Monnaie et convertibilité: trois expériences historiques

Romain Veyrune ()

No 200216, Working Papers from CERDI

Abstract: The basic principle of central banking in legacy of the banking school dominates the monetary authorities behaviors in the main part of the world, especially in developed countries. A small group of countries ,including only developing countries, stay however away from the banking principle and choose a design of monetary authorities closer to the currency principle. This article aims at describing the historical records of these regimes and comparing them in order to determinate if they constitute a homogenous group. We argue that the regime under study, the franc zone and the currency boards, follow the same goal and implement the same monetary policy. Their mission is double : facilitate the commercial integration and guaranty the trust in the money. The tools commonly used are a fixed exchange rate and a monetary policy ruled by external accounts. The three regimes constitute thus an homogenous group, different from the group of central bank regimes. We call this group the convertibility regimes.

Keywords: Franc Zone; Currency Boards; Colonial banks; Compte d'opérations; Monetary rules (search for similar items in EconPapers)
Pages: 21
Date: 2002
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