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

Author

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  • Dominique Jacob

    (Larefi, Université de Bordeaux)

Abstract

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.

Suggested Citation

  • Dominique Jacob, 2013. "Quels sont les enseignements de l'histoire du fédéralisme américain pour la zone euro actuelle ?," Larefi Working Papers 1305, Larefi, Université Bordeaux 4.
    • Handle: RePEc:laf:wpaper:cr1305
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    File URL: http://laf.u-bordeaux4.fr/RePEc/CR_13EFI05.pdf
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    References listed on IDEAS

    as
    1. Michael D. Bordo & Lars Jonung & Agnieszka Markiewicz, 2013. "A Fiscal Union for the Euro: Some Lessons from History ," CESifo Economic Studies, CESifo, vol. 59(3), pages 449-488, September.
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    5. Hans-Werner Sinn, 2012. "Die Target-Falle: Gefahren für unser Geld und unsere Kinder," Books, by Staff of the ifo Institute - Leibniz Institute for Economic Research at the University of Munich, number 201210, April.
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    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Pays européens; crise financière; monnaie unique; Target 2;
    All these keywords.

    JEL classification:

    • B15 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Historical; Institutional; Evolutionary
    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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