University of Chicago Press, vol. 84(6), pages 1161-1176, December.
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