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“La crédibilité d’une monnaie à étalon métallique chez Law, Steuart, Thonton, Ricardo”

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  • Ghislain Deleplace

    (LED - Laboratoire d'Economie Dionysien - UP8 - Université Paris 8 Vincennes-Saint-Denis)

Abstract

À une époque où la vision dominante est celle d'une monnaie métallique, ces quatre auteurs se répartissant sur un siècle (de 1705 pour Law à 1816 pour Ricardo, en passant par 1767 pour Steuart et 1802 pour Thornton) plaident en faveur d'une suppression des pièces d'or et d'argent au profit d'une circulation exclusive de billets de banque, dont ils défendent le monopole d'émission et la régulation de celle-ci en fonction de ce qu'on appelle aujourd'hui des objectifs macroéconomiques. Le rejet par ces auteurs de la monnaie métallique ne les conduit pas pour autant à basculer dans la défense d'une monnaie étatique : la banque centrale n'est pas pour eux un hôtel des monnaies qui imprimerait des billets au lieu de frapper des pièces. En cela, ils se situent en dehors de l'opposition fréquente dans l'histoire de la pensée monétaire entre métallistes et chartalistes : le dépassement de cette opposition s'opère chez eux par l'idée que la crédibilité d'une monnaie est fondée sur une institution sui generis, à savoir un système organisé couplant la monnaie comme unité de compte et comme moyen de circulation. Ils n'ont donc également rien à voir avec l'approche aujourd'hui dominante qui fonde la crédibilité de la monnaie sur la confiance qu'elle inspire comme réserve de valeur, garantie par la pérennité du métal ou celle de l'État. Enfin chacun de ces auteurs a non seulement théorisé la monnaie-papier, mais aussi proposé un plan de système monétaire organisé autour d'elle – un plan discuté voire mis en œuvre à l'époque, sans succès durable cependant. Si ces auteurs ont ainsi en commun les mêmes raisons d'être éligibles à une réflexion sur la crédibilité de la monnaie, ils se séparent néanmoins sur l'institution monétaire qui la fonde. C'est ce que j'examinerai successivement pour chacun d'eux, avant de conclure par quelques remarques sur la notion de crédibilité de la monnaie. Publication : Deleplace, G. (2021 b) "La crédibilité d'une monnaie à étalon métallique chez Law, Steuart, Thornton, Ricardo," Revue française d'histoire économique, 2021-II, n° 16 : 14-27. hal-04253418

Suggested Citation

  • Ghislain Deleplace, 2021. "“La crédibilité d’une monnaie à étalon métallique chez Law, Steuart, Thonton, Ricardo”," Post-Print hal-04429170, HAL.
    • Handle: RePEc:hal:journl:hal-04429170
    Note: View the original document on HAL open archive server: https://hal.science/hal-04429170
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    References listed on IDEAS

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    1. Murphy, Antoin E., 1997. "John Law: Economic Theorist and Policy-maker," OUP Catalogue, Oxford University Press, number 9780198286493, Decembrie.
    2. Arnon,Arie, 2011. "Monetary Theory and Policy from Hume and Smith to Wicksell," Cambridge Books, Cambridge University Press, number 9780521191135, December.
    3. Goodhart, Charles A. E., 1998. "The two concepts of money: implications for the analysis of optimal currency areas," European Journal of Political Economy, Elsevier, vol. 14(3), pages 407-432, August.
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