{"id":129859,"date":"2021-06-28T08:14:27","date_gmt":"2021-06-28T06:14:27","guid":{"rendered":"https:\/\/dievolkswirtschaft.ch\/2021\/06\/largent-liquide-a-encore-de-beaux-jours-devant-lui\/"},"modified":"2023-08-23T23:53:07","modified_gmt":"2023-08-23T21:53:07","slug":"largent-liquide-a-encore-de-beaux-jours-devant-lui","status":"publish","type":"post","link":"https:\/\/dievolkswirtschaft.ch\/fr\/2021\/06\/largent-liquide-a-encore-de-beaux-jours-devant-lui\/","title":{"rendered":"L\u2019argent liquide a encore de beaux jours devant lui"},"content":{"rendered":"<p>Le semi-confinement et les gestes barri\u00e8re ont donn\u00e9 un coup d\u2019\u00e9lan aux transactions par carte de cr\u00e9dit et de d\u00e9bit ainsi qu\u2019aux paiements par t\u00e9l\u00e9phone portable. Sur la p\u00e9riode allant de mars \u00e0 septembre\u00a02020, les achats sur Internet et par correspondance ont ainsi progress\u00e9 de plus de 10\u00a0% dans l\u2019Union europ\u00e9enne par rapport \u00e0 la m\u00eame p\u00e9riode de\u00a02019<a href=\"#footnote_1\" id=\"footnote-anchor_1\" class=\"inline-footnote__anchor\">[1]<\/a>. Les jours de l\u2019argent liquide sont-ils compt\u00e9s pour autant\u00a0? Probablement pas, m\u00eame si le d\u00e9bat actuel risque de faire l\u2019impasse sur la fonction d\u2019instrument de r\u00e9serve de valeur que les billets de banque continuent \u00e0 remplir dans notre soci\u00e9t\u00e9 postindustrielle.&#13;<br \/>\n&#13;<br \/>\nC\u2019est pr\u00e9cis\u00e9ment durant des p\u00e9riodes d\u2019incertitude comme l\u2019actuelle pand\u00e9mie de coronavirus que la demande en num\u00e9raire semble particuli\u00e8rement forte. Ainsi, le volume de billets de la Banque nationale suisse (BNS) en circulation a augment\u00e9 de 5,9\u00a0% entre mars\u00a02020 et f\u00e9vrier\u00a02021, ce qui correspond \u00e0 une hausse de 131\u00a0milliards de francs (voir <em>illustration<\/em>). La progression avait \u00e9t\u00e9 de 3,3\u00a0% lors de la m\u00eame p\u00e9riode de l\u2019ann\u00e9e pr\u00e9c\u00e9dente<a href=\"#footnote_2\" id=\"footnote-anchor_2\" class=\"inline-footnote__anchor\">[2]<\/a>. Un ph\u00e9nom\u00e8ne identique s\u2019observe dans la zone euro et aux \u00c9tats-Unis.&#13;<\/p>\n<h3 class=\"text__graphic-title\">Billets de banque de la BNS en circulation (1950 \u2013\u00a0f\u00e9vrier\u00a02021)<\/h3>\n<p>&#13;<br \/>\n<div class=\"chart chart--normal\" id=\"Beretta-07-2021_FR\"><\/div>\n<script>\n\n\n\n$(function () {\n    $('#Beretta-07-2021_FR').highcharts({   \n  chart: {\n        type: 'line'\n    },\n    title: {\n        text: ''\n    },\n    subtitle: {\n        text: ''\n    },\n    xAxis: {\n    \n    title: {\n                text: ''\n            },\n        categories: [\n        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      \n           },  \n          \n          \n           \n           \n           \n           ]\n});\n\n});\n\n<\/script>\n&#13;<br \/>\n&#13;<br \/>\n<span class=\"text__quelle--ground\">Source\u00a0: BNS, <a href=\"https:\/\/data.snb.ch\/fr\/topics\/snb#!