Hostname: page-component-cd9895bd7-7cvxr Total loading time: 0 Render date: 2024-12-25T08:15:26.241Z Has data issue: false hasContentIssue false
  • English
  • Français

Genèse des banques centrales et légitimité de la monnaie

Published online by Cambridge University Press:  26 July 2017

Michel Aglietta
Michel Aglietta*
Affiliation:
Université de Paris X-Nanterre
Get access Rights & Permissions [Opens in a new window]

Extract

Des événements contemporains de première grandeur sont des champs d'investigation privilégiés pour nourrir la réflexion théorique sur la nature de la monnaie, sur son organisation dans les sociétés libérales et ouvertes, sur sa place dans la science économique.

Les bouleversements de l'ex-URSS provoquent une désorganisation des échanges les plus élémentaires par disparition de la pratique sociale dont la monnaie est la règle : le paiement des transactions dans un médium unanimement acceptable. Le retour du troc souligne son énorme coût social : fragmentation des échanges qui se bilatéralisent, arbitraire des termes et des conditions de l'échange soumis exclusivement aux rapports de force entre les échangistes, immédiateté des relations économiques entravées par la désorganisation présente et l'incertitude future des approvisionnements. Les tentatives spontanées de contournement du troc entraînent la prolifération de banques de poche, hors de toute réglementation et de toute supervision.

Summary

Summary

The central bank is a major institution of market economics. As the outcome of a long evolutionary process, the central bank is a creation of the market, not a creation of the state. The modem transaction theory of money and payments Systems, coupled with historical evidence drawer from American British experiences, can help show this basic result. Because interbank payments have to be centralized, the best way to solve the trade-off between efficiency and security of payments is the settlement of clearing balances on the books of the central bank.

This insight leads us to refuse the manicheism of hayekian doctrine with regard to the debate between Free Banking and Central Banking. Because it is the center of the payments system, the central bank has differentiated itself from other banks through a learning process. Concern for systemic and global stability emerged in the Bank of England during the half century prior to World War I. The Bank developed both the lender of last resort principles and the guidance of the money market by bank rate in order to achieve convertibility.

In the 20th century, powerful social and political trends have nationalized money. The prominence of convertibility has given way to economic policy. However the monetary authorities must have legitimacy to carry out their responsabilities towards the general public. For this involvement to be credible, the central bank shall not support any special interest group. Independence of central banks in the institutional implication of these requirements.

Type
Commerce, Marché, Monnaie
Information
Annales. Histoire, Sciences Sociales , Volume 47 , Issue 3 , June 1992 , pp. 675 - 698
Copyright
Copyright © Les Éditions de l’EHESS 1992

