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International audience; "From the fourth quarter of 2007 to the second quarter of 2020, the monetary base in the euro area grew by 330%, the money supply by 61% and inflation measured by the consumer price index - only 17%. Interest rates are around zero and negative, inflation is low, and we often register deflation. This discrepancy between the growth of money and prices has not only practical dimensions for the ECB and FED monetary policy, but also a theoretical significance. In this contribution, we propose an interpretation of these trends on the basis of concepts developed by J. Kornai in his Economics of Shortage analysis, from which we derive our insights on the sovereign debt market situation in European countries. J. Kornai was an unclassifiable economist whose work reflected to some extent the influence of the Austrian School of economics. The point here is not to transpose Kornai’s shortage economy analysis to European capitalist economies, but to show that similar phenomena are appearing today in a different institutional context." (source éditeur)

The last few decades have been marked by a proliferation of currency union projects in Africa. In a context of exchange rate instability and poorly convertible currencies, the authorities in most of the countries of the Horn of Africa are looking for an exchange rate regime that can stabilise and develop their economies. To achieve monetary stability in this sub-region, which is at the crossroads of some of the busiest sea and land routes, this paper reflects on the potential benefits of a monetary system that is characterised by a two-tiered architecture: national currencies and a common currency governed by a regional Currency Board.

International audience; World War I marked the final point of the continuous process of fiduciarisation of money, of the detachment from its substance, the final point of establishing « Russian type of ideal money ». Paper currency was a Russian tradition, since 1769, until the introduction of the gold standard in 1897. The war brought back the dominance of the paper currency. In this paper, I will consecutively dwell on: (i) the role of paper currency and loans during the war and the discussions among the leading Russian economists as regards the evolution of the monetary regime. I will then examine, (ii) Tugan’s business cycle (conjunctural) theory of the value of money associated with aggregate demand, and especially with the development of the model of money demand and its endogeneity, and finally (iii) on Tugan’s proposals for managed paper currency by controlling the exchange rate.; La Première Guerre mondiale a marqué la fin du long processus de fiduciarisation de la monnaie et la fin de l’établissement d’une « monnaie idéale de type russe ». Le papier-monnaie était une tradition russe depuis 1769, jusqu’à l’introduction de l’étalon-or en 1897. La guerre a ramené la domination du papier-monnaie. Dans cet article, je m’attarderai sur : (i) le rôle du papier-monnaie et des emprunts pour le financement de la guerre et sur les discussions entre les économistes russes concernant l’évolution du régime monétaire. J’examinerai ensuite (ii) la théorie de M. Tugan-Baranovsky sur la valeur de la monnaie, dite « théorie conjoncturelle »; sur la demande de monnaie et son endogénéité, et enfin (iii) les propositions de Tugan-Baranovsky concernant la politique monétaire dans un régime fiduciaire du papier-moyennent des interventions actives sur le marché des changes.

1. European elections and Varoufakis’ book A central question that needs to be addressed to understand the Greek crisis is the process of political transformation in the country. One important indicator of the political consequences of the Euro crisis is the European elections. The results of the elections for the European Parliament were announced on May 26, 2019. Syriza, the ruling party in Greece, obtained less votes than the New Democracy led by Kyriakos Mitsotakis (the son of Konstantino...

La Première Guerre mondiale a marqué la fin du long processus de fiduciarisation de la monnaie et la fin de l’établissement d’une « monnaie idéale de type russe ». Le papier-monnaie était une tradition russe depuis 1769, jusqu’à l’introduction de l’étalon-or en 1897. La guerre a ramené la domination du papier-monnaie. Dans cet article, je m’attarderai sur : (i) le rôle du papier-monnaie et des emprunts pour le financement de la guerre et sur les discussions entre les économistes russes concernant l’évolution du régime monétaire. J’examinerai ensuite (ii) la théorie de M. Tugan-Baranovsky sur la valeur de la monnaie, dite « théorie conjoncturelle »; sur la demande de monnaie et son endogénéité, et enfin (iii) les propositions de Tugan-Baranovsky concernant la politique monétaire dans un régime fiduciaire du papier-moyennent des interventions actives sur le marché des changes., World War I marked the final point of the continuous process of fiduciarisation of money, of the detachment from its substance, the final point of establishing « Russian type of ideal money ». Paper currency was a Russian tradition, since 1769, until the introduction of the gold standard in 1897. The war brought back the dominance of the paper currency. In this paper, I will consecutively dwell on: (i) the role of paper currency and loans during the war and the discussions among the leading Russian economists as regards the evolution of the monetary regime. I will then examine, (ii) Tugan’s business cycle (conjunctural) theory of the value of money associated with aggregate demand, and especially with the development of the model of money demand and its endogeneity, and finally (iii) on Tugan’s proposals for managed paper currency by controlling the exchange rate.

