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A la recherche d'un âge d'or des marchés financiers : intégration et efficience au XVIIIe siècle

Author

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  • Marie-Thérèse Boyer
  • Ghislain Deleplace
  • Lucien Gillard

Abstract

[fre] L'objet de l'article est de proposer une évaluation critique de plusieurs travaux récents relevant de la « New Economie History » ; ceux-ci visent à montrer que le xvin* siècle est une sorte d'âge d'or des marchés financiers, auxquels on peut appliquer les concepts d'intégration et d'efficience. Les résultats obtenus par ces études apparaissent cependant historiquement peu pertinents, économétriquement douteux et théoriquement non fondés. Ils conduisent à suggérer que certaines règles de fonctionnement des régimes monétaires et de change sont irréductibles à l'analyse traditionnelle des marchés. [eng] In this article, a critical evaluation of some recent studies in the field of the « New Economic History » is presented. These studies try to show that the eighteenth century is a kind of golden age for financial markets, to which the concepts of integration and efficiency may be applied. However, their results appear to be historically irrelevant, econometrically suspect and theoretically inconsistent. It is then suggested that some rules of the monetary and exchange regimes cannot be reduced to traditional market analysis.

Suggested Citation

  • Marie-Thérèse Boyer & Ghislain Deleplace & Lucien Gillard, 1992. "A la recherche d'un âge d'or des marchés financiers : intégration et efficience au XVIIIe siècle," Cahiers d'Économie Politique, Programme National Persée, vol. 20(1), pages 33-65.
  • Handle: RePEc:prs:caecpo:cep_0154-8344_1992_num_20_1_1123 Note: DOI:10.3406/cep.1992.1123
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    References listed on IDEAS

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    1. Baxter, Stephen B., 1976. "Comment on Paper by Eagly and Smith," The Journal of Economic History, Cambridge University Press, vol. 36(01), pages 213-216, March.
    2. Friedman, Milton, 1990. "The Crime of 1873," Journal of Political Economy, University of Chicago Press, vol. 98(6), pages 1159-1194, December.
    3. J. Sperling, 1962. "The International Payments Mechanism in the Seventeenth and Eighteenth Centuries," Economic History Review, Economic History Society, vol. 14(3), pages 446-468, April.
    4. Marie-Thérèse Boyer-Xambeu & Ghislain Deleplace & Lucien Gillard, 1990. "Vers une typologie des régimes monétaires," Cahiers d'Économie Politique, Programme National Persée, vol. 18(1), pages 31-60.
    5. Schubert, Eric S., 1989. "Arbitrage in the foreign exchange markets of London and Amsterdam during the 18th century," Explorations in Economic History, Elsevier, vol. 26(1), pages 1-20, January.
    6. Officer, Lawrence H., 1983. "Dollar-Sterling Mint Parity and Exchange Rates, 1791–1834," The Journal of Economic History, Cambridge University Press, vol. 43(03), pages 579-616, September.
    7. Shiller, Robert J, 1981. "The Use of Volatility Measures in Assessing Market Efficiency," Journal of Finance, American Finance Association, vol. 36(2), pages 291-304, May.
    8. Shiller, Robert J, 1981. "Do Stock Prices Move Too Much to be Justified by Subsequent Changes in Dividends?," American Economic Review, American Economic Association, pages 421-436.
    9. Shiller, Robert J, 1981. "Do Stock Prices Move Too Much to be Justified by Subsequent Changes in Dividends?," American Economic Review, American Economic Association, pages 421-436.
    10. Eagly, Robert V. & Smith, V. Kerry, 1976. "Domestic and International Integration of the London Money Market, 1731–1789," The Journal of Economic History, Cambridge University Press, vol. 36(01), pages 198-212, March.
    11. Neal, Larry, 1985. "Integration of International Capital Markets: Quantitative Evidence from the Eighteenth to Twentieth Centuries," The Journal of Economic History, Cambridge University Press, vol. 45(02), pages 219-226, June.
    12. Mirowski, Philip, 1987. "What do markets do? : Efficiency tests of the 18th-century London stock market," Explorations in Economic History, Elsevier, vol. 24(2), pages 107-129, April.
    13. Fogel, Robert William, 1962. "A Quantitative Approach to the Study of Railroads in American Economic Growth: A Report of Some Preliminary Findings," The Journal of Economic History, Cambridge University Press, vol. 22(02), pages 163-197, June.
    14. Officer, Lawrence H., 1985. "Integration in the American Foreign-Exchange Market, 1791–1900," The Journal of Economic History, Cambridge University Press, vol. 45(03), pages 557-585, September.
    15. Neal, Larry, 1987. "The Integration and Efficiency of the London and Amsterdam Stock Markets in the Eighteenth Century," The Journal of Economic History, Cambridge University Press, vol. 47(01), pages 97-115, March.
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    Cited by:

    1. Ghislain Deleplace, 1994. "Aux