Monnaie et coordination
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Abstract EN:
Markets play an important part in the reallocation of ressources. They involve money as a means of coordinating the plans of individual agents. This work offers two alternative lines of representation of the reallocative functions of money, in monetary microeconomics, since the post-war period. According to the first line of thought, money is considered as an important but not exclusive way of contributing to the coordination of individual plans, in the case of incompleteness and when frictions exist. An inadequate store of value, money can however participate in intertemporal reallocation without ensuring though the existence, the optimality and the unicity of equilibria. Moreover, by economising in transaction costs, it allows exchanges to be realized, without eliminating the coordination failures induced by market imperfections. Following the second approach, money as the essential and quasi-exclusive function of rendering coordination possible. Encapsulated in a liquidity constraint it bounds to some extent transactions. However, the origin of the liquidity constraint is not explicit: neither legal restrictions nor a spatial approach can justify it, while an endogeneist conception of monetary flows challenges it. Money is naturally involved when exchange is decentralised. Search models provide an appropriate framework for the analysis of these kinds of markets. In the line of jevons's and monger's intuitions, emergence of money, seen as the most exchangeable good, is considered as a consequence of natural properties or its general recognition. The disclosed limits of these two approaches call for an improvement of the understanding of the emergence and evolutionary conditions of monetary institutions, coordinated with the individual behaviours in a monetary regime.
Abstract FR:
L'echange assure une part importante de la reallocation des ressources. La monnaie y opere comme un moyen de coordonner les plans. Ce travail met en relief deux modes d'apprehension des fonctions reallocatives de la monnaie, au sein de la microeconomie monetaire depuis l'apres-guerre. Le premier regarde la monnaie comme un facteur contribuant - de facon importante mais non exclusive a la coordination des plans individuels, en cas d'incompletude des marches et de frictions dans les echanges. Mediocre reserve des valeurs, la monnaie peut participer a la reallocation intertemporelle, sans garantir cependant l'existence, l'optimalite et l'unicite des equilibres. Econome en couts de transaction, elle facilite la realisation des echanges sans effacer totalement les defauts de coordination dus aux frictions. Le second concede a la monnaie le role - indispensable, sinon exclusif - de permettre la coordination. Logee dans la contrainte de liquidite, elle bride un peu les transactions. L'origine de cette contrainte n'est cependant pas explicite : ni les restrictions legales, ni une approche spatiale ne la justifient tandis qu'une conception endogeneiste des flux monetaires la remet en cause. La monnaie s'exprime plus volontiers dans l'hypothese d'echanges decentralises. Les modeles dits + de prospection ; fournissent un cadre a son analyse. Dans le prolongement des intuitions de jevons et surtout de menger, on envisage sa genese, en tant que bien le plus echangeable par ses proprietes naturelles ou par sa reconnaissance generale. Les insuffisances de ces deux directions d'analyse en appellent a une meilleure comprehension des conditions d'emergence et d'evolution des institutions, coordonnees aux actions individuelles dans le cadre d'un regime monetaire.