Quelles normes pour une politique monétaire non orthodoxe ?

PARIS – La crise financière mondiale est marquée notamment par le recours généralisé à une politique monétaire non-orthodoxe par les principales banques centrales. Elles ont entre autre soutenu le crédit, intensifié leur politique de relâchement monétaire ainsi que leur intervention sur le marché des changes et sur les marchés boursiers, et accru les provisions en devises étrangères.

On peut considérer qu'il s'agit de la continuation d'une politique orthodoxe par d'autres moyens. Quand elles arrivent au point où elles ne peuvent plus diminuer les taux d'intérêt nominaux, les banques centrales utilisent d'autres outils pour déterminer leur politique monétaire. Elles ont recours aux grands moyens : elles accroissent leur bilan et injectent des liquidités pour influer sur la structure des rendements et des bénéfices et stimuler ainsi la demande agrégée. Mais pour revenir  à un politique orthodoxe, elles doivent faire machine arrière avant d'augmenter les taux d'intérêt.

J'aimerais proposer une autre approche. Supposons que l'on veuille fixer les principaux taux d'intérêt à des niveaux appropriés en s'appuyant sur une évaluation d'ensemble à intervalles réguliers de la situation économique et monétaire. Dans le cadre d'une politique orthodoxe, les taux d'intérêt sont fixés à une plus ou moins grande valeur positive, dans certains cas proches de zéro, voire nulle.

To continue reading, please log in or enter your email address.

Registration is quick and easy and requires only your email address. If you already have an account with us, please log in. Or subscribe now for unlimited access.


Log in

  1. Television sets showing a news report on Xi Jinping's speech Anthony Wallace/Getty Images

    Empowering China’s New Miracle Workers

    China’s success in the next five years will depend largely on how well the government manages the tensions underlying its complex agenda. In particular, China’s leaders will need to balance a muscular Communist Party, setting standards and protecting the public interest, with an empowered market, driving the economy into the future.

  2. United States Supreme Court Hisham Ibrahim/Getty Images

    The Sovereignty that Really Matters

    The preference of some countries to isolate themselves within their borders is anachronistic and self-defeating, but it would be a serious mistake for others, fearing contagion, to respond by imposing strict isolation. Even in states that have succumbed to reductionist discourses, much of the population has not.

  3.  The price of Euro and US dollars Daniel Leal Olivas/Getty Images

    Resurrecting Creditor Adjustment

    When the Bretton Woods Agreement was hashed out in 1944, it was agreed that countries with current-account deficits should be able to limit temporarily purchases of goods from countries running surpluses. In the ensuing 73 years, the so-called "scarce-currency clause" has been largely forgotten; but it may be time to bring it back.

  4. Leaders of the Russian Revolution in Red Square Keystone France/Getty Images

    Trump’s Republican Collaborators

    Republican leaders have a choice: they can either continue to collaborate with President Donald Trump, thereby courting disaster, or they can renounce him, finally putting their country’s democracy ahead of loyalty to their party tribe. They are hardly the first politicians to face such a decision.

  5. Angela Merkel, Theresa May and Emmanuel Macron John Thys/Getty Images

    How Money Could Unblock the Brexit Talks

    With talks on the UK's withdrawal from the EU stalled, negotiators should shift to the temporary “transition” Prime Minister Theresa May officially requested last month. Above all, the negotiators should focus immediately on the British budget contributions that will be required to make an orderly transition possible.

  6. Ksenia Sobchak Mladlen Antonov/Getty Images

    Is Vladimir Putin Losing His Grip?

    In recent decades, as President Vladimir Putin has entrenched his authority, Russia has seemed to be moving backward socially and economically. But while the Kremlin knows that it must reverse this trajectory, genuine reform would be incompatible with the kleptocratic character of Putin’s regime.

  7. Right-wing parties hold conference Thomas Lohnes/Getty Images

    Rage Against the Elites

    • With the advantage of hindsight, four recent books bring to bear diverse perspectives on the West’s current populist moment. 
    • Taken together, they help us to understand what that moment is and how it arrived, while reminding us that history is contingent, not inevitable

    Global Bookmark

    Distinguished thinkers review the world’s most important new books on politics, economics, and international affairs.

  8. Treasury Secretary Steven Mnuchin Bill Clark/Getty Images

    Don’t Bank on Bankruptcy for Banks

    As a part of their efforts to roll back the 2010 Dodd-Frank Act, congressional Republicans have approved a measure that would have courts, rather than regulators, oversee megabank bankruptcies. It is now up to the Trump administration to decide if it wants to set the stage for a repeat of the Lehman Brothers collapse in 2008.