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| - La doctrine des effets réels (en anglais : Real Bills Doctrine) est une doctrine économique selon laquelle la création de monnaie doit être adossée à l'économie réelle, c'est-à-dire que les créances créées par les banques (banques commerciales) ne doivent être décorrélées de la valeur totale présente dans le système économique. Cette doctrine, qui a prévalu des années 1870 aux années 1910, n'est plus d'actualité, et n'a pas survécu à la théorie quantitative de la monnaie. (fr)
- La real bills doctrine, o dottrina delle cambiali commerciali, detta anche "la dottrina screditata dei vecchi direttori di banca del 1810", afferma che: In altri termini l'azione delle banche, finché consiste nello sconto di cambiali commerciali, è neutra rispetto alla moneta, non portando né a un eccesso né a una scarsità di mezzi di pagamento. (it)
- Die Real-Bills-Doktrin (englisch real bills doctrine oder commercial loan theory of banking) ist eine Doktrin aus dem Bereich der Wirtschaftswissenschaft, im Besonderen der Finanzwissenschaft und Geldtheorie, die besagt, dass Kredite an Geschäftsleute nur kurzfristig und nur in dem Maße begeben werden sollten, wie diese imstande sind, sie mit bestimmten, im Wert adäquaten Geldmarktpapieren – mit Wechseln über Kaufpreiserlöse zu realen Gütern („real bills“, „bills of exchange“) von kurzfristiger Laufzeit – als Sicherheitsleistung zu hinterlegen. Der Lehrsatz fußt auf der Theorie, dass ohne eine Koppelung von Kreditvergabe und Geldmengenwachstum an das Vorhandensein von Vermögensgegenständen eine bloße Geldmengenausweitung mit der Folge von Inflation, also des Verlustes von Preisniveaustabil (de)
- The real bills doctrine says that as long as bankers lend to businessmen only against the security (collateral) of short-term 30-, 60-, or 90-day commercial paper representing claims to real goods in the process of production, the loans will be just sufficient to finance the production of goods. The doctrine seeks to have real output determine its own means of purchase without affecting prices. Under the real bills doctrine, there is only one policy role for the central bank: lending commercial banks the necessary reserves against real customer bills, which the banks offer as collateral. The term "real bills doctrine" was coined by Lloyd Mints in his 1945 book, A History of Banking Theory. The doctrine was previously known as "the commercial loan theory of banking". (en)
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| has abstract
| - Die Real-Bills-Doktrin (englisch real bills doctrine oder commercial loan theory of banking) ist eine Doktrin aus dem Bereich der Wirtschaftswissenschaft, im Besonderen der Finanzwissenschaft und Geldtheorie, die besagt, dass Kredite an Geschäftsleute nur kurzfristig und nur in dem Maße begeben werden sollten, wie diese imstande sind, sie mit bestimmten, im Wert adäquaten Geldmarktpapieren – mit Wechseln über Kaufpreiserlöse zu realen Gütern („real bills“, „bills of exchange“) von kurzfristiger Laufzeit – als Sicherheitsleistung zu hinterlegen. Der Lehrsatz fußt auf der Theorie, dass ohne eine Koppelung von Kreditvergabe und Geldmengenwachstum an das Vorhandensein von Vermögensgegenständen eine bloße Geldmengenausweitung mit der Folge von Inflation, also des Verlustes von Preisniveaustabilität, eintritt. Nach der Doktrin sollte die Geldmenge gerade ausreichen, um es den Käufern zu ermöglichen, die fertigen Waren als Endprodukt vom Markt zu kaufen, ohne die Preise zu beeinflussen. Die Geldschöpfung sollte so mit der Realwirtschaft korrelieren. Die Anhänger der Doktrin sahen in diesem Zusammenhang die Rolle einer Zentralbank (im Wesentlichen nur) darin, den Geschäftsbanken das Papiergeld nur gegen Sicherheitsleistungen zu verleihen. (de)
- La doctrine des effets réels (en anglais : Real Bills Doctrine) est une doctrine économique selon laquelle la création de monnaie doit être adossée à l'économie réelle, c'est-à-dire que les créances créées par les banques (banques commerciales) ne doivent être décorrélées de la valeur totale présente dans le système économique. Cette doctrine, qui a prévalu des années 1870 aux années 1910, n'est plus d'actualité, et n'a pas survécu à la théorie quantitative de la monnaie. (fr)
