{"id":1460,"date":"2023-04-05T08:30:00","date_gmt":"2023-04-05T06:30:00","guid":{"rendered":"https:\/\/www.aucoffre.com\/academie\/?p=1460"},"modified":"2023-04-14T17:24:26","modified_gmt":"2023-04-14T15:24:26","slug":"monnaie-helicoptere","status":"publish","type":"post","link":"https:\/\/www.aucoffre.com\/academie\/monnaie-helicoptere\/","title":{"rendered":"Monnaie h\u00e9licopt\u00e8re : quand l&rsquo;argent tombe du ciel"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Augmentation de la masse mon\u00e9taire, baisse des taux directeurs, rachats d\u2019actifs financiers\u2026 Depuis la crise financi\u00e8re de 2008 d\u00e9j\u00e0, la Banque centrale europ\u00e9enne use aussi bien d\u2019une politique mon\u00e9taire conventionnelle que de moyens plus extr\u00eames pour relancer la croissance. Avec plus ou moins de succ\u00e8s.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pourtant, un ultime recours reste en r\u00e9serve : l\u2019\u00e9mission de monnaie h\u00e9licopt\u00e8re.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Qu\u2019est-ce que la monnaie h\u00e9licopt\u00e8re ? D\u2019o\u00f9 vient le concept de monnaie h\u00e9licopt\u00e8re et comment peut-on l\u2019appliquer ? Quels sont les risques de la monnaie h\u00e9licopt\u00e8re ? Focus sur la botte secr\u00e8te des banques centrales.<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Qu\u2019est-ce que la monnaie h\u00e9licopt\u00e8re ?<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">D\u00e9finition<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Par d\u00e9finition, le terme de monnaie h\u00e9licopt\u00e8re (ou <\/strong><strong><em>helicopter money<\/em><\/strong><strong> en anglais) d\u00e9signe de l\u2019argent distribu\u00e9 directement aux m\u00e9nages et entreprises par la banque centrale.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ici, on parle bien de don sans aucune contrepartie financi\u00e8re attendue, et non de pr\u00eat. Une particularit\u00e9 majeure de la monnaie h\u00e9licopt\u00e8re est que les capitaux ne passent \u00e0 aucun moment par les banques commerciales.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Les banques commerciales ont normalement le r\u00f4le de transmettre la cr\u00e9ation mon\u00e9taire des banques centrales aux cr\u00e9anciers (m\u00e9nages, entreprises) via des cr\u00e9dits \u00e0 divers taux d\u2019int\u00e9r\u00eat.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Origine<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Le terme \u00ab h\u00e9licopt\u00e8re \u00bb fait r\u00e9f\u00e9rence \u00e0 l\u2019image publi\u00e9e par Milton Friedman en 1969<\/strong>. Dans son article \u00ab The optimum quantity of money \u00bb, l\u2019\u00e9conomiste am\u00e9ricain \u00e9voque l\u2019id\u00e9e que de l\u2019argent liquide soit jet\u00e9 du haut d\u2019un h\u00e9licopt\u00e8re dans les rues.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Friedman ajoute que le caract\u00e8re improbable d\u2019un tel \u00e9v\u00e9nement lui donnerait justement un caract\u00e8re unique, ponctuel aux yeux de la population. C\u2019est ce dernier param\u00e8tre qui susciterait, selon lui, une puissante euphorie chez les m\u00e9nages gr\u00e2ce \u00e0 laquelle la consommation serait relanc\u00e9e.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">D\u00e8s lors, la monnaie h\u00e9licopt\u00e8re a pour objectif de constituer un dernier rempart contre la d\u00e9flation, ou contre une inflation trop faible (comme ce fut longtemps le cas dans l\u2019Union europ\u00e9enne, jusqu\u2019\u00e0 la crise sanitaire).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>B<\/strong><strong>on \u00e0 savoir :<\/strong> Malgr\u00e9 sa popularisation par Milton Friedman, c\u2019est bien \u00e0 Clifford Hugh Douglas que l\u2019on doit attribuer la naissance du terme de monnaie h\u00e9licopt\u00e8re. L\u2019homme est \u00e9galement connu en tant que pionnier du mouvement du cr\u00e9dit social.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Concept<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Aujourd\u2019hui encore, <strong>le concept de monnaie h\u00e9licopt\u00e8re demeure purement th\u00e9orique<\/strong>. Bien que jug\u00e9e \u00ab tr\u00e8s int\u00e9ressante \u00bb par Mario Draghi, pr\u00e9sident de la Banque centrale europ\u00e9enne (BCE), la mesure repr\u00e9sente plut\u00f4t un dernier rempart quand toutes les autres d\u00e9cisions de <a href=\"https:\/\/www.loretlargent.info\/banque-centrale\/politique-monetaire-or\/27254\/\">politique mon\u00e9taire<\/a> ont \u00e9chou\u00e9.