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La théorie financière des mouvements internationaux de capitaux à court terme

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  • William Marois
  • Dominique Lacoue-Labarthe

Abstract

[eng] The financial theory of international short term capital movements. . The present text is intended to provide a comprehensive survey of recent contributions to the theory of short term capital movements, along the Unes of the Markowitz-Tobin portfolio analysis under the general hypothesis of uncertainty. Analytical micro foundations of this approach, when expanded to the field of International Finance, are examined in some details within an appropriate homogeneous framework. Successively a unique reduced form equation model and a partial equilibrium system, are developed in which specific supply and demand functions détermine the desired stocks of foreign assets and domestic liabilities in various types of transactions between the home country and the rest of the world. Particuliar emphasis is put on use of separation theorems, the hypothesis of homogeneity in wealth of the equations, stock and floto relationship, specification of various theoretical concepts such as risk and the scale variable, the endogeneity of domestic interest rates and the degree of substitutability between domestic and foreign assets. [fre] Ce texte vise à faciliter la compréhension de contributions récentes à la théorie des mouvements internationaux de capitaux à court terme qui se sont développées dans la ligne de la théorie des choix de portefeuille de Markowitz-Tobin sous l'hypothèse générale d'incertitude des prévisions. L'analyse des fondements micro­économiques des extensions en Finance Internationale de cette théorie se déroule dans un cadre homogène convenablement défini. Successivement un modèle à équation unique et un modèle d'équilibre partiel sont présentés ; les stocks désirés d'actifs étrangers et d'engagements nationaux y sont déterminés par des équations d'offre et de demande particulières résultant des comportements des agents résidents et non résidents à l'occasion des transactions dans lesquelles ils s'engagent mutuellement. L'analyse proposée porte plus particulièrement sur les questions suivantes : L'utilisation du théorème de séparation, l'hypothèse d'homo­généité de degré 1 des équations vis-à-vis de la richesse, les relations de stock et de flux, la spécification de différentes variables de l'analyse, comme le risque ou la variation d'échelle, le caractère endogène des taux d'intérêt, le degré de substituabilité des actifs étrangers et nationaux.

Suggested Citation

  • William Marois & Dominique Lacoue-Labarthe, 1979. "La théorie financière des mouvements internationaux de capitaux à court terme," Revue Économique, Programme National Persée, vol. 30(4), pages 612-649.
    • Handle: RePEc:prs:reveco:reco_0035-2764_1979_num_30_4_408479
    DOI: 10.3406/reco.1979.408479
    Note: DOI:10.3406/reco.1979.408479
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    2. William Marois, 1981. "Les interactions entre les mouvements de capitaux et la politique monétaire en système de changes quasi fixes," Revue Économique, Programme National Persée, vol. 32(2), pages 374-404.

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