Monnaie, banque et capital

François Marini

Revue d'économie politique, 2003, vol. 113, issue 1, 105-124

Abstract: In this paper, we develop a new interpretation of the Diamond-Dybvig [1983] model which leads to a new concept of money. We define money as a portfolio made up by a zero-coupon bond and a put option of this bond to the bank. To hold a demand deposit contract is equivalent to hold this portfolio. We show that money is endogenous if the bank holds a sufficient amount of capital.

Keywords: money; bank; insurance company; capital (search for similar items in EconPapers)
Date: 2003
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