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Dollarisation officielle : analyse critique et alternative

  • Le Maux, Laurent

    (Université de Paris VIII)

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    The lack of immunity to speculative attacks in currency board arrangements has led some economists to advocate official dollarization or euroization. Dollarization cancels the reserve system, but dollarization is dangerous because it leads to an “inelasticity of the currency” which destabilizes the price level and the system of payment. The banking system we call “banking board” can be suggested as an alternative to currency board and dollarization. Under banking board, banking system could issue demand deposits as banknotes convertible at par into reserve money. Besides the absence of exchange risk and the fall in the interest rate, the banking board by introducing an elasticity of the currency alleviates deflation pressures and stabilizes banks’ reserves. The last but not the least, a banks’ bank acting as lender of last resort can emerge or can be created, and its prudential policy can be more precise. La dollarisation ou l’euroisation officielles ont été récemment préconisées du fait de la persistance d’attaques spéculatives sous le système du currency board. La dollarisation supprime la réserve unique, mais elle demeure dangereuse, car elle conduit à une « inélasticité de l’offre de billets » déstabilisant le système bancaire et le niveau des prix. Ce que nous appelons banking board peut être une alternative à la fois au currency board et à la dollarisation. Sous le banking board, le système bancaire peut émettre des dépôts à vue et des billets à vue convertibles au pair en monnaie de réserve. En plus de la suppression du risque de change et grâce à l’élasticité de l’offre de billets, le système bénéficie de l’atténuation des pressions déflationnistes et d’une stabilisation des réserves des banques. Enfin, une banque supérieure intervenant comme prêteur en dernier ressort peut émerger ou être créée, et sa politique prudentielle est alors à la fois plus lisible et plus efficace.

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    Article provided by Société Canadienne de Science Economique in its journal L'Actualité économique.

    Volume (Year): 79 (2003)
    Issue (Month): 3 (Septembre)
    Pages: 367-391

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    Handle: RePEc:ris:actuec:v:79:y:2003:i:3:p:367-391
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