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A propos de la position de Ricardo concernant la liberté d'émission de la monnaie

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  • Sylvie Diatkine

Abstract

[eng] D. Ricardo has been, from his early writings to the last ones, in favor of a central bank which is a state monopoly, and never supported a free banking system. This regime of issuing is consistent with his views on the regulation of paper money. The latter is issued by the central bank acting not as a lender but as an organizer of the gold market where it actively intervenes to keep the price of gold fixed. Markets are viewed not only as the result of microeconomic behaviour, but as requiring an institutional setting to perform their functions in an efficient way. This activist policy is working within a carefully specified institutional framework and the central bank cannot pursue a discretionary policy. [fre] D. Ricardo a été, tout au long de son œuvre, favorable à l'existence d'une banque centrale, monopole d'Etat, et n'a jamais défendu un système de libre émission. Ce régime d'émission est cohérent avec le système monétaire qu'il propose. Cette institution émet les billets non pas en tant que prêteur mais en tant qu'organisateur du marché de l'or sur lequel elle intervient activement de façon à maintenir fixe le prix de l'or. Le fonctionnement efficace du marché n'est pas seulement le résultat des comportements microéconomiques mais nécessite l'existence d'une institution. Si la banque centrale peut avoir un rôle actif, celui-ci se place néanmoins dans le cadre de règles fixes qui lui interdisent de mener une politique discrétionnaire.

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  • Sylvie Diatkine, 1994. "A propos de la position de Ricardo concernant la liberté d'émission de la monnaie," Cahiers d'Économie Politique, Programme National Persée, vol. 23(1), pages 79-99.
    • Handle: RePEc:prs:caecpo:cep_0154-8344_1994_num_23_1_1157
    DOI: 10.3406/cep.1994.1157
    Note: DOI:10.3406/cep.1994.1157
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    References listed on IDEAS

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    1. Arnon, Arie, 1987. "Banking between the Invisible and Visible Hands: A Reinterpretation of Ricardo's Place within the Classical School," Oxford Economic Papers, Oxford University Press, vol. 39(2), pages 268-281, June.
    2. Selgin, George A & White, Lawrence H, 1987. "The Evaluation of a Free Banking System," Economic Inquiry, Western Economic Association International, vol. 25(3), pages 439-457, July.
    3. R. S. Sayers, 1953. "Ricardo's Views on Monetary Questions," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 67(1), pages 30-49.
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