Money, State and Production: Contribution and Limits of Neochartalism

Dollarisation, EMU or the question of central banks' independence raise questions centered on the privilege of minting money. In this perspective, it seems important to study Neochartalism, in so far as it extends the analysis initiated by Knapp, and investigates specifically the links between money and the State. Indeed, Neochartalism assumes that there is a link between tax policy and the collective acceptation of money on the one hand, and between tax policy and monetary emission on the other hand. This text is a presentation of both the contribution and the limits of this approach.