We focus on some original approaches so as to find a solution to the “coordination problem” of the decentralised commodity economy in the different interpretations (and refutations) of Marx, stressing the central role of money. We reconstruct in a comparative perspective the approaches of two contemporary French scholars, Jean Cartelier and André Orléan and of two Russian economists, Isaak Rubin and Peter Struve who worked in the beginning of the last century. Our reconstruction starts with Marx although other approaches are also possible. Each of the four scholars under review offered his own methods of solving the issue of coordination. Although the ideas of the four authors intertwined, we can differentiate between two pairs namely Rubin/Orléan (part 1) and Struve/Cartelier (part 2). This corresponds to the radicality of their analytical solutions. While the former pair upheld the theory of value (each one in his own way), the latter actually eliminated it (again each one in his own way). Nous présentons des approches originales pour résoudre le « problème de la coordination » de l’économie marchande décentralisée, en soulignant le rôle central de la monnaie comme base de cette coordination. Nous reconstruisons dans une perspective comparative les approches de deux économistes français contemporains, Jean Cartelier et André Orléan (représentants du courant institutionnaliste monétaire français), en les confrontant avec les solutions des économistes russes Isaak Rubin et Peter Struve, qui écrivaient au début du siècle dernier. Chacun des quatre chercheurs a offert ses propres méthodes de résolution de la question de la coordination. Bien que les idées des quatre auteurs soient étroitement liées, nous pouvons distinguer deux couples, à savoir Rubin-Orléan (partie 1/Part 1) et Struve-Cartelier (partie 2/Part 2). Cela correspond à la radicalité de leurs solutions analytiques. Tandis que les premiers auteurs maintiennent la théorie de la valeur (chacun à sa manière), les deuxièmes l’éliminent et la pensent inutile et redondante (à nouveau chacun à sa manière). Presentamos los enfoques originales para resolver el « problema de la coordinación » de la economía mercantil descentralizada, al resaltar el rol central de la moneda como base de esta coordinación. Reconstruimos en una perspectiva comparativa los enfoques de dos economistas franceses contemporáneos, Jean Cartelier y André Orléan (representantes de la corriente institucionalista monetaria francesa), confrontándolos con las soluciones de los economistas rusos Isaak Rubin y Peter Struve, que escribían a comienzos del siglo pasado. Cada uno de los cuatro investigadores ha ofrecido sus propios métodos de resolución de la cuestión de la coordinación. Si bien las ideas de los cuatro autores están estrechamente vinculadas, podemos distinguir dos parejas : Rubin-Orléan (parte 1) y Struve-Cartelier (parte 2). Esto correponde a la radicalidad de sus soluciones analíticas. Mientras que los primeros autores mantienen la teoría del valor (cada uno a su manera), los segundos la eliminan como teoría del valor y piensan que la misma es inútil y redundante (nuevamente, cada uno a su manera).

The paper's aim is a historiographical review and an analysis of the basic works published by Bulgarian scholars and devoted to the topic of money and prices in the Ottoman Balkans during the 18th and 19th centuries. This period is very important, both in a more general context \textendash from a European and Ottoman perspective, as well as from a Balkan and Bulgarian point of view. We have used a chronological approach and have outlined two periods in our study \textendash between 1878 and 1989 (the time of the Third Bulgarian Kingdom and the subsequent communist regime in Bulgaria) and from 1990 until today (i.e. the period after the democratic changes). The reviewed studies are divided into two main groups: (i) historical studies on money and prices and (ii) numismatic ones. We have given priority to some smaller publications, as they are less known to Bulgarian and foreign researchers. In general, larger studies are known to scholars dealing with the region's monetary history. \textcopyright 2019, Bulgarian Academy of Sciences. All rights reserved.

