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There is nothing magic in central bank money
[La monnaie de banque centrale n’a rien de magique]

Author

Listed:
  • Jean Barthélemy
  • Adrian Penalver

Abstract

Is central bank money “magic money” that could avoid issuing government debt or extinguish existing debt? This blog explains what is central bank money, how it is created, and the relationship between central bank and government finances. There are no easy options to avoid paying for fiscal deficits. La monnaie de banque centrale est-elle une « monnaie magique » qui permettrait de ne pas émettre de dette publique ou d’éteindre la dette existante ? Ce billet explique ce qu’est la monnaie de banque centrale, comment elle est créée, et la relation entre banque centrale et finances publiques. Aucune option facile ne permettra d’échapper au financement des déficits budgétaires.

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Handle: RePEc:bfr:econot:162
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File URL: https://www.banque-france.fr/en/publications-and-statistics/publications/there-nothing-magic-central-bank-money
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File URL: https://www.banque-france.fr/fr/publications-et-statistiques/publications/la-monnaie-de-banque-centrale-na-rien-de-magique
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