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Création du FED : réunir la gestion de la monnaie et de la liquidité

Author

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  • Anne-Marie Rieu-Foucault

    (EconomiX - EconomiX - UPN - Université Paris Nanterre - CNRS - Centre National de la Recherche Scientifique)

Abstract

Le processus de création du système de réserves fédérales (FED) est issu d'une série de dysfonctionnements monétaires et financiers, ayant résulté dans une succession de crises de liquidité dans la seconde moitié du 19ème siècle aux Etats-Unis. Ce papier présente ces dysfonctionnements et les moyens trouvés par les chambres de compensation pour gérer les crises de liquidité en l'absence de l'existence d'une banque centrale. Il discute les raisons ayant quand même finalement amenées à la création du FED, mettant en perspective les dimensions politiques et financières de cette création. Il conclut, au regard de l'histoire, sur les apports du FED et les manquements auxquels s'est trouvé confrontée la banque centrale lors du déclenchement de la crise de 2008.

Suggested Citation

  • Anne-Marie Rieu-Foucault, 2020. "Création du FED : réunir la gestion de la monnaie et de la liquidité," Working Papers hal-04159693, HAL.
    • Handle: RePEc:hal:wpaper:hal-04159693
    Note: View the original document on HAL open archive server: https://hal.science/hal-04159693
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    Keywords

    banque centrale; monnaie; liquidité; crises financières;
    All these keywords.

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • G01 - Financial Economics - - General - - - Financial Crises
    • N21 - Economic History - - Financial Markets and Institutions - - - U.S.; Canada: Pre-1913

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