La concurrence de monnaies dans un marché financier dématérialisé
Hayek's criticisms on the government prerogative of making money, the mystique of legal tender and the difficulty for government to adopt optimal policies, seem grounded. Nevertheless, the advocated solutions of free trade in money have the disadvantage of not standing historically, and above all do not fully integrate the new dynamic competition in financial services. As a matter of fact, alongside a financial market which is more and more autonomous and where the key to higher profit lies in marketing a large volume of debt, a model of a currency competition could easily converge to an oligopolistic market by the emergence of dominant currencies. Les critiques d’Hayek portant sur le monopole étatique d’émission de la monnaie, le mythe du cours légal et la difficulté pour un gouvernement d’adopter des politiques optimales s’avèrent aujourd’hui fondées. Cependant, les solutions préconisées visant un libre marché de monnaies présentent le désavantage de n’avoir aucune assise historique et surtout de ne pas intégrer la dynamique concurrentielle de l’industrie financière. De fait, face à un marché financier de plus en plus dématérialisé et dont la profitabilité repose sur le marketing de haut volume de prêts, le modèle de concurrence de monnaies peut très vite converger vers un marché oligopolistique par l’émergence de devises dominantes.
Volume (Year): 71 (1995)
Issue (Month): 3 (septembre)
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