\/chart\/snbmobalech\"><em>Monnaie centrale<\/em><\/a> \/ calcul de l\u2019auteur \/ La Vie \u00e9conomique<\/span>&#13;<br \/>\n&#13;<br \/>\nLa confiance plac\u00e9e dans les billets de banque est un ph\u00e9nom\u00e8ne relativement r\u00e9cent. Elle reste toutefois probablement inf\u00e9rieure \u00e0 celle dont jouissait l\u2019or jusque dans les ann\u00e9es\u00a01970. En effet, il \u00e9tait possible d\u2019\u00e9changer le dollar contre ce m\u00e9tal pr\u00e9cieux jusqu\u2019en\u00a01971. Tout a chang\u00e9 d\u00e9but\u00a01976, lorsque des pays du monde entier ont vendu leurs r\u00e9serves d\u2019or avec le soutien du Fonds mon\u00e9taire international\u00a0: les billets se sont retrouv\u00e9s soudainement seuls en lice et sont devenus le \u00ab\u00a0nouvel\u00a0\u00bb or.&#13;<br \/>\n&#13;<br \/>\nC\u2019est \u00e0 leur valeur intrins\u00e8que quasi nulle que les billets de banque doivent leur d\u00e9signation de \u00ab\u00a0monnaie fiduciaire\u00a0\u00bb\u00a0: leur valeur ne d\u00e9pend pas du mat\u00e9riau dont ils sont faits \u2212\u00a0le <a href=\"https:\/\/www.snb.ch\/fr\/iabout\/cash\/cash_lifecycle\/id\/cash_lifecycle_costs#:~:text=Sie%20belaufen%20sich%20im%20Durchschnitt%20auf%20rund%2040%20Rappen\">co\u00fbt de fabrication<\/a> unitaire des coupures suisses est en moyenne de 40\u00a0centimes\u00a0\u2212, mais se rapporte aux biens, marchandises et services entrant dans le produit int\u00e9rieur brut.&#13;<\/p>\n<h2>Les limites contestables du paiement en num\u00e9raire<\/h2>\n<p>&#13;<br \/>\nBien plus que la num\u00e9risation, ce sont des r\u00e8gles adopt\u00e9es par les \u00c9tats \u2013\u00a0\u00e0 la limite du dirigisme\u00a0\u2013 qui menacent l\u2019avenir de l\u2019argent liquide. Ainsi, de nombreux pays europ\u00e9ens ont limit\u00e9 les paiements en num\u00e9raire afin de lutter contre l\u2019argent sale et le terrorisme. Ce plafond est par exemple de 1000\u00a0euros par habitant en France et au Portugal. Une autre menace tout aussi grave r\u00e9side dans les efforts des banques \u00e9mettrices visant \u00e0 cr\u00e9er une monnaie \u00e9lectronique de banque centrale, une sorte de monnaie num\u00e9rique. Des essais r\u00e9alis\u00e9s sous l\u2019\u00e9gide de la Banque des r\u00e8glements internationaux sont d\u00e9j\u00e0 tr\u00e8s avanc\u00e9s<a href=\"#footnote_3\" id=\"footnote-anchor_3\" class=\"inline-footnote__anchor\">[3]<\/a> et la Banque centrale europ\u00e9enne d\u00e9cidera prochainement si elle veut cr\u00e9er un euro num\u00e9rique parall\u00e8lement aux esp\u00e8ces.&#13;<br \/>\n&#13;<br \/>\nDu point de vue de la th\u00e9orie mon\u00e9taire, ces plans sont t\u00e9m\u00e9raires, car ils ne prennent pas en consid\u00e9ration la pertinence de la mat\u00e9rialit\u00e9 de la monnaie. L\u2019angoisse des clients de Northern Rock, qui ont pris d\u2019assaut les succursales de l\u2019\u00e9tablissement britannique en septembre\u00a02007 pour retirer leurs \u00e9conomies, a pourtant parfaitement illustr\u00e9 l\u2019aspect psychologique des esp\u00e8ces.