IDEAS home Printed from https://ideas.repec.org/p/hal/wpaper/halshs-00377453.html
   My bibliography  Save this paper

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

Author

Listed:
  • 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
    as

    Download full text from publisher

    File URL: https://shs.hal.science/halshs-00377453v2/document
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Moritz Schularick, 2006. "A tale of two 'globalizations': capital flows from rich to poor in two eras of global finance," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 11(4), pages 339-354.
    2. 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.
    3. Michael D. Bordo, 2005. "Historical Perspective on Global Imbalances," NBER Working Papers 11383, National Bureau of Economic Research, Inc.
    4. 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.
    5. Jean-Baptiste Gossé & Julio Raffo, 2007. "Les déséquilibres des paiements internationaux : croissance, polarisation et financiarisation," CEPN Working Papers halshs-00377454, HAL.
    6. Taylor, Alan M., 2002. "A century of current account dynamics," Journal of International Money and Finance, Elsevier, vol. 21(6), pages 725-748, November.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Moritz Schularick & Thomas M. Steger, 2006. "Does Financial Integration Spur Economic Growth? New Evidence from the First Era of Financial Globalization," CER-ETH Economics working paper series 06/46, CER-ETH - Center of Economic Research (CER-ETH) at ETH Zurich.
    2. Moritz Schularick, 2006. "A tale of two 'globalizations': capital flows from rich to poor in two eras of global finance," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 11(4), pages 339-354.
    3. Christopher M. Meissner & Alan M. Taylor, 2006. "Losing our marbles in the new century?: the great rebalancing in historical perspective," Conference Series ; [Proceedings], Federal Reserve Bank of Boston, vol. 51.
    4. Apergis, Nicholas & Tsoumas, Chris, 2009. "A survey of the Feldstein-Horioka puzzle: What has been done and where we stand," Research in Economics, Elsevier, vol. 63(2), pages 64-76, June.
    5. Òscar Jordà & Moritz Schularick & Alan M. Taylor, 2011. "When credit bites back: leverage, business cycles, and crises," Working Paper Series 2011-27, Federal Reserve Bank of San Francisco.
    6. Kevin H. O'Rourke, 2002. "Globalization and Inequality: Historical Trends," Aussenwirtschaft, University of St. Gallen, School of Economics and Political Science, Swiss Institute for International Economics and Applied Economics Research, vol. 57(01), pages 65-104, March.
    7. Paul De Grauwe & Magdalena Polan, 2000. "Increased Capital Mobility - A Challenge for National Macroeconomic Policies," International Economics Working Papers Series wpie012, Katholieke Universiteit Leuven, Centrum voor Economische Studiën, International Economics.
    8. Michael D. Bordo & Christopher M. Meissner, 2007. "Foreign Capital and Economic Growth in the First Era of Globalization," NBER Working Papers 13577, National Bureau of Economic Research, Inc.
    9. Moritz Schularick & Thomas M Steger, 2010. "Financial Integration, Investment, and Economic Growth: Evidence from Two Eras of Financial Globalization," The Review of Economics and Statistics, MIT Press, vol. 92(4), pages 756-768, November.
    10. Schularick, Moritz & Steger, Thomas M., 2008. "The Lucas Paradox and the quality of institutions: then and now," Discussion Papers 2008/3, Free University Berlin, School of Business & Economics.
    11. Herwartz, H. & Xu, F., 2010. "A functional coefficient model view of the Feldstein-Horioka puzzle," Journal of International Money and Finance, Elsevier, vol. 29(1), pages 37-54, February.
    12. Francesca Iorio & Stefano Fachin, 2014. "Savings and investments in the OECD: a panel cointegration study with a new bootstrap test," Empirical Economics, Springer, vol. 46(4), pages 1271-1300, June.
    13. Mika Nieminen, 2017. "Patterns of international capital flows and their implications for developing countries," WIDER Working Paper Series wp-2017-171, World Institute for Development Economic Research (UNU-WIDER).
    14. Yang Liu & Mariano Croce & Ivan Shaliastovich & Ric Colacito, 2016. "Volatility Risk Pass-Through," 2016 Meeting Papers 135, Society for Economic Dynamics.
    15. Ahmed Abdullahi D., 2011. "International Financial Integration, Investment and Economic Performance in Sub-Saharan African Countries," Global Economy Journal, De Gruyter, vol. 11(4), pages 1-28, December.
    16. Bussière, Matthieu & Karadimitropoulou, Aikaterini E. & León-Ledesma, Miguel A., 2021. "Current Account Dynamics And The Real Exchange Rate: Disentangling The Evidence," Macroeconomic Dynamics, Cambridge University Press, vol. 25(1), pages 28-58, January.
    17. Ricardo Bebczuk & Klaus Schmidt-Hebbel, 2010. "Revisiting the Feldstein-Horioka Puzzle: An institutional sector view," Económica, Instituto de Investigaciones Económicas, Facultad de Ciencias Económicas, Universidad Nacional de La Plata, vol. 0, pages 69-104, January-D.
    18. Alessandro Federici & Pierluigi Montalbano, 2012. "Macroeconomic volatility, consumption behaviour and welfare: A cross-country analysis," Working Paper Series 3612, Department of Economics, University of Sussex Business School.
    19. Branko Milanovic, 2003. "Income Convergence During The Disintegration Of The World Economy 1919-39," Economic History 0303002, University Library of Munich, Germany.
    20. Gordon H. Hanson & Raymond J. Mataloni & Matthew J. Slaughter, 2005. "Vertical Production Networks in Multinational Firms," The Review of Economics and Statistics, MIT Press, vol. 87(4), pages 664-678, November.

    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:hal:wpaper:halshs-00377453. 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.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with 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: CCSD (email available below). General contact details of provider: https://hal.archives-ouvertes.fr/ .

    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.