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A la recherche d'un âge d'or des marchés financiers : intégration et efficience au XVIIIe siècle

Author

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  • Marie-Thérèse Boyer
  • Ghislain Deleplace
  • Lucien Gillard

Abstract

[fre] L'objet de l'article est de proposer une évaluation critique de plusieurs travaux récents relevant de la « New Economie History » ; ceux-ci visent à montrer que le xvin* siècle est une sorte d'âge d'or des marchés financiers, auxquels on peut appliquer les concepts d'intégration et d'efficience. Les résultats obtenus par ces études apparaissent cependant historiquement peu pertinents, économétriquement douteux et théoriquement non fondés. Ils conduisent à suggérer que certaines règles de fonctionnement des régimes monétaires et de change sont irréductibles à l'analyse traditionnelle des marchés. [eng] In this article, a critical evaluation of some recent studies in the field of the « New Economic History » is presented. These studies try to show that the eighteenth century is a kind of golden age for financial markets, to which the concepts of integration and efficiency may be applied. However, their results appear to be historically irrelevant, econometrically suspect and theoretically inconsistent. It is then suggested that some rules of the monetary and exchange regimes cannot be reduced to traditional market analysis.

Suggested Citation

  • Marie-Thérèse Boyer & Ghislain Deleplace & Lucien Gillard, 1992. "A la recherche d'un âge d'or des marchés financiers : intégration et efficience au XVIIIe siècle," Cahiers d'Économie Politique, Programme National Persée, vol. 20(1), pages 33-65.
    • Handle: RePEc:prs:caecpo:cep_0154-8344_1992_num_20_1_1123
    DOI: 10.3406/cep.1992.1123
    Note: DOI:10.3406/cep.1992.1123
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    Cited by:

    1. Ghislain Deleplace, 1994. "Aux origines de la pensée monétaire moderne," Revue Économique, Programme National Persée, vol. 45(5), pages 1125-1136.
    2. Marie-Thérèse Boyer-Xambeu & Lucien Gillard & Ghislain Deleplace, 1994. "Régimes monétaires, points d'or et « serpent bimétallique » de 1770 à 1870," Revue Économique, Programme National Persée, vol. 45(5), pages 1139-1174.
    3. Ghislain Deleplace, 1994. "Les différents usages de l'étalon monétaire," Cahiers d'Économie Politique, Programme National Persée, vol. 23(1), pages 101-113.

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