Monnaie, banque et capital

François Marini
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François Marini: LEDa - Laboratoire d'Economie de Dauphine - IRD - Institut de Recherche pour le Développement - Université Paris Dauphine-PSL - PSL - Université Paris Sciences et Lettres - CNRS - Centre National de la Recherche Scientifique

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Abstract: In this paper, we develop a new interpretation of the Diamond-Dybvig [1983] model which leads to a new concept of money. We define money as a portfolio made up by a zero-coupon bond and a put option of this bond to the bank. To hold a demand deposit contract is equivalent to hold this portfolio. We show that money is endogenous if the bank holds a sufficient amount of capital.

Keywords: Monnaie; banque; compagnie d'assurance; capital; money; bank; insurance company (search for similar items in EconPapers)
Date: 2003
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Published in Revue d'économie politique, 2003, 13 (1)

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-03575539

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