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Les fondements de l'économie de découvert. A propos de la théorie de la liquidité de Hicks

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  • Jean-François Goux

Abstract

[eng] The foundations of overdraft economy : on Hisks theory of liquidity. . This article is an attempt to seule the origins of the notion of overdraft economy proposed by Hicks in 1974. We think this concept is different from the idea of debt economy : the one is founded on liquidity, the other on financing.. The stress put on liquidity as flexibility leads the way for an alternative of holding liquid assets : the assured borrowing power, we can analyse as an option to buy loan (a put option) to the bank on demand. This contract between firms and banks depends on the ability of central bank to insure automatically the liquidity of the banking sustem. An implicit contract between banks and central bank is the foundation of this strong constraint of lender of last resort. [fre] Les fondements de l'économie de découvert. A propos de la théorie de la liquidité de Hicks. . L'objectif de cet article est de déterminer les sources du concept d'économie de découvert proposé par J. Hicks en 1974. Nous pensons qu'il se différencie de celui d'économie d'endettement : l'un est fondé sur la liquidité, l'autre sur le mode de financement.. L'accent mis sur la liquidité comme flexibilité conduit à la mise en évidence d'une alternative à la détention d'actifs liquides : la capacité assurée d'emprunt, que l'on peut analyser comme une option d'une vente de créance. Ce contrat entre les entreprises et les banques n'existe que parce que la Banque centrale assure automatiquement la liquidité du système bancaire. Un contrat implicite entre les banques et la Banque centrale est à l'origine de cette contrainte forte de prêteur en dernier ressort.

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  • Jean-François Goux, 1990. "Les fondements de l'économie de découvert. A propos de la théorie de la liquidité de Hicks," Revue Économique, Programme National Persée, vol. 41(4), pages 669-686.
    • Handle: RePEc:prs:reveco:reco_0035-2764_1990_num_41_4_409230
    DOI: 10.3406/reco.1990.409230
    Note: DOI:10.3406/reco.1990.409230
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    References listed on IDEAS

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    1. Philip Arestis (ed.), 1988. "Post-Keynesian Monetary Economics," Books, Edward Elgar Publishing, number 15.
    2. Sir John Hicks, 1987. "La crise de l'économie keynésienne," Revue Française d'Économie, Programme National Persée, vol. 2(4), pages 3-21.
    3. Douglas W. Diamond & Philip H. Dybvig, 2000. "Bank runs, deposit insurance, and liquidity," Quarterly Review, Federal Reserve Bank of Minneapolis, vol. 24(Win), pages 14-23.
    4. J.L. Gaffard & Jean-Paul Pollin, 1988. "Réflexions sur l'instabilité des économies monétaires," Post-Print halshs-00288197, HAL.
    5. Hirsch, Fred, 1977. "The Bagehot Problem," The Manchester School of Economic & Social Studies, University of Manchester, vol. 45(3), pages 241-257, September.
    6. Victoria Chick, 1983. "Macroeconomics after Keynes: A Reconsideration of the General Theory," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262530457, April.
    7. J. Tobin, 1958. "Liquidity Preference as Behavior Towards Risk," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 25(2), pages 65-86.
    8. Robert A. Jones & Joseph M. Ostroy, 1984. "Flexibility and Uncertainty," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 51(1), pages 13-32.
    9. Stephen Rousseas, 1986. "Post Keynesian Monetary Economics," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-349-18229-9, October.
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