Quel impact sur la création du FED des problèmes d’allocations de liquidité aux États-Unis de 1850 à 1913 ?

Anne-Marie Rieu-Foucault

Revue d'économie politique, 2024, vol. 134, issue 2, 133-195

Abstract: The purpose of this paper is to review the problems of liquidity allocation in the US in the second half of the 19th century both in normal times and in times of crisis and to identify the elements that led to the creation of the FED. Three major problems existed before the creation of the FED: the inelasticity of money and liquidity shocks, the provision of emergency liquidity and the lack of a framework for dealing with trusts and systemic risks. The creation of the FED will solve the first problem, partially solve the second and leave the third untouched, which will require further innovations in liquidity provision in the 2007 crisis.

Keywords: Central banks; money; liquidity; financial crises (search for similar items in EconPapers)
Date: 2024
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