Description du projet
Regard historique sur l’indépendance des banques centrales
La plupart des banques centrales des économies avancées peuvent mener leur politique monétaire indépendamment de toute ingérence des autorités fiscales et politiques. Toutefois, à la suite de la crise financière, les banques centrales de nombreux pays ont également été chargées de formuler des mesures de politique monétaire «non conventionnelle». Le projet EUROCBH, financé par l’UE, se concentrera sur les banques centrales de France et d’Italie du 19e siècle à la Seconde Guerre mondiale. Plus précisément, il étudiera le rôle de la banque centrale dans la promotion des investissements à long terme et l’absorption des chocs économiques (et financiers) en Italie et en France. Le projet envisagera les prêts à long terme et ciblés ainsi que l’achat massif d’obligations d’État comme des mesures «non conventionnelles» des banques centrales. Les chercheurs compareront également les expérimentations des banques centrales de ces deux pays.
Objectif
"Will central bank independence continue? In economic literature, there is a large consensus that the optimal statute for a central bank should be founded on the principles of independence and price stability. Over the past 30 years, most central banks across the advanced economies have been given the ability to conduct monetary policy independently from interference by fiscal and political authorities. In the post financial crisis era, however, central banks in many countries have been entrusted with the formulation of measures of ‘unconventional’ monetary policy going beyond their traditional mandates. Historical evidence reminds us that for many decades and especially after crises central banks have been heavily involved in industrial finance and the holding of government debt, but in ways that are often ignored. This was at least the case in France and Italy.
The aim of EUROCBH (Europe and Its Central Banks: Lessons from History) is to place the question of the independence of the central bank in a historical perspective, shedding light on the evolution of the Bank of France and the Bank of Italy from the late 19th century to WWII.
The activity of EUROCBH will be organized around four main research questions:
1) What was the role of the the central bank in fostering long-term investment and absorbing economic (and financial) shock in Italy and France?
I will look at long term and targeted lending, and massive purchase of government bonds as ""unconventional” measure of the central bank.
This is the main question to which the others are all connected.
2) What were the similarities and the differences between the central banking experimentations of these two countries?
3) What we can learn from the comparison?
Overall the project will lead to a better knowledge of central banking in the past, which is also expected to help understanding the re-opened debate surrounding the legitimacy, and the precise scope of central bank independence after the crisis."
Champ scientifique
Mots‑clés
Programme(s)
Régime de financement
MSCA-IF - Marie Skłodowska-Curie Individual Fellowships (IF)Coordinateur
75014 Paris
France