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Note sur la théorie du change de James Steuart

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  • Ghislain Deleplace

Abstract

[fre] Note sur la théorie du change de James Steuart. . Steuart élabore une théorie monétaire du change dans laquelle il montre qu'un change défavorable à l'Angleterre peut résulter des règles monétaires en vigueur dans ce pays et à l'étranger, en dehors de tout déficit de la balance extérieure. L'explication en est que ces règles influencent les marchés nationaux de l'or, et par là le pair commercial du change. En cas de déficit extérieur persistant, les banques devraient emprunter à l'étranger pour éviter les sorties d'espèces, et l'État devrait corriger les effets, sur la répartition des profits, de l'illusion monétaire provoquée par « l'imperfection des métaux dans l'exécution des fonctions de monnaie de compte ». [eng] Note on James Steuart's theory of the exchange rate . . Steuart builds a monetary theory of the exchange rate, in which he shows that unfavorable exchange to England may be the consequence of monetary rules in that country and abroad, without any deficit in the foreign balance. The explanation rests on the fact that those rules influence the national markets for gold, hence the commercial par of exchange. In the case of a lasting deficit of the balance, banks should borrow abroad, in order to avoid exports of specie, and the State should compensate for the effects on profit distribution of the monetary illusion created by « the imperfection of the metals in performing the functions of money of account ».

Suggested Citation

  • Ghislain Deleplace, 1994. "Note sur la théorie du change de James Steuart," Revue Économique, Programme National Persée, vol. 45(5), pages 1189-1198.
  • Handle: RePEc:prs:reveco:reco_0035-2764_1994_num_45_5_409601
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    Cited by:

    1. 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.

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