&#13;<br \/>\n&#13;<br \/>\nDe surcro\u00eet, le co\u00fbt de fabrication de la monnaie \u00e9lectronique de banque centrale \u00e9tant pratiquement nul, les banques \u00e9mettrices seront encore davantage tent\u00e9es de gonfler la masse mon\u00e9taire. Or, on discute peu du fait que cette monnaie ouvrirait la voie aux taux d\u2019int\u00e9r\u00eat n\u00e9gatifs et deviendrait de l\u2019\u00ab\u00a0argent fondant\u00a0\u00bb, comme le postule le th\u00e9oricien de la finance germano-argentin Silvio Gesell. Ce concept d\u00e9finit une monnaie qui se d\u00e9pr\u00e9cie avec le temps.&#13;<br \/>\n&#13;<br \/>\nLe lancement de nouvelles s\u00e9ries de billets de banque sape \u00e9galement la confiance dans une monnaie, surtout lorsque l\u2019ancienne s\u00e9rie n\u2019a plus cours l\u00e9gal<a href=\"#footnote_4\" id=\"footnote-anchor_4\" class=\"inline-footnote__anchor\">[4]<\/a>. On sait ainsi que la huiti\u00e8me s\u00e9rie que la BNS vient de rappeler ne vaut plus comme moyen de paiement. \u00c0 cet \u00e9gard, les \u00c9tats-Unis servent de mod\u00e8le\u00a0: d\u2019une part, ils n\u2019ont jamais limit\u00e9 les paiements en esp\u00e8ces (tout comme la Suisse d\u2019ailleurs)\u00a0; d\u2019autre part, m\u00eame des coupures imprim\u00e9es durant la Premi\u00e8re Guerre mondiale ont encore cours l\u00e9gal.&#13;<br \/>\n&#13;<br \/>\nEn conclusion, les monnaies virtuelle et mat\u00e9rielle peuvent parfaitement cohabiter \u2013\u00a0et doivent pouvoir le faire. Si la premi\u00e8re est pr\u00e9destin\u00e9e aux paiements en ligne, la seconde est un instrument de r\u00e9serve de valeur tout indiqu\u00e9.<\/p>\n<ol class=\"footnote\"><li id=\"footnote_1\" class=\"footnote--item\">Eurostat (2021).&nbsp;<a href=\"#footnote-anchor_1\" class=\"inline-footnote__anchor hidden-print\">[<span class=\"icon-arrow-up\"><\/span>]<\/a><\/li><li id=\"footnote_2\" class=\"footnote--item\">Calcul selon le <a href=\"https:\/\/www.snb.ch\/fr\/iabout\/cash\/id\/cash_circulation\">tableau de circulation des billets de banque de la BNS<\/a>.&nbsp;<a href=\"#footnote-anchor_2\" class=\"inline-footnote__anchor hidden-print\">[<span class=\"icon-arrow-up\"><\/span>]<\/a><\/li><li id=\"footnote_3\" class=\"footnote--item\">BRI (2020).&nbsp;<a href=\"#footnote-anchor_3\" class=\"inline-footnote__anchor hidden-print\">[<span class=\"icon-arrow-up\"><\/span>]<\/a><\/li><li id=\"footnote_4\" class=\"footnote--item\">BNS (2021).&nbsp;<a href=\"#footnote-anchor_4\" class=\"inline-footnote__anchor hidden-print\">[<span class=\"icon-arrow-up\"><\/span>]<\/a><\/li><\/ol>","protected":false},"excerpt":{"rendered":"<p>Le semi-confinement et les gestes barri\u00e8re ont donn\u00e9 un coup d\u2019\u00e9lan aux transactions par carte de cr\u00e9dit et de d\u00e9bit ainsi qu\u2019aux paiements par t\u00e9l\u00e9phone portable. Sur la p\u00e9riode allant de mars \u00e0 septembre\u00a02020, les achats sur Internet et par correspondance ont ainsi progress\u00e9 de plus de 10\u00a0% dans l\u2019Union europ\u00e9enne par rapport \u00e0 la [&hellip;]<\/p>","protected":false},"author":4214,"featured_media":98889,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"ep_exclude_from_search":false,"footnotes":""},"post__type":[83],"post_opinion":[],"post_serie":[],"post_content_category":[108],"post_content_subject":[],"acf":{"seco_author":4214,"seco_co_author":"","author_override":"","seco_author_post_ocupation_year":"","seco_author_post_occupation_de":"Dr. sc. ec. Dr. rer. pol., Dozent f\u00fcr internationale Makro\u00f6konomik, Universit\u00e0 della Svizzera italiana (USI), Lugano","seco_author_post_occupation_fr":"Charg\u00e9 de cours de macro\u00e9conomie internationale, Universit\u00e9 de la Suisse italienne (USI), Lugano (TI)","seco_co_authors_post_ocupation":null,"short_title":"L\u2019argent liquide a encore de beaux jours devant lui","post_lead":"Le volume d\u2019argent liquide a gonfl\u00e9 en Suisse durant la pand\u00e9mie de Covid-19. Sa fonction d\u2019instrument de r\u00e9serve de valeur peut expliquer ce paradoxe apparent.","post_hero_image_description":"Le pr\u00e9sident de la Banque nationale suisse Thomas Jordan pr\u00e9sente le nouveau billet de 100 francs en septembre 2019 \u00e0 Ayent (VS).","post_hero_image_description_copyright_de":"Keystone","post_hero_image_description_copyright_fr":"Keystone","post_references_literature":"<ul>&#13;\n \t<li>BNS \u2013\u00a0Banque nationale suisse (2021). <a href=\"https:\/\/www.snb.ch\/fr\/mmr\/reference\/pre_20210428\/source\/pre_20210428.fr.pdf\"><em>Rappel des billets de la 8<sup>e<\/sup> s\u00e9rie<\/em><\/a>.<\/li>&#13;\n \t<li>BRI \u2013\u00a0Banque des r\u00e8glements internationaux (2020). <a href=\"https:\/\/www.bis.org\/press\/p201009.htm\"><em>Central banks and BIS publish first central bank digital currency (CBDC) report laying out key requirements<\/em><\/a>. 9\u00a0octobre.<\/li>&#13;\n \t<li>Eurostat (2021). <a href=\"https:\/\/appsso.eurostat.ec.europa.eu\/nui\/show.do?query=BOOKMARK_DS-075757_QID_1411862_UID_-3F171EB0&amp;layout=TIME,C,X,0;GEO,L,Y,0;NACE_R2,L,Y,1;INDIC_BT,L,Z,0;S_ADJ,L,Z,1;UNIT,L,Z,2;INDICATORS,C,Z,3;&amp;zSelection=DS-075757INDIC_BT,TOVV;DS-075757UNIT,PCH_SM;DS-075757INDICATORS,OBS_FLAG;DS-075757S_ADJ,CA;&amp;rankName1=UNIT_1_2_-1_2&amp;rankName2=INDIC-BT_1_2_-1_2&amp;rankName3=INDICATORS_1_2_-1_2&amp;rankName4=S-ADJ_1_2_-1_2&amp;rankName5=TIME_1_0_0_0&amp;rankName6=GEO_1_0_0_1&amp;rankName7=NACE-R2_1_0_1_1&amp;sortR=ASC_-1_FIRST&amp;sortC=ASC_-1_FIRST&amp;rStp=&amp;cStp=&amp;rDCh=&amp;cDCh=&amp;rDM=true&amp;cDM=true&amp;footnes=false&amp;empty=false&amp;wai=false&amp;time_mode=ROLLING&amp;time_most_recent=true&amp;lang=FR&amp;cfo=%23%23%23%2C%23%23%23.%23%23%23\"><em>Chiffre d\u2019affaires et volume des ventes dans le commerce de gros et de d\u00e9tail \u2013\u00a0donn\u00e9es mensuelles<\/em><\/a>. Commerce de d\u00e9tail par correspondance ou par Internet.