المؤلفون: Karl-Friedrich Israel

المساهمون: Groupe de Recherche Angevin en Economie et Management (GRANEM), Université d'Angers (UA)-AGROCAMPUS OUEST, Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement (Institut Agro)-Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement (Institut Agro)-Institut National de l'Horticulture et du Paysage, Éthique et Gouvernance de l’Entreprise et des Institutions (EGEI), Université Catholique de l'Ouest (UCO), Université d'Angers (UA)-AGROCAMPUS OUEST-Institut National de l'Horticulture et du Paysage

المصدر: The World Economy
The World Economy, 2021, 44 (6), pp.1701-1719. ⟨10.1111/twec.13028⟩

مصطلحات موضوعية: Economics and Econometrics, Federal Reserve System, media_common.quotation_subject, Eurosystem, Illusion, Monetary economics, [SHS.DROIT]Humanities and Social Sciences/Law, Accounting, 0502 economics and business, ddc:330, Economics, 050207 economics, Operating expense, central bank, media_common, 050208 finance, Cost efficiency, Fiat money, 05 social sciences, Gold standard, gold standard, Bank of England, Bank of Japan, [SHS.SCIPO]Humanities and Social Sciences/Political science, operating expenses, Central bank, 8. Economic growth, Political Science and International Relations, fiat standard, Finance

الوصف: The traditional argument for unbacked fiat money stresses its potential benefits in terms of production costs. While there is an undeniable grain of truth in the traditional cost-saving argument, actual fiat money regimes around the world are belying it. The Eurosystem, the Bank of England, the Bank of Japan and the Federal Reserve System all operate under relatively high costs. In fact, their operating expenses exceed the estimated costs of a generic fractional-reserve gold standard. Even when the reserve ratio of the estimated gold standard is increased up to 100% on M1, the operating expenses of these modern central bank systems remain in a similar range. Hence, the cost-saving argument is illusory in these cases. These results suggest that a return to a money that is at least partially backed by gold might be more efficient even from the vantage point of the production costs of money. The Eurosystem and the Bank of Japan are particularly expensive institutions. Their annual operating expenses as a fraction of nominal GDP are more than twice as high as those of the Federal Reserve System and the Bank of England.

الوصول الحر: https://explore.openaire.eu/search/publication?articleId=doi_dedup___::e8e55a58216ab6e2f5e0fd2df72fefa8Test
https://hal-uco.archives-ouvertes.fr/hal-03510828Test

المؤلفون: Méra, Xavier

المساهمون: Groupe de Recherche Angevin en Economie et Management (GRANEM), Université d'Angers (UA)-AGROCAMPUS OUEST-Institut National de l'Horticulture et du Paysage

المصدر: Libertarian Papers ; https://shs.hal.science/halshs-00851723Test ; Libertarian Papers, 2013, 5 (2), pp.195-218

مصطلحات موضوعية: credit default swap, debt accumulation, speculation, fiat money, sovereign debt, contract theory, libertarianism, Rothbard, JEL: H - Public Economics/H.H6 - National Budget, Deficit, and Debt/H.H6.H63 - Debt • Debt Management • Sovereign Debt, JEL: G - Financial Economics/G.G1 - General Financial Markets/G.G1.G12 - Asset Pricing • Trading Volume • Bond Interest Rates, JEL: G - Financial Economics/G.G1 - General Financial Markets/G.G1.G18 - Government Policy and Regulation, JEL: G - Financial Economics/G.G0 - General/G.G0.G01 - Financial Crises, JEL: G - Financial Economics/G.G1 - General Financial Markets/G.G1.G11 - Portfolio Choice • Investment Decisions, [SHS.ECO]Humanities and Social Sciences/Economics and Finance, [SHS.DROIT]Humanities and Social Sciences/Law

الوصف: International audience ; In this paper, I show that Polleit and Mariano (2011) are right in concluding that Credit Default Swaps (CDS) are per se unobjectionable from Rothbard's libertarian perspective on property rights and contract theory, but that they fail to derive this conclusion properly. I therefore outline the proper explanation. In addition, though Polleit and Mariano are correct in pointing out that speculation with CDS can conceivably hurt the borrowers' interests, they fail to grasp that this can be the case only in some peculiar circumstances that I identify. In other words, they miss the bigger picture, the one outside special circumstances, in which CDS trading has the opposite effect. That is, CDS facilitate debt accumulation, including government debt accumulation. Finally, I point out how this can precipitate the collapse of fiat money regimes. An incidental goal of the analysis is to provide a better account than Polleit and Mariano of recent government interventions in and around CDS markets.

