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Quels sont les enseignements de l'histoire du fédéralisme américain pour la zone euro actuelle ?

  • Dominique Jacob


    (Larefi - Laboratoire d'analyse et de recherche en économie et finance internationales - Université Montesquieu - Bordeaux IV : EA2954)

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    Cet article aux enseignements issus de l'Histoire américaine de la crise des dettes publiques gérée par Alexander Hamilton à la guerre de sécession. afin d'en tirer les éventuels enseignements pour une zone euro fédérale qui disposerait d'un budget commun. On montrera, ensuite, que la fragmentation monétaire américaine des années Roosevelt est plus proche de la situation de la crise actuelle de la zone euro que ne l'était celle de la guerre de sécession. Sur le plan monétaire, les travaux de König (2012), Carlson et Weelock (2013) permettent d'établir une grande similitude entre la situation non coopérative qui prévalait alors entre les banques fédérales de district et les dissensions qui prévalent actuellement entre banques centrales nationales européennes au sein du système de paiements transfrontaliers Target 2. Appel (2003) montre que l'un des buts des Banking Act de 1933 et 1935 était de mettre fin aux rivalités entre les banques de district fédérale et la Réserve Fédérale de New York, en leur interdisant d'agir pour leur compte propre et en les soumettant aux injonctions de cette dernière. Pour la zone euro, cela permet d'envisager des mesures politiques susceptibles de limiter les conflits entre Banques centrales créancières du Nord et banques centrales débitrices du Sud au sein de Target 2.

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    Paper provided by HAL in its series Working Papers with number hal-00863029.

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    Date of creation: 11 Sep 2013
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    Handle: RePEc:hal:wpaper:hal-00863029
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    1. Noll, Franklin, 2012. "Repudiation: The Crisis of United States Civil War Debt, 1865-1870," MPRA Paper 43540, University Library of Munich, Germany.
    2. Christian Fahrholz & Andreas Freytag, 2012. "Will TARGET2-Balances be Reduced again after an End of the Crisis?," Global Financial Markets Working Paper Series 30-2012, Friedrich-Schiller-University Jena.
    3. Michael D. Bordo & Agnieszka Markiewicz & Lars Jonung, 2011. "A Fiscal Union for the Euro: Some Lessons from History," NBER Working Papers 17380, National Bureau of Economic Research, Inc.
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