Production de crédit et offre de monnaie

[fre] La monnaie est duale : elle est à la fois endogène et exogène. D'où la distinction entre création monétaire et offre de monnaie. L'échange marchand est un échange biens contre dettes et non pas biens contre biens ; les échangistes sont contraints de prendre des risques — de contrepartie et de liquidité — et choisissent de les réduire en impliquant les banques. La prise en compte de ces risques inhérents à l'échange, permet de dégager la dualité de la monnaie, d'aborder simultanément la théorie monétaire et la théorie bancaire et d'enrichir l'analyse du prêteur en dernier ressort [eng] There is a duality of money : it is endogenous and exogenous. Therefore it is important to distinguish between monetary creation and money supply. Buying and selling means the exchange of goods and debts, which is very different from barter. In doing so the economic agents are asked to take two kinds of risks : liquidity and insolvability. Banks interventions in the exchange reduce these risks. When the accent is concentrated on these exchange's risks it is possible to understand the duality of money. On these bases we can study both the monetary theory and the banking theory. And it helps for a better understanding of the lender of last resort. [ger] Jérôme de Boyer des Roches Credit production and money supply; endogenous and exogenous moneys. There is a duality of money : it is endogenous and exogenous. Therefore it is important to distinguish between monetary creation and money supply. Buying and selling means the exchange of goods and debts, which is very different from barter. In doing so the economic agents are asked to take two kinds of risks : liquidity and insolvability. Banks interventions in the exchange reduce these risks. When the accent is concentrated on these exchange's risks it is possible to understand the duality of money. On these bases we can study both the monetary theory and the banking theory. And it helps for a better understanding of the lender of last resort.