Une banque d’émission contestée: quelle réforme de la Caisse d’escompte face à la disette monétaire au début de la Révolution française ?

Louis Pons ()
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Louis Pons: IDHES - Institutions et Dynamiques Historiques de l'Économie et de la Société - UP1 - Université Paris 1 Panthéon-Sorbonne - UP8 - Université Paris 8 - UPN - Université Paris Nanterre - UEVE - Université d'Évry-Val-d'Essonne - CNRS - Centre National de la Recherche Scientifique - ENS Paris Saclay - Ecole Normale Supérieure Paris-Saclay, UP1 - Université Paris 1 Panthéon-Sorbonne

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Abstract: At the end of the Old Regime, the only issuing bank in Paris, the Caisse d'escompte, was in dire straits and had obtained royal authorization to suspend the convertibility of its banknotes. While its legitimacy as an institution of public credit was questioned in the National Assembly, writings circulating among political clubs, sections and the Paris Commune blamed it for maintaining a monetary shortage that was threatening commerce. Some authors called for the creation of a new issuing bank to increase the quantity of means of payment in circulation. Others demanded that the Caisse convert its banknotes without restrictions, or even that it be liquidated, while some sections hoped the issue of small bills. Ultimately, the Assembly decided not to borrow from the Caisse d'escompte, and the institution gradually lost its local issuing monopoly. However, it remained a crucial intermediary for the State, particularly for the purchase of precious metals abroad.

Keywords: Révolution française; crédit public; monnaie; banque; Caisse d'escompte (search for similar items in EconPapers)
Date: 2026-04-23
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Published in Michel Margairaz; Olivier Feiertag. Les Banques centrales : acteurs politiques ? XVIIIe-XXIe siècles, SPM, pp.17-27, 2026, 978-2-37999-224-7

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