Les trous noirs de la monnaie pleine

Laurent Le Maux

Revue française d'économie, 2020, vol. XXXV, issue 2, 51-79

Abstract: The present paper examines the proposition in favour of 100% money or plain money, that makes compulsory the full-backing reserve of demand deposits by the central bank money and, hence, prohibits commercial banks from proceeding to « creation » of money. It points out however that the reflexion about the transferability of time deposits or saving accounts into demand deposits remains unsatisfactory, even though such a transferability restarts the process of « creation » of money that 100% money or plain money proposition is supposed to cancel. It then deduces a collection of paradoxes that enlightens the nature of liquidity.

Date: 2020
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