العلاقة: halshs-00851723; https://shs.hal.science/halshs-00851723Test; https://shs.hal.science/halshs-00851723v2/documentTest; https://shs.hal.science/halshs-00851723v2/file/lp-5-2-2.pdfTest

الإتاحة: https://shs.hal.science/halshs-00851723Test
https://shs.hal.science/halshs-00851723v2/documentTest
https://shs.hal.science/halshs-00851723v2/file/lp-5-2-2.pdfTest

المؤلفون: Vytautas Žukauskas, Jörg Guido Hülsmann

المساهمون: Groupe de Recherche Angevin en Economie et Management (GRANEM), Université d'Angers (UA)-AGROCAMPUS OUEST, Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement (Institut Agro)-Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement (Institut Agro)-Institut National de l'Horticulture et du Paysage, Université d'Angers (UA)-AGROCAMPUS OUEST-Institut National de l'Horticulture et du Paysage

المصدر: Quarterly Review of Economics and Finance
Quarterly Review of Economics and Finance, Elsevier, 2019, 72, pp.121-131. ⟨10.1016/j.qref.2018.11.004⟩

مصطلحات موضوعية: Economics and Econometrics, Financial asset, media_common.quotation_subject, central banks, monetary policy, Monetary economics, Standard view, subjective value, 0502 economics and business, Economics, Capital asset pricing model, Quality (business), financial markets, 050207 economics, fiat money, media_common, 050208 finance, Fiat money, value theory, 05 social sciences, Financial market, Monetary policy, asset pricing, [SHS.ECO]Humanities and Social Sciences/Economics and Finance, Value theory, Finance

الوصف: International audience; This article provides an explanation of how monetary policy impacts the prices of financial assets relative to the prices of non-financial assets. In the standard view, monetary policy has no such effect. It may influence financial-asset prices in various ways, but it does not all by itself entail any tendency for financial-asset prices to rise faster than the prices of non-financial assets. We argue that the neglected “total demand approach” sheds a different light on this issue. Total-demand theory shows that monetary policy may have such a consequence. It also brings the additional advantage of simplifying the theory of monetary policy, in that it allows to conceptualise unconventional monetary policy and changes in the quality of money within a single theoretical framework.

الوصول الحر: https://explore.openaire.eu/search/publication?articleId=doi_dedup___::10cf6c0ee94684fec00052058e9f83aaTest
https://hal.univ-angers.fr/hal-02558948Test

المؤلفون: Bidaux, Mathieu

المساهمون: Groupe de Recherche d'Histoire (GRHis), Université de Rouen Normandie (UNIROUEN), Normandie Université (NU)-Normandie Université (NU)-Institut de Recherche Interdisciplinaire Homme et Société (IRIHS), Normandie Université (NU)-Normandie Université (NU)-Université de Rouen Normandie (UNIROUEN), Normandie Université (NU), Normandie Université, Olivier Feiertag

المصدر: Histoire. Normandie Université, 2019. Français. ⟨NNT : 2019NORMR136⟩

مصطلحات موضوعية: Printing factory, Papeterie, Banque de France, Monnaie fiduciaire, Fiat money, Imprimerie, Bank of France, Confiance, Banknotes, Trust, [SHS.HIST]Humanities and Social Sciences/History, Paper factory, Billets de banque