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Concr\u00e8tement, les mesures traditionnelles de la BCE visent d\u2019abord \u00e0 baisser les taux d\u2019int\u00e9r\u00eat afin d\u2019encourager les m\u00e9nages \u00e0 la consommation, et les entreprises \u00e0 l\u2019investissement.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">L\u2019affaiblissement des taux directeurs (taux de cr\u00e9dit propos\u00e9s par les banques centrales aux banques commerciales) est une mesure qui vise \u00e0 stimuler et relancer la consommation et, par extension, l\u2019inflation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Lorsque cette initiative semble insuffisante, la BCE peut proc\u00e9der \u00e0 l\u2019achat d\u2019actifs financiers afin de soutenir les banques commerciales. On parle alors d\u2019<strong>assouplissement quantitatif (quantitative easing)<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Enfin, on a pu constater dans l\u2019histoire de nombreuses injections de capitaux dans l\u2019optique de renflouer les banques commerciales face aux crises \u00e9conomiques.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">C\u2019est dans le sc\u00e9nario o\u00f9 aucun de ces efforts ne suffirait \u00e0 endiguer la d\u00e9flation (soit \u00e0 relancer la consommation) qu\u2019intervient la monnaie h\u00e9licopt\u00e8re.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Celle-ci diff\u00e8re de la politique de la \u00ab planche \u00e0 billets \u00bb en cela que la banque centrale ne passe ni par l\u2019achat d\u2019obligations ni par des cr\u00e9ances sur le compte du Tr\u00e9sor. D\u00e8s lors, l\u2019impact (et les cons\u00e9quences) d\u2019un h\u00e9licopt\u00e8re mon\u00e9taire sont bien plus directs.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Monnaie h\u00e9licopt\u00e8re : quels enjeux ?<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">Enjeux pour les banques centrales<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Malgr\u00e9 l\u2019impact de la crise sanitaire sur l\u2019\u00e9conomie europ\u00e9enne que l\u2019on constate depuis 2020, <strong>l\u2019inflation de la zone euro tend \u00e0 stagner depuis 2015<\/strong>, et ce, malgr\u00e9 des mesures de politique mon\u00e9taire non conventionnelles.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pour cette raison, de nombreux \u00e9conomistes, jusqu\u2019au pr\u00e9sident de la BCE, semblent se prononcer en faveur de la monnaie h\u00e9licopt\u00e8re si l\u2019on devait faire face \u00e0 une menace d\u00e9flationniste forte. En effet, un tel risque ne peut \u00eatre pris \u00e0 la l\u00e9g\u00e8re, et pour cause : de l\u2019autre c\u00f4t\u00e9 du globe, le Japon ressent aujourd\u2019hui encore l\u2019impact d\u00e9flationniste de la d\u00e9cennie perdue.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">D\u2019apr\u00e8s l\u2019\u00e9tude publi\u00e9e le 16 juin 2021 par le Conseil d\u2019analyse \u00e9conomique, une <a href=\"https:\/\/www.cae-eco.fr\/quel-impact-de-la-monnaie-helicoptere-sur-linflation\">redistribution de 2% du PIB de la zone euro<\/a> engendrerait pas moins de 1% d\u2019inflation suppl\u00e9mentaire ; de quoi contrecarrer efficacement le risque de d\u00e9flation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">N\u00e9anmoins, donner de l\u2019argent \u00ab \u00e0 l\u2019aveugle \u00bb peut poser divers probl\u00e8mes \u00e0 la BCE :<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>La difficult\u00e9 \u00e0 <strong>justifier cette op\u00e9ration<\/strong> sur le bilan de la BCE. En effet, une telle mesure serait exceptionnelle et difficilement justifiable en termes comptables.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>La difficult\u00e9 \u00e0 <strong>r\u00e9partir cet argent<\/strong> dans la population europ\u00e9enne. En effet, il n\u2019est pas possible de verser le m\u00eame montant indistinctement sur chaque compte, puisque plusieurs comptes peuvent avoir le m\u00eame titulaire. De plus, faut-il opter pour l\u2019\u00e9galit\u00e9 (m\u00eame montant pour chaque citoyen europ\u00e9en) ou pour l\u2019\u00e9quit\u00e9 ? Et dans ce dernier cas, comment d\u00e9finir et atteindre une \u00e9quit\u00e9 satisfaisante ?