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

Références Bibliographiques

* Cet article reprend en partie des éléments du texte « Ordre monétaire et banque centrale » à paraître dans le livre collectif Analyse économique des conventions, sous la direction d'André Orléan, avec l'aimable autorisation des PUF.Google Scholar
Aglietta, M. et Orléan, a., 1983, La violence de la monnaie, Paris, PUF.Google Scholar
Aglietta, M., 1990, « Intégration financière et régime monétaire sous l'étalon-or », Revue d'Économie financière, n° 14.Google Scholar
Alleau, R., 1977, La science des symboles, Paris, Payot.Google Scholar
Bagehot, W., 1962, Lombard Street, Reprint, Homewood III, Richard D. Irwin.Google Scholar
Bordo, M., 1990, «The Lender of Last Resort: Alternative Views and Historical Expérience», Fédéral Reserve Bank of Richmond Economie Review, janvier-février.Google Scholar
Brimmer, A.F., 1989, « Central Banking and Systemic Risks in Capital Markets », Journal of Economie Perspectives, vol. 3, n° 2.Google Scholar
Cannon, J.G., 1911, «Clearing Houses: Their History, Models and Administration», National Monetary Commission, vol. 6, Washington D.C. Google Scholar
Cartelier, J., 1990, «Payment Systems and Dynamics in a Monetary Economy, Conférence on Monetary Theory », Jérôme Levy Economies Institute, novembre 1-3.Google Scholar
Clower, R., «A Reconsideration of the Microfoundations of Monetary Theory», Monetary Theory, Clower ed, Penguin Books.Google Scholar
Cohen, D., 1986, Monnaie, richesse et dette des nations, Paris, Éd. du CNRS.Google Scholar
Cooper, R., 1989, « Is Private Money Optimal? » Cato Journal, vol. 9, n° 2.Google Scholar
Diamond, D.W. and Dybvig, p. H., 1983, «Bank Runs, Deposit Insurance and Liquidity», Journal of Political Economy, 91, juin.Google Scholar
Dupuy, J. P., 1988, « Common Knowledge et sens commun», Cahiers du CREA, n° 11, avril.Google Scholar
Eichengreen, B., 1985, The Gold Standard in Theory and History, New York, Methuen.Google Scholar
landau, Folkerts, 1990, « Systemic Financial Risk in Payments Systems », IMF Working Papers, 310, juillet.Google Scholar
Garcia, G. and Plantze., , 1988, The Fédéral Reserve: Lender of Last Resort, Cambridge, Mass., Ballinger Press.Google Scholar
Gilbert, R.A. and Wood, g.e., 1986, « Coping with Bank Failures, some Lessons from the US and the UK », Fédéral Reserve Bank of Saint Louis Review, 68, décembre.Google Scholar
Glasner, D., 1989, Free Banking and Monetary Reform, Cambridge University Press.CrossRefGoogle Scholar
Goodfriend, H., 1988, «Money, Crédit, Banking and Payments System Policy», Fédéral Reserve Bank of Richmond Working Paper, 89-3.Google Scholar
Goodhart, C, 1988, The Evolution of Central Banks, MIT Press.Google Scholar
Gorton, G., 1985, « Bank Suspension of Convertibility », Journal of Monetary Economies, 15.CrossRefGoogle Scholar
Gorton, G., 1985, «Banking Theory and Free Banking History», Journal of Monetary Economies, 16.CrossRefGoogle Scholar
Greenfield, R. and Yeager, L., 1983, « A laissez-faire Approach to Monetary Stability », Journal of Money, Crédit and Banking, vol. 15, n° 3, août.Google Scholar
Hahn, F., 1990, « Liquidity », dans Friedman, B. M. and Hahn, F. H. éds, Handbook of Monetary Economies, vol. 1, North Holland.Google Scholar
Hawtrey, R.G., 1932, The Art of Central Banking, Londres, Longmans Green.Google Scholar
Hayek, F.A., 1978, Denationalization of Money, Institute of Economie Affairs, seconde édition, Londres.Google Scholar
Hetzel, R. L., 1987, «Henry Thornton: Séminal Monetary Theorist and Father of the Modem Central Bank », Fédéral Reserve Bank of Richmond Economie Review, juillet-août.Google Scholar
Humphrey, T. M., 1989, «Lender of Last Resort: The Concept in History», Fédéral Reserve Bank of Richmond Economie Review, mars-avril.Google Scholar
Kaufman, G., 1988, « Bank Runs: Causes, Benefits and Costs », Cato Journal, hiver.Google Scholar
Kindleberger, C. P., 1978, Manias, Panics and Crashes, Basic Books.Google Scholar
Kisch, C.H. and Elkin, W. A., 1932, Central Banks, Londres, MacMillan, quatrième édition.Google Scholar
Koch, H., 1983, L'Histoire de la Banque de France et de la monnaie sous la Quatrième République, Paris, Dunod.Google Scholar
Koch, H., 1964, « La Banque de France », dans Tendances, n° 28, avril.Google Scholar
Krugman, P., 1990, «Spéculative Attacks on Target Zones», Cepr-nber Conférence, Warwick, juillet, 10–11.Google Scholar
Menger, C , 1892, « On the Origin of Money », Economie Journal, 2.Google Scholar
Orléan, A., 1990, « La monnaie et les paradoxes de l'individualisme », CREA, Rapport n ° 9010 A, août.Google Scholar
Ostroy, j. and Starr, R., 1990, «The Transactions Rôle of Money», Handbook of Monetary Economies, op. cit.Google Scholar
Plessis, A., 1982, « La Banque de France et les relations monétaires internationales jusqu'en 1914, Relations Internationales, n° 29.Google Scholar
Plessis, A., 1985, La politique de la Banque de France de 1851 à 1870, Genève, Droz.Google Scholar
Rolnick, A. and Weber, W., 1984, «The Causes of Free Bank Failures: A Detailed Examination », Journal of Monetary Economies, 14, novembre.CrossRefGoogle Scholar
Sayers, R. S., 1987, Central Banking After Bagehot, Oxford University Press.Google Scholar
Sayers, R. S., 1976, The Bank ofEngland 1891-1914, Cambridge University Press.Google Scholar
Scialom, L 1991, Monnaie et Banque Centrale en Europe, Thèse de Doctorat de Paris X-Nanterre.Google Scholar
Selgin, G. and White, L. H., 1987, «The Evolution of a Free Banking System», Economie Inquiry, 25, juillet.Google Scholar
Selgin, g., 1988, « The Theory of Free Banking », Totowa, Rowman and Littlefield.Google Scholar
Shubik, M., 1990, « The Game Theoretic Approach in the Theory of Money and Financial Institutions », Handbook of Monetary Economies, op. cit.Google Scholar
Simmel, G., 1987, Philosophie de l'argent, Paris, PUF.Google Scholar
Tallman, E., 1988, «Unanswered Questions About Bank Panics», Fédéral Reserve Bank of Atlanta Economie Review, novembre-décembre.Google Scholar
Thornton, H., 1939, An Enquiry into the Nature and Effects of the Paper Crédit of Great Britain (1802), Hayek, F. A. éd, New York, Rinehart and Co.Google Scholar
Timberlake, R. H., 1978, The Origins of Central Banking in the US, Cambridge, Mass., Harvard University Press.Google Scholar
Timberlake, R. H., 1984, «The Central Banking Rôle of Clearing House Associations», Journal of Money, Crédit and Banking, 41, février.Google Scholar
Toniolo, G., éd., 1988, Central Banks’ Independence in HistoricalPerspective, Berlin-New York, de Gruyter.Google Scholar
Cleveland H., Van B., 1976, « The International Monetary System in the Interwar Period », dans Rowland, B. M. éd., Balance of Power or Hegemony: The Interwar Monetary System, New York, Lehrman Institute, New-York University Press.Google Scholar
Vidal, J. F., 1989, Les fluctuations internationales, Economica.Google Scholar
White, L. H., 1984, Free Banking in Britain, Cambridge University Press.Google Scholar
White, L. H., 1989, «What Kinds of Monetary Institutions would Free Market Deliver?», Cato Journal, vol. 9, n° 2, automne.Google Scholar
White, l. H., 1990, « Compétitive Monetary Reform », Journal of Monetary Economies, 26.Google Scholar