الوصف: The history of printing banknotes leads to think about the conditions of the development of fiat money, of its industrialization and to the social question, in other words, to the question of the working culture born from this unparalleled product. This PhD examines the central question: how did the banknote win the trust of the French. The material aspect of money is an important factor of trust, not really studied until then by historiography. In times of currency convertibility, the Bank of France responds with caution in the conditions of circulation of the banknote. This finally appears because of the needs resulting from events pushing the population to hoarding (revolution, wars). The forced court is then decreed, dispensing the issuing institute to exchange its notes against metallic coins. The learning of the banknote is facilitated, its use is democratized. Industrialization thus appears as a response to the monetary questions facing the Bank of France. The industrial production makes it possible to fill the needs but also to limit the cost price of the banknote and to secure the means of payment. Technology watch and adaptation are necessary because the banknote is a printed product that must be constantly improved to protect it from counterfeiters and maintain its credibility. The employment of a large number of qualified workers, whose honesty must be ensured by watching them, finally leads to a specialization of the workforce of the Bank of France Printing Works and to the conduct of a protective social policy.; L’histoire de la fabrication des billets de banque amène à s’intéresser aux conditions du développement de la monnaie fiduciaire, à son industrialisation et à la question sociale, autrement dit, à la question de la culture ouvrière née de ce produit sans pareil. Cette thèse de doctorat se penche sur une question centrale : comment le billet a-t-il gagné la confiance des Français. L’aspect matériel de la monnaie est un facteur de confiance important, peu étudié jusque-là par l’historiographie. En période de convertibilité de la monnaie fiduciaire, la Banque de France répond par une prudence quant aux conditions de diffusion du billet. Cette dernière survient finalement à cause des besoins issus d’événements poussant la population à la thésaurisation (révolution, guerres). Le cours forcé est alors décrété, dispensant l’institut d’émission d’échanger ses billets contre des espèces métalliques. L’apprentissage du billet est facilité, son usage se démocratise. L’industrialisation apparaît ainsi comme une réponse aux questions monétaires auxquelles est confrontée la Banque de France. La production industrielle permet de combler les besoins mais aussi de limiter le prix de revient du billet et de sécuriser le moyen de paiement. Une veille et une adaptation technologiques sont nécessaires car le billet est un produit imprimé qu’il faut sans cesse perfectionner pour le mettre à l’abri des faussaires ainsi que pour conserver sa crédibilité. L’emploi d’un personnel qualifié et nombreux, dont il faut s’assurer l’honnêteté en le surveillant, entraîne enfin une spécialisation des effectifs du service de la Fabrication des billets et la conduite d’une politique sociale protectrice.

الوصول الحر: https://explore.openaire.eu/search/publication?articleId=dedup_wf_001::c06c6d080a88e0853fb5b0bb44d5a86dTest
https://tel.archives-ouvertes.fr/tel-03341705/file/these_bidaux_mathieu.pdfTest

المؤلفون: Hulsmann, Guido

المساهمون: Groupe de Recherche Angevin en Economie et Management (GRANEM), Université d'Angers (UA)-AGROCAMPUS OUEST-Institut National de l'Horticulture et du Paysage

المصدر: Mont Pelerin Society General Meeting ; https://univ-angers.hal.science/hal-02538858Test ; Mont Pelerin Society General Meeting, 2018, Gran Canaria, Spain ; https://mps2018.es/#programTest

مصطلحات موضوعية: fiat money, monetary interventionism, monetary policy, monetary policy rules, natural money, Taylor Rule, [SHS]Humanities and Social Sciences

جغرافية الموضوع: Gran Canaria, Spain

العلاقة: hal-02538858; https://univ-angers.hal.science/hal-02538858Test; OKINA: ua18043

الإتاحة: https://univ-angers.hal.science/hal-02538858Test

المؤلفون: Hulsmann, Guido, Donati, Pierpaolo

المساهمون: Groupe de Recherche Angevin en Economie et Management (GRANEM), Université d'Angers (UA)-AGROCAMPUS OUEST-Institut National de l'Horticulture et du Paysage

المصدر: Towards a Participatory Society: New Roads to Social and Cultural Integration ; https://hal.science/hal-01867384Test ; Towards a Participatory Society: New Roads to Social and Cultural Integration, Pontifical Academy of the Social Sciences, pp.349-374, 2018, Proceedings of the Pontifical Academy of the Social Sciences, 978-88-86726-33-7 ; http://www.pass.va/content/scienzesociali/en/publications/acta/participatorysociety/hulsmann.htmlTest

مصطلحات موضوعية: capital accumulation, division of labour, fiat money, financialisation, monetary interventionism, participation, permissive interventions, private property, repressive interventions, sharing, [SHS.SOCIO]Humanities and Social Sciences/Sociology

