Search results for "offre de monnaie"
showing 2 items of 2 documents
Monnaie endogène, refinancement bancaire et offre de crédit
1993
Post Keynesians have developped the view that credit availability is fundamentally determined by demand-side pressures. However, two aproaches o f money supply endogeneity are here distinguished : full and partial accommodation by central banks of reserve needs arising from bank lending. In the first case, central banks only set the supply price but not the supply quantity of reserves, in the second they can and do control reserve quantities. We examine the major implications of these theories on short term interest rates determination, management practices (particularly liability management) of commercial banks, financial innovations and quantity rationing by banks. We try to show that bot…
Le Currency board : les contraintes de financement et d'ajustement de la convertibilité intégrale
2000
The paper scrutinizes the consequences of the adoption of a currency board arrangement (CBA) by some emerging economies during the 1990s. Considering the justifications o f this choice and the different setting-up contexts, it focuses on the implications of a CBA on the financial system and the real economy. A high degree of liquidity of the banking system is required in the absence of a lender-of-last-resort, and the automatic money supply process strictly disciplines the fiscal policy. Monetary stability is restored; but in most o f these economies where capital markets are underdeveloped, CBA's rules make the domestic credit supply dependent on the ability o f the economy to maintain ove…