Création du FED: réunir la gestion de la monnaie et de la liquidité
Anne-Marie Rieu-Foucault ()
No 2020-21, EconomiX Working Papers from University of Paris Nanterre, EconomiX
The process of creating the Federal Reserve System (FED) was the result of a series of monetary and financial dysfunctions, which resulted in a succession of liquidity crises in the second half of the 19th century in the United States. This paper presents these dysfunctions and the means found by clearing houses to manage liquidity crises in the absence of a central bank. He discusses the reasons that ultimately led to the creation of the FED, putting into perspective the political and financial dimensions of this creation. It concludes, with regard to history, on the contributions of the FED and the shortcomings which the central bank faced, when the 2008 crisis broke out.
Keywords: central banks; money; liquidity; financial crises (search for similar items in EconPapers)
JEL-codes: E58 G01 N21 (search for similar items in EconPapers)
Pages: 53 pages
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Persistent link: https://EconPapers.repec.org/RePEc:drm:wpaper:2020-21
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