IDEAS home Printed from https://ideas.repec.org/a/prs/ecstat/estat_0336-1454_1969_num_3_1_1866.html
   My bibliography  Save this article

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

Author

Listed:
  • 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
    as

    Download full text from publisher

    File URL: https://doi.org/10.3406/estat.1969.1866
    Download Restriction: no

    File URL: https://www.persee.fr/doc/estat_0336-1454_1969_num_3_1_1866
    Download Restriction: no

    File URL: https://libkey.io/10.3406/estat.1969.1866?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. 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.
    2. 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.
    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.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:prs:ecstat:estat_0336-1454_1969_num_3_1_1866. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Equipe PERSEE (email available below). General contact details of provider: https://www.persee.fr/collection/estat .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.