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Le cycle britannique des déséquilibres financiers internationaux (XVIe siècle - 1944)

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  • Jean-Baptiste Gossé

    (CEPN - Centre d'Economie de l'Université Paris Nord (ancienne affiliation) - UP13 - Université Paris 13 - CNRS - Centre National de la Recherche Scientifique)

Abstract

L'estimation de l'intensité du déséquilibre courant mondialde 1850 à 2002 permet de distinguer un cycle britannique et un cycle américain.Ce papier identifie les étapes du cycle britannique des déséquilibresfinanciers internationaux depuis l'afflux d'or américain en Europe jusqu'à lasignature des accords de Bretton Woods. Après l'émergence des déséquilibrescourants modernes au XIXe siècle, c'est la mise en place d'une boucle balancecourante - investissements à l'étranger - revenus en Grande-Bretagneet dans plusieurs grands pays qui explique la croissance du déséquilibre courantmondial durant la première mondialisation financière. Les deux guerresmondiales ont ensuite précipité la montée des États-Unis au détriment duRoyaume-Uni et le désordre de l'entre-deux-guerres a réduit le déséquilibrecourant mondial.

Suggested Citation

  • Jean-Baptiste Gossé, 2008. "Le cycle britannique des déséquilibres financiers internationaux (XVIe siècle - 1944)," Working Papers halshs-00377453, HAL.
    • Handle: RePEc:hal:wpaper:halshs-00377453
    Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00377453v2
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    References listed on IDEAS

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    4. Jean-Baptiste Gossé & Julio Raffo, 2007. "Les déséquilibres des paiements internationaux : croissance, polarisation et financiarisation," Working Papers halshs-00377454, HAL.
    5. Matthew T. Jones & Maurice Obstfeld, 1997. "Saving, Investment, and Gold: A Reassessment of Historical Current Account Data," NBER Working Papers 6103, National Bureau of Economic Research, Inc.
    6. Michael D. Bordo & Barry Eichengreen & Douglas A. Irwin, 1999. "Is Globalization Today Really Different than Globalization a Hunderd Years Ago?," NBER Working Papers 7195, National Bureau of Economic Research, Inc.
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