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Le pouvoir d'achat des actions, des obligations et de l'or

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  • Pierre Laforest

Abstract

[fre] L'évolution de la valeur d'un portefeuille représentatif des titres cotés en bourse permet le calcul du taux d'intérêt d'un placement à long terme. Si l'on suppose la capitalisation annuelle des dividendes, le pouvoir d'achat d'un capital formé de valeurs à revenu variable demeure supérieur à celui de la monnaie, pendant la plus grande partie des périodes 1938 à 1969 et 1949 à 1969, même compte tenu d'un prélèvement fiscal.. C'est seulement depuis 1949 — et grâce aux effets conjugés d'indexations fortes et de taux de rendement élevés — que le pouvoir d'achat des rentes et obligations a pu se maintenir et même croître jusqu'à 1969. Enfin, compte tenu de la hausse ininterrompue des prix, il est tout à fait exceptionnel que l'or constitue un « bon placement » à moyen ou à long terme. [eng] The yield on a long term investment can be calculated from the trend in the value of a representative portfolio of securities quoted on the Stock Exchange. . Assuming the annual capitalisation of dividends, the purchasing power of capital in the form of equities has been greater than that of cash over the greater part of the periods 1938-1969 and 1949-1969, even allowing for a tax levy. . It is only since 1949 — and by virtue of the combined effects of strong indexation and high yields — that the purchasing power of rentes and bonds has been maintained and has even grown up to 1969. . Finally, in the light of the inunterrupted rise in prices, it is quite exceptional for gold to be a « good investment » in the medium or long term.

Suggested Citation

  • Pierre Laforest, 1969. "Le pouvoir d'achat des actions, des obligations et de l'or," Économie et Statistique, Programme National Persée, vol. 3(1), pages 3-11.
  • Handle: RePEc:prs:ecstat:estat_0336-1454_1969_num_3_1_1866
    DOI: 10.3406/estat.1969.1866
    Note: DOI:10.3406/estat.1969.1866
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    Cited by:

    1. André Masson & André Babeau & Dominique Strauss-Kahn, 1974. "Le patrimoine des salariés et inactifs de 1949 à 1967," Revue Économique, Programme National Persée, vol. 25(4), pages 611-634.
    2. Georges Gallais-Hamonno & Pedro Arbulu, 1995. "La rentabilité réelle des actifs boursiers de 1950 à 1992," Économie et Statistique, Programme National Persée, vol. 281(1), pages 3-30.
    3. Pierre Laforest & Philippe Sallée, 1977. "Le pouvoir d'achat des obligations, des actions et de l'or de 1914 à 1976," Économie et Statistique, Programme National Persée, vol. 86(1), pages 61-67.

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