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Analyse de la crise financière actuelle Où vont-ils chercher ces milliards qu’ils n’ont pas? Comment l’État assureur en dernier ressort permet d’accéder à la Banque centrale européenne, prêteur en dernier ressort

Analysis of the current financial analysis. Where do they take these billions they have not? How the State, insurer in last resort, offers access to the European Central Bank

Bernard Vallageas

MPRA Paper from University Library of Munich, Germany

Abstract: The first stage of the plan for rescuing French banks in October 2008 rules that a special company owned by the State and the banks will borrow on the “markets” with the State warranty. The money collected will be lent to the banks so that they can finance economy. This is curious because there is no explanation of money creation, as if “markets” created money. Actually we demonstrate that the banks can use the special company to create money for themselves, then to lend the money to economy and use the State-warranted bonds as a collateral for refinancing from the European Central Bank. So the State behaves as an insurer allowing to borrow from the European Central Bank.

Keywords: money creation; central bank; financial crisis (search for similar items in EconPapers)
JEL-codes: E42 E44 E51 E58 E65 (search for similar items in EconPapers)
Date: 2009-06-19
References: Add references at CitEc
Citations: View citations in EconPapers (2)

Published in Revue de la Régulation 5 (2009): pp. 1-16

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