MONNAIE, CREATION MONETAIRE, POLITIQUE MONETAIRE
MONEY, MONETARY CREATION, MONETARY POLICY
1 DEFINITIONS DEFINITIONS
■ argent, monnaie money Anything customarily used as a medium of exchange and measure of value.
capitaux, fonds moneys, monies deniers publics public monies flux monétaire flow of money It refers to the money spent and there-fore moving through the economy, crea-ting various flows such as income, saving, investment, purchases. stock monétaire stock of money It consists in the coins, paper currency, and bank account balances used for transactions and saving.
argent ayant cours légal ■ dans un pays currency The legally established monetary medium of exchange in a particular country. devise foreign currency
■ monnaie à cours légal, à pouvoir libératoire legal tender It may legally be offered in payment of a debt. n’avoir plus cours légal to be no longer valid monnaie à cours forçé forced currency
■ monnaie divisionnaire fractional money, coins or currency Coins without full value which must be accepted as legal tender
frappe de pièces coinage liquidités cash, liquidity pièce coin « pièces et billets » currency US ■ monnaie fiduciaire fiduciary money, fiat money Money no longer backed by gold but that exists by government order or fiat.
■ monnaies nationales Franc français French Franc, FF 1 FF = 100 centimes un milliard FRA one thousand million; one milliard UK; one billion US 11
MONNAIE,CREATION MONETAIRE,POLITIQUE MONETAIRE
Dollar Dollar bill, $ 1$ = 100 cents 1/2 $ = 50 cents = half a dollar 1/4 $ = 25 cents = the quarter 1/10 de dollar = 10 cents = the dime 1/20 de dollar = 5 cents = the nickel
Livre sterling Pound Sterling, £ 1£ = 100 pence
■ monnaie scripturale, monnaie de crédit deposit money, credit or bank money Sight deposits in banks.
■ monnaie de papier paper money Goldsmiths’receipts were banknotes backed by gold in banks’vaults; today, it is fiduciary money.
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arrêter d’émettre to discontinue
billet de banque banknote; bankbill US
billet vert (le) the greenback US
coupure denomination
émettre to issue
envers du billet the back or the reverse side
faire marcher la planche à billets to print money in excessive quantities
grosse coupure large, high denomination note
haut et bas du billet the top and the foot les coffres d’une banque the vaults of a bank A strongroom in a bank where valuables are deposited. lingot d’or gold bar lingots d’or et d’argent (matières) bullion mettre en circulation to circulate orfèvre goldsmith petite coupure small denomination note planche à billet printing press réserves, encaisse d’or gold holdings, reserve
2 ATTRIBUTS ATTRIBUTES
convertible convertible A money is convertible if it can be sold in exchange for other currencies.
inconvertible inconvertible
difficile à imiter difficult to counterfeit Special paper plus an imbedded thread are used with banknotes to prevent counterfeiting.
blanchir de l’argent to launder money
fabriquer de la fausse monnaie to counterfeit money
faux conterfeit, forged, bogus
faussaire counterfeiter
crime de fausse monnaie coinage offense
fongible fungible It can be exchanged or used to reim-burse a debt. fongibilité fungibility
universellement acceptée universally accepted Reinforced by governments’ willingness to accept it in payment of taxes.
3 VALEUR VALUE
actif liquide ■ liquid asset Money is the most liquid of all assets: it can be used directly as a means of pay-ment, or be readily converted into one, and it retains a fixed nominal value.
■ actualisation discounting Calculating the forecast return on capi-tal investment in current terms, with reduction for current interest rates.
MONEY,MONETARY CREATION,MONETARY POLICY
actualisé discounted
cours d’une monnaie ■ quotation, rate, price The price for a security at which a mar-ket maker will trade.
augmenter, s’apprécier (ant. se déprécier) to appreciate (ant. to depreciate)
monnaie faible depreciated currency
décimalisation ■ decimalisation Simplifies calculations and makes cur-rencies compatible with others.
déflation ■ deflation When the value of money rises, when the economy is in recession (stagnant) or in depression (shrinking).
amener la déflation, diminuer la circulation du papier-monnaie to deflate
déflateur, coefficient d’actualisation deflator
de déflation, déflationniste deflationary
dévaluation ■ devaluation A fall in the external value of the cur-rency will result in a rise in the prices of imported goods and a fall in the prices of the country devaluing.
dévaluer to devaluate, to devalue
■ étalon standard
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MONNAIE,CREATION MONETAIRE,POLITIQUE MONETAIRE
étalon devise-or gold exchange standard étalon-or gold standard étalon or-espèces gold specie standard étalon or-lingot gold bullion standard A system of note issue backed by gold.
indice du coût de la vie ■ retail price index The index of retail price which measures changes in the cost of living.
■ indexation indexation The linking to a price index of an amount due.
inflation, augmentation ■ inflation Situation where prices rise to keep up with increased production costs, with the result that the purchasing power of money falls.
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accroître, augmenter to inflate
corrigé de l’inflation dicounted for inflation
inflationniste inflationary
inflation à deux chiffres doubledigit inflation, doublefigure inflation A double-digit inflation is an infla-tion with two figures, from 10 to 99.
inflation à un chiffre singledigit inflation
taux d’inflation inflation rate
■ loyer de l’argent money price The price of money is the rate of interest. intérêt interest The value of deferred spending is called interest. taux de l’usure usury rate
métallisme ■ metalism
bimétalisme bimetalism
monométalisme monometalism
monnaie réelle ■ real money Money is not convertible into anything else: it is definitive money.
monnaie symbolique token money The value of coins as metal is well below their face value.
■ nominalisme nominalism An obligation to pay a sum is fixed and does not change.
panier de monnaies ■ currency basket A selected group of currencies.
droits de tirage spéciaux (DTS) Special Drawing Rights (SDR)
unité monétaire européenne (UME) European Monetary Unit (ECU) The SDR and the ECU are valued in terms of a weighted basket of currencies.
■ parité parity Term interchangeable with exchange rate, the rate at which one currency may be exchanged against another.
parité du pouvoir d’achat purchasing power parity T h e e q u i v a l e n c e o f p u r c h a s i n g p o w e r t h a t e x i s t s w h e n t r a d e d goods prices in two countries are c o n v e r t e d a t t h e p r e v a l e n t exchange rate.
rapport de parity parity of exchange
■ relance reflation Stimulating the economy by increasing the money supply.
réflationniste reflationary
relancer par augmentation de la masse monétaire to reflate
■ stagflation stagflation A situation of depressed levels of real output combined with increases in prices (inflation).
MONEY,MONETARY CREATION,MONETARY POLICY
valeur faciale, nominale ■ face value The face, nominal or par value written on a coin or a banknote or a share certi-ficate.
4 FONCTION DE L’ARGENT MONEY FUNCTION
un instrument d’échange ■ a medium of exchange Money functions as an intermediate step in the exchange of goods or service. troc barter
un instrument de paiement ■ medium of payment Being a medium of exchange money is an instrument of payment. monnaie de compte money of account monnaie de facturation trade currency
un moyen de canaliser ■ et de transférer l’épargne a conduit for savings and transfering savings. As a result money accelerates economic development.
une réserve de valeur ■ a store of value
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