<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Le risque de <strong>remise en cause judiciaire<\/strong> par des \u00c9tats en d\u00e9saccord avec cette pratique. En effet, c\u2019est g\u00e9n\u00e9ralement aux gouvernements qu\u2019il revient de faire parvenir les capitaux aux m\u00e9nages et entreprises, par exemple sous la forme d\u2019allocations.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Une mise en place pratique de la monnaie h\u00e9licopt\u00e8re pose donc de nombreuses interrogations. Mais il est \u00e9galement n\u00e9cessaire de s\u2019assurer que l\u2019argent distribu\u00e9 relance bel et bien l\u2019\u00e9conomie\u2026<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Enjeux pour les m\u00e9nages<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Quid de l\u2019efficacit\u00e9 d\u2019une telle mesure ?&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">L\u00e0 encore, plusieurs questions se posent :<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Les m\u00e9nages d\u00e9cideront-ils de consommer ou d\u2019\u00e9pargner l\u2019argent offert ?<\/strong> Si dans le premier cas, une relance \u00e9conomique est possible, un r\u00e9flexe d\u2019\u00e9pargne annulerait l\u2019effort de la BCE.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Les m\u00e9nages consommeront-ils des biens et services locaux ou des produits import\u00e9s ?<\/strong> Dans le second cas, l\u2019impact sur les prix serait limit\u00e9 et ne suffirait probablement pas \u00e0 g\u00e9n\u00e9rer de l\u2019inflation.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Les cons\u00e9quences \u00e9conomiques seront-elles durables ?<\/strong> Si l\u2019impact psychologique d\u2019une telle mesure n\u2019est pas assez fort, la BCE devra alors proc\u00e9der \u00e0 une seconde phase d\u2019actions potentiellement co\u00fbteuse.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Enfin, on note que les gains potentiellement g\u00e9n\u00e9r\u00e9s par la monnaie h\u00e9licopt\u00e8re reviendraient probablement en priorit\u00e9 aux pays les plus comp\u00e9titifs, au d\u00e9triment des pays moins avanc\u00e9s. Le manque d\u2019\u00e9quit\u00e9 se ferait alors ressentir.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Malgr\u00e9 tous les questionnements d\u2019ordre pratique qui gravitent autour de ce concept encore th\u00e9orique, la monnaie h\u00e9licopt\u00e8re pourrait bien \u00eatre une solution toute trouv\u00e9e en cas de force majeure et en r\u00e9action \u00e0 l\u2019incapacit\u00e9 de la BCE \u00e0 entretenir un taux d\u2019inflation stable.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Face aux al\u00e9as \u00e9conomiques de la monnaie fiduciaire, on constate aujourd\u2019hui plus que jamais que les m\u00e9nages se tournent vers l\u2019\u00e9pargne. Mais l\u00e0 encore, l\u2019affaiblissement des taux d\u2019int\u00e9r\u00eats par les banques centrales r\u00e9duit les rendements. La solution ? <\/strong><a href=\"https:\/\/www.loretlargent.info\/epargne\/meilleures-valeurs-refuges\/25570\/\"><strong>Investir dans une valeur refuge<\/strong><\/a><strong>.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Augmentation de la masse mon\u00e9taire, baisse des taux directeurs, rachats d\u2019actifs financiers\u2026 Depuis la crise financi\u00e8re de 2008 d\u00e9j\u00e0, la Banque centrale europ\u00e9enne use aussi bien d\u2019une politique mon\u00e9taire conventionnelle que de moyens plus extr\u00eames pour relancer la croissance. Avec plus ou moins de succ\u00e8s.&nbsp; Pourtant, un ultime recours reste en r\u00e9serve : l\u2019\u00e9mission de [&hellip;]<\/p>\n","protected":false},"author":11,"featured_media":1461,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","jnews-multi-image_gallery":[],"jnews_single_post":{"subtitle":"","format":"standard","video":"","gallery":"","source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"1","single_blog_custom":"","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"1","show_view_counter":"1","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"0","post_reading_time_wpm":"300","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"1","show_prev_next_post":"1","show_popup_post":"1","number_popup_post":"1","show_author_box":"0","show_post_related":"0","show_inline_post_related":"0"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored 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