- The real bills doctrine says that as long as bankers lend to businessmen only against the security (collateral) of short-term 30-, 60-, or 90-day commercial paper representing claims to real goods in the process of production, the loans will be just sufficient to finance the production of goods. The doctrine seeks to have real output determine its own means of purchase without affecting prices. Under the real bills doctrine, there is only one policy role for the central bank: lending commercial banks the necessary reserves against real customer bills, which the banks offer as collateral. The term "real bills doctrine" was coined by Lloyd Mints in his 1945 book, A History of Banking Theory. The doctrine was previously known as "the commercial loan theory of banking". Moreover, as bank loans are granted to businessmen in the form either of new bank notes or of additions to their checking deposits, which deposits constitute the main component of the money stock, the doctrine assures that the volume of money created will be just enough to allow purchasers to buy the finished goods off the market as final product without affecting prices. From their sales receipts, businessmen then pay off their real bills bank loans. Banks retire the returned money from circulation until the next batch of goods need financing. The doctrine has roots in some statements of Adam Smith. John Law (1671–1729) in his Money and Trade Considered: With a Proposal for Supplying a Nation with Money (1705) originated the basic idea of the real bills doctrine, the concept of an "output-governed currency secured to real property and responding to the needs of trade". Law sought to limit monetary expansion and maintain price stability, by using land as a measure of, and collateral for, real activity. Smith then substituted short-term self-liquidating commercial paper for Law's production proxy, land, and so the real bills doctrine was born. The British banker, parliamentarian, philanthropist, anti-slavery activist, and monetary theorist Henry Thornton (1760–1815) was an early critic of the real bills doctrine. He noted one of the doctrine's three main flaws, namely that by linking money not to real output as the original intention was, but to the price times quantity—or nominal dollar value—of real output, it set up a positive feedback loop running from price to money to price. When the monetary authority holds the market (loan) rate of interest, below the profit rate on capital, this feedback loop can generate continuing inflation. Doctrinal historians have noted the real bills doctrine's place as one factor contributing to the instability of the U.S. money supply precipitating the Great Depression. Adhering to the doctrine's second flaw, namely that speculative activity/paper can be sharply distinguished from purely productive activity/paper (as if production motivated by uncertain expected future profits does not involve a speculative element), long-time Fed Board member Adolph C. Miller in 1929 launched his Direct Pressure initiative. It required all member banks seeking Federal Reserve discount window assistance to affirm that they had never made speculative loans, especially of the stock-market variety. No self-respecting banker seeking to borrow emergency reserves from the Fed was willing to undergo such interrogation, especially given that a "hard-boiled" Federal Reserve was unlikely to grant such aid. Instead, the banks chose to fail (and the Federal Reserve let them), which they did in large numbers, almost 9000 of them. These failures led to the 1⁄3 contraction of the money stock, which, according to Friedman and Schwartz, caused the Great Depression. The result was a decade-long fall of real output and prices, which by the needs-of-trade logic of the real bills doctrine justified shrinkage of the money stock. Here was the doctrine's third flaw. It calls for pro-cyclical contractions and expansions of the money stock when correct stabilization policy calls for counter-cyclical ones. The doctrine fell into disuse in the late 1930s, but its legacy still influences banking policy from time to time. (en)
- La real bills doctrine, o dottrina delle cambiali commerciali, detta anche "la dottrina screditata dei vecchi direttori di banca del 1810", afferma che: In altri termini l'azione delle banche, finché consiste nello sconto di cambiali commerciali, è neutra rispetto alla moneta, non portando né a un eccesso né a una scarsità di mezzi di pagamento. (it)
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