This article offers a historical overview of the development of agricultural cooperative credit in the Bulgarian and Serbian lands from the Ottoman era to World War I. Essentially, we present an institutional and comparative analysis of the genesis, transformation and forms of agricultural cooperative credit over the long term, its driving forces and mechanisms. \textcopyright 2018 Journal of European Economic History. All rights reserved.

Introduction Mikhail Ivanovich Tugan-Baranovsky (1865-1919) [hereafter Tugan] was one of a pléiade of Russian (Ukrainian) fin-de-siècle economists who left a significant trace not only in Russian, but in world economic and social thought. In the late 1890s, Tugan elaborated a personal vision of the development of capitalism, the diversity of economic forms, and a personal model of socialism. Seeking the theoretical basis of specific economic forms, he constructed a theoretical system which st...

International audience

« The countries that are monetarily poor and where prices are low are thus in reality under the economic domination of the countries that are monetarily rich with high prices. » Laveleye (1888, p. 63) Introduction The elites as well as the entire population in the Balkan countries have always strived to be a part of Europe or at least to come closer to the economic, political and cultural development of the leading European countries. The Balkan economists and politicians followed closely and...

International audience; Forthcoming

The main purpose of this article is to understand how Bulgarian economists interpreted the Great Depression, by reviewing the theoretical models they used and the solutions they advocated. In particular, this means: (i) clarifying what made them gradually realise the structural characteristics of the crisis and (ii) identifying the main channels and the main theories underlying the analysis of crises and depressions. The paper comprises six sections. The first section offers a brief survey of the Bulgarian economy and political developments prior to the Depression. Section two presents Bulgarian economic thought on the eve of the Depression according to five intellectual currents. Section three identifies and discusses the two main models of interpretation of the Great Depression—a cyclical and a structural model. The next two sections explain the evolution of economic thinking following the main phases of the crisis (deflation/agrarian crisis and monetary/banking crisis). Section six focuses on Marxist interpretations of the crisis. The last section offers a few concluding observations. L’objet principal de cet article est de comprendre comment les économistes bulgares ont interprété la Grande Dépression, c’est-à-dire, de mettre en évidence les modèles théoriques qu’ils ont utilisé et les solutions qu’ils ont défendu. Plus particulièrement on cherchera (i) à clarifier ce qui a conduit les économistes à réaliser progressivement les caractéristiques structurelles de la crise et (ii) à identifier les principales filiations théoriques qui sous-tendent l’analyse des crises et dépressions. L’article comprend six sections. La première section expose brièvement la situation de l’économie bulgare et les développements politiques antérieurs à la Grande Dépression. La deuxième section présente la pensée économique bulgare à l’aube de la Grande Dépression, selon cinq grandes traditions intellectuelles. La troisième section identifie les deux grands modèles d’interprétation de la Grande Dépression (un modèle cyclique et un modèle structurel). Les deux sections suivantes expliquent l’évolution des idées économiques en Bulgarie suivant les phases de la crise (déflation et crise agraire, puis crise monétaire et bancaire). La dernière section conclut.

International audience; Mihail Manoilescu was one of the main intellectual personalities of the interwar period in Romania. He was known as a politician and a central banker, but also as an economist. From the very beginning of his theoretical and practical career, or at least from the late 1920s till the end of his life, Manoilescu's ideas and theories were marked by a clear continuity and consistency based on the theory of protectionism. His defence of protectionism is generally presented as clumsy and founded on incorrect method. This paper contributes to a testament of Manoilescu's conclusions and presents the theory of protectionism formulated by the author. It tries to interpret Manoilescu's views in modern terms. It presents arguments assimilating his analysis to some post-Marxist presentations of the after-war period.