الوصف: Social integration stands and falls with the division of labour. The extent of the division of labour depends quite essentially on the available savings and on private property rights to economic goods. Savings are necessary to sustain human activities that produce capital goods. Private property creates responsibility, focus, and incentives for long-run investments that are fundamental to create and sustain communities around income-generating activities. Government interventions tend to undermine the division of labour. Repressive interventions stifle entrepreneurial activities and entail artificial business concentration, reducing upward social mobility and fragilizing the weakest members of society. Permissive interventions are particularly pernicious because their immediate impact is very different from their long-run effect. Welfare benefits provide on-the-spot relief, but they also tend to tend to sever the beneficiaries from the communities built around the division of labour, especially when the benefits are high relative to alternative market incomes. Monetary interventionism has produced financialisation, a socially disruptive and wasteful perversion of the market economy. ; L'intégration sociale dépend surtout de la division du travail. Cette dernière dépend en son tour de l'épargne et de la sécurité des droits de propriété. L'épargne est nécessaire pour alimenter les activités qui produisent des beins de capital. La propriété privée entraîne responsabilité, focalise l'attention des propriétaires et crée des incitations à de investissements à long terme qui sont cruciaux pour fonder des communautés autour des activités génératrices de revenus. Les interventions de l'Etat tendent à affaiblir la division du travail. Les interventions répressives paralyses les activités entrepreneurialeset provoquent une concentration artificielle des sociétés marchandes. Elles réduisent ainsi la mobilité sociale et fragilisent les éléments sociaux les plus faibles. Les interventions permissives sont particulièrement ...

العلاقة: hal-01867384; https://hal.science/hal-01867384Test; OKINA: ua17482

الإتاحة: https://hal.science/hal-01867384Test

المؤلفون: Zukauskas, Vytautas, Hulsmann, Guido

المساهمون: Groupe de Recherche Angevin en Economie et Management (GRANEM), Université d'Angers (UA)-AGROCAMPUS OUEST-Institut National de l'Horticulture et du Paysage

المصدر: ISSN: 1062-9769.

مصطلحات موضوعية: subjective value, value theory, asset pricing, central banks, fiat money, financial markets, monetary policy, [SHS.ECO]Humanities and Social Sciences/Economics and Finance

الوصف: International audience ; This article provides an explanation of how monetary policy impacts the prices of financial assets relative to the prices of non-financial assets. In the standard view, monetary policy has no such effect. It may influence financial-asset prices in various ways, but it does not all by itself entail any tendency for financial-asset prices to rise faster than the prices of non-financial assets. We argue that the neglected “total demand approach” sheds a different light on this issue. Total-demand theory shows that monetary policy may have such a consequence. It also brings the additional advantage of simplifying the theory of monetary policy, in that it allows to conceptualise unconventional monetary policy and changes in the quality of money within a single theoretical framework.

العلاقة: hal-02558948; https://univ-angers.hal.science/hal-02558948Test; OKINA: ua17991

الإتاحة: https://doi.org/10.1016/j.qref.2018.11.004Test
https://univ-angers.hal.science/hal-02558948Test

المؤلفون: Bidaux, Mathieu

المساهمون: Groupe de Recherche d'Histoire (GRHis), Université de Rouen Normandie (UNIROUEN), Normandie Université (NU)-Normandie Université (NU)-Institut de Recherche Interdisciplinaire Homme et Société (IRIHS), Normandie Université (NU)-Normandie Université (NU)-Université de Rouen Normandie (UNIROUEN), Normandie Université (NU), Normandie Université, Olivier Feiertag

المصدر: https://theses.hal.science/tel-03341705Test ; Histoire. Normandie Université, 2019. Français. ⟨NNT : 2019NORMR136⟩.

مصطلحات موضوعية: Bank of France, Banknotes, Fiat money, Printing factory, Paper factory, Trust, Banque de France, Billets de banque, Monnaie fiduciaire, Imprimerie, Papeterie, Confiance, [SHS.HIST]Humanities and Social Sciences/History

الوصف: The history of printing banknotes leads to think about the conditions of the development of fiat money, of its industrialization and to the social question, in other words, to the question of the working culture born from this unparalleled product. This PhD examines the central question: how did the banknote win the trust of the French. The material aspect of money is an important factor of trust, not really studied until then by historiography. In times of currency convertibility, the Bank of France responds with caution in the conditions of circulation of the banknote. This finally appears because of the needs resulting from events pushing the population to hoarding (revolution, wars). The forced court is then decreed, dispensing the issuing institute to exchange its notes against metallic coins. The learning of the banknote is facilitated, its use is democratized. Industrialization thus appears as a response to the monetary questions facing the Bank of France. The industrial production makes it possible to fill the needs but also to limit the cost price of the banknote and to secure the means of payment. Technology watch and adaptation are necessary because the banknote is a printed product that must be constantly improved to protect it from counterfeiters and maintain its credibility. The employment of a large number of qualified workers, whose honesty must be ensured by watching them, finally leads to a specialization of the workforce of the Bank of France Printing Works and to the conduct of a protective social policy. ; L’histoire de la fabrication des billets de banque amène à s’intéresser aux conditions du développement de la monnaie fiduciaire, à son industrialisation et à la question sociale, autrement dit, à la question de la culture ouvrière née de ce produit sans pareil. Cette thèse de doctorat se penche sur une question centrale : comment le billet a-t-il gagné la confiance des Français. L’aspect matériel de la monnaie est un facteur de confiance important, peu étudié jusque-là par ...