<\/li>&#13;\n<\/ul>","post_kasten":null,"post_notes_for_print":"","first_teaser_header_de":"","first_teaser_header_fr":"","first_teaser_text_de":"","first_teaser_text_fr":"","second_teaser_header_de":"","second_teaser_header_fr":"","second_teaser_text_de":"","second_teaser_text_fr":"","kseason_de":"","kseason_fr":"","post_in_pdf":129862,"main_focus":"","serie_email":null,"frontpage_slider_bild":129866,"artikel_bild-slider":null,"legacy_id":"104200","post_abstract":"Contre toute attente, les pi\u00e8ces de monnaie et les billets de banque ne sont pas condamn\u00e9s \u00e0 dispara\u00eetre prochainement \u2013\u00a0et ce n\u2019est pas l\u2019essor des ventes en ligne durant la pand\u00e9mie de Covid-19 qui y changera quelque chose. En effet, \u00e0 l\u2019\u00e8re num\u00e9rique, l\u2019argent liquide est surtout un instrument de r\u00e9serve de valeur dont l\u2019importance est particuli\u00e8rement \u00e9vidente en temps de crise. Il s\u2019agit d\u00e8s lors de veiller \u00e0 ce qu\u2019il conserve ce r\u00f4le.","magazine_issue":"20210701","seco_author_reccomended_post":"","redaktoren":null,"korrektor":4139,"planned_publication_date":"20210703","original_files":null,"external_release_for_author":"20210620","external_release_for_author_time":"22:30:00","link_for_external_authors":"https:\/\/dievolkswirtschaft.ch\/exedit\/6092997551e8c"},"_links":{"self":[{"href":"https:\/\/dievolkswirtschaft.ch\/fr\/wp-json\/wp\/v2\/posts\/129859"}],"collection":[{"href":"https:\/\/dievolkswirtschaft.ch\/fr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dievolkswirtschaft.ch\/fr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dievolkswirtschaft.ch\/fr\/wp-json\/wp\/v2\/users\/4214"}],"replies":[{"embeddable":true,"href":"https:\/\/dievolkswirtschaft.ch\/fr\/wp-json\/wp\/v2\/comments?post=129859"}],"version-history":[{"count":1,"href":"https:\/\/dievolkswirtschaft.ch\/fr\/wp-json\/wp\/v2\/posts\/129859\/revisions"}],"predecessor-version":[{"id":187430,"href":"https:\/\/dievolkswirtschaft.ch\/fr\/wp-json\/wp\/v2\/posts\/129859\/revisions\/187430"}],"acf:user":[{"embeddable":true,"href":"https:\/\/dievolkswirtschaft.ch\/fr\/wp-json\/wp\/v2\/users\/4139"},{"embeddable":true,"href":"https:\/\/dievolkswirtschaft.ch\/fr\/wp-json\/wp\/v2\/users\/4214"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dievolkswirtschaft.ch\/fr\/wp-json\/wp\/v2\/media\/98889"}],"wp:attachment":[{"href":"https:\/\/dievolkswirtschaft.ch\/fr\/wp-json\/wp\/v2\/media?parent=129859"}],"wp:term":[{"taxonomy":"post__type","embeddable":true,"href":"https:\/\/dievolkswirtschaft.ch\/fr\/wp-json\/wp\/v2\/post__type?post=129859"},{"taxonomy":"post_opinion","embeddable":true,"href":"https:\/\/dievolkswirtschaft.ch\/fr\/wp-json\/wp\/v2\/post_opinion?post=129859"},{"taxonomy":"post_serie","embeddable":true,"href":"https:\/\/dievolkswirtschaft.ch\/fr\/wp-json\/wp\/v2\/post_serie?post=129859"},{"taxonomy":"post_content_category","embeddable":true,"href":"https:\/\/dievolkswirtschaft.ch\/fr\/wp-json\/wp\/v2\/post_content_category?post=129859"},{"taxonomy":"post_content_subject","embeddable":true,"href":"https:\/\/dievolkswirtschaft.ch\/fr\/wp-json\/wp\/v2\/post_content_subject?post=129859"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}