Advanced Search
MyIDEAS: Login

L'instabilité du système monétaire international

Contents:

Author Info

  • Daniel Cohen
  • Pierre Ewenczyk

Abstract

[fre] Le problème que pose la création monétaire internationale est le suivant : comment assurer un équilibre entre la demande d'actifs internationaux et les sources d'endettement qui en permettent la création? - Les accords de Bretton-Woods faisaient de l'endettement des États-Unis la seule modalité de création monétaire internationale, ce qui met en cause la stabilité du dollar, comme unité de compte. Pas plus que le système instauré à Bretton-Woods, la mise en place des DTS n'a permis aux agents privés de prendre l'initiative de la création monétaire : d'où l'apparition et l'extension du marché de l'eurodollar. Mais s'il offre bien le système de crédit qui était absent des accords de Bretton-Woods, l'eurodollar est trop marqué, en matière de change et d'intérêt, par la conjoncture américaine pour constituer un système monétaire international stable. En témoignent la « volatilité » des capitaux et la diversification des réserves de change vers des monnaies fortes, en particulier le deutsche mark: causes supplémentaires d'instabilité, puisque le système monétaire international n'en devient que plus sensible à tout accroissement des différences d'inflation, d'intérêt, de solde des balances des paiements entre pays. [eng] Instability of the International Monetary System - The problem posed by international monetary expansion is how to provide a balance between the demand for international assets and the sources of indebtedness which make expansion possible. The Bretton-Woods Agreement made the debt of the US the only mode of international currency issuing, which threatened the stability of the dollar as a currency unit. No more than the Bretton-Woods system, the establishing of the special drawing rights did not allow private agents to take the initiative in monetary expansion, which explains the appearance and growth of the eurodollar market. However, although it does provide the credit system lacking in the Bretton-Woods Agreement, the eurodollar is too sensitive, in regard to exchange and interest rates, to the American economic situation to constitute a stable international monetary system. This is proved by the « volatility » of capital and the diversification of exchange reserves in favor of strong currencies, especially the Deutsche Mark. These, in turn, are further causes of instability, since the international monetary system is becoming progressively more sensitive to any increase in differences in inflation or interest rates, or in the balances of payments of different countries. [spa] La instabilidad del sistema monetario internacional - El problema planteado por la creación monetaria internacional es el siguiente : ¿ como es factible asegurar un equilibrio entre demanda de activos internacionales y fuentes de endeudamiento que permiten crearlos? Los acuerdos de Bretton-Woods hacian del endeudamiento de los Estados Unidos la única modalidad de creación monetaria internacional, lo cual pone a debate la estabilidad del dólar como unidad de cuenta. Ni el sistema instaurado en Bretton-Woods, ni tampoco la instauracion de DTS permitieron a los agentes privados tomar la iniciativa de la creación monetaria, lo que remató en la aparición y la extension del mercado del euroólar. Mas si facilita efectivamente el sistema de credito del que carecían los acuerdos de Bretton-Woods, el eurodólar lleva demasiadas huellas, en materia de cambio y interés, de la coyuntura americana para poder constituir un sistema monetario internacional estable. Son testimonios de ello la « volatilidad » de los capitales y la diversificación de las reservas de cambio hacia monedas fuertes, especialmente el marco alemán : causas suplementarias de instabilidad ya que el sistema monetario internacional se vuelve más sensible a cada incremento de las discrepancias de inflación, de interés, de saldo de las balanzas de pago entre paises.

Download Info

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
File URL: http://dx.doi.org/10.3406/estat.1980.4404
Download Restriction: no

File URL: http://www.persee.fr/articleAsPDF/estat_0336-1454_1980_num_126_1_4404/estat_0336-1454_1980_num_126_1_4404.pdf?mode=light
Download Restriction: no

Bibliographic Info

Article provided by Programme National Persée in its journal Economie et statistique.

Volume (Year): 126 (1980)
Issue (Month): 1 ()
Pages: 33-46

as in new window
Handle: RePEc:prs:ecstat:estat_0336-1454_1980_num_126_1_4404

Note: DOI:10.3406/estat.1980.4404
Contact details of provider:
Web page: http://www.persee.fr/web/revues/home/prescript/revue/estat

Related research

Keywords:

References

No references listed on IDEAS
You can help add them by filling out this form.

Citations

Lists

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

Statistics

Access and download statistics

Corrections

When requesting a correction, please mention this item's handle: RePEc:prs:ecstat:estat_0336-1454_1980_num_126_1_4404. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Equipe PERSEE).

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 references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link 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 profile, as there may be some citations waiting for confirmation.

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