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Création du FED : réunir la gestion de la monnaie et de la liquidité

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  • Anne-Marie Rieu-Foucault

Abstract

The process of creating the Federal Reserve System (FED) was the result of a series of monetary and financial dysfunctions, which resulted in a succession of liquidity crises in the second half of the 19th century in the United States. This paper presents these dysfunctions and the means found by clearing houses to manage liquidity crises in the absence of a central bank. He discusses the reasons that ultimately led to the creation of the FED, putting into perspective the political and financial dimensions of this creation. It concludes, with regard to history, on the contributions of the FED and the shortcomings which the central bank faced, when the 2008 crisis broke out.

Suggested Citation

  • Anne-Marie Rieu-Foucault, 2020. "Création du FED : réunir la gestion de la monnaie et de la liquidité," EconomiX Working Papers 2020-21, University of Paris Nanterre, EconomiX.
    • Handle: RePEc:drm:wpaper:2020-21
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    Keywords

    central banks; money; liquidity; financial crises;
    All these keywords.

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • G01 - Financial Economics - - General - - - Financial Crises
    • N21 - Economic History - - Financial Markets and Institutions - - - U.S.; Canada: Pre-1913

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