Jean-françois Ponsot Full professor of economics, Pacte CNRS, Univ. Grenoble Alpes   Pacte CNRS Univ. Grenoble Alpes Grenoble, 38000 France   jean-francois.ponsot@univ-grenoble-alpes.fr             JEL Areas: E4 : Money and Interest Rates: General G2 : Financial Institutions and Services: General