L’articulation entre dette publique et dette privée dans la dynamique du capitalisme contemporain

Laurent Baronian and Pierre Matari
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Pierre Matari: Universidad Autónoma de la Ciudad de México

European Journal of Economic and Social Systems, 2012, vol. 25, issue 1-2, 27-38

Abstract: In this paper, we support that public debt is the axis around which the whole credit system reproduces itself. At the macroeconomic level, the implications of this complex articulation between public and private debt is expressed through the two main purposes of monetary policy. Henceforth, central banks are enjoined to fight against the rise in the production prices of inputs, as well as, in the same time, to support the rise of securities on the financial markets. The policy of the Fed since the 2007 crisis clearly shows the conditions of realization as well as of the meaning of these two imperatives. This crisis management discloses indeed the subjection of the Treasury Department to the Fed and expresses the real content of the concept of “independence” of big central banks, namely the freedom of financial capital against public authorities.

Keywords: public debt; private debt; credit system; central banks (search for similar items in EconPapers)
Date: 2012
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Persistent link: https://EconPapers.repec.org/RePEc:ris:ejessy:0017

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