العلاقة: NNT: 2019NORMR136; tel-03341705; https://theses.hal.science/tel-03341705Test; https://theses.hal.science/tel-03341705/documentTest; https://theses.hal.science/tel-03341705/file/these_bidaux_mathieu.pdfTest

الإتاحة: https://theses.hal.science/tel-03341705Test
https://theses.hal.science/tel-03341705/documentTest
https://theses.hal.science/tel-03341705/file/these_bidaux_mathieu.pdfTest

المؤلفون: Hulsmann, Guido, Scrive, Lucas, Sison, Alejo José

المساهمون: Groupe de Recherche Angevin en Economie et Management (GRANEM), Université d'Angers (UA)-AGROCAMPUS OUEST-Institut National de l'Horticulture et du Paysage

المصدر: Handbook of Virtue Ethics ; https://hal.science/hal-01449605Test ; Handbook of Virtue Ethics, Springer, pp.1-12, 2017, 978-94-007-6729-4. ⟨10.1007/978-94-007-6729-4_19-1⟩ ; http://link.springer.com/referenceworkentry/10.1007%2F978-94-007-6729-4_19-1Test

مصطلحات موضوعية: commodity money, Debasement, fiat money, fractional-reserve banking, money, Money substitutes, [SHS.ECO]Humanities and Social Sciences/Economics and Finance

الوصف: Government interventions have always played a central role in the production of money. Invariably, they have been justified by invoking the common good. More than in other applications of virtue ethics, it is therefore necessary to examine the causal nexus between concrete individual actions (monetary interventions) and the common good. The groundwork for this analysis has been laid by Nicolas Oresme in the fourteenth century. In the light of his approach, the main monetary institutions of our present day – fractional-reserve banking and fiat money – appear to be questionable practices that undermine the political, economic, and moral foundations of society.

العلاقة: hal-01449605; https://hal.science/hal-01449605Test; OKINA: ua13112

الإتاحة: https://doi.org/10.1007/978-94-007-6729-4_19-1Test
https://hal.science/hal-01449605Test

المؤلفون: Jörg Guido Hülsmann

المساهمون: Groupe de Recherche Angevin en Economie et Management (GRANEM), Université d'Angers (UA)-AGROCAMPUS OUEST, Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement (Institut Agro)-Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement (Institut Agro)-Institut National de l'Horticulture et du Paysage, Institut National de l'Horticulture et du Paysage-AGROCAMPUS OUEST, Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement (Institut Agro)-Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement (Institut Agro)-Université d'Angers (UA), Université d'Angers (UA)-AGROCAMPUS OUEST-Institut National de l'Horticulture et du Paysage

المصدر: Journal des Economistes et des Etudes Humaines
Journal des Economistes et des Etudes Humaines, 2016, 22 (1), pp.77-98
16e Colloque international de l'Association Charles Gide
16e Colloque international de l'Association Charles Gide, 2015, Sceaux, France

مصطلحات موضوعية: Endogenous money, Monetarism, monetary interventionism, banking school, Fiat money, 05 social sciences, Monetary policy, Money supply, General Social Sciences, Monetary economics, Hayek, [SHS]Humanities and Social Sciences, Quantity theory of money, economics of culture, 8. Economic growth, 0502 economics and business, Economics, Demand for money, Hoarding (economics), 050207 economics, fiat money, Keynes, General Economics, Econometrics and Finance, 050203 business & management

الوصف: International audience; Hayek and Keynes are usually perceived as antipodes in one of the grand macroeconomic debates of the twentieth century. But they also agreed on some basic issues of monetary theory, most notably on the harmful character of money hoarding and the desirability of a flexible money supply to offset or neutralise changes in the demand for money. In our paper we highlight some of the cultural implications of a permanent expansion of the money supply. We will focus on the specific case of credit expansion (ex nihilo creation of money through credit) which has held centre stage of the monetary evolution of the past two hundred years and, even more specifically, on credit expansion pushed to such an extent that it entails permanent price-inflation.

الوصول الحر: https://explore.openaire.eu/search/publication?articleId=doi_dedup___::0a3b12def4ae205c5de902b734c91e0eTest
https://hal.univ-angers.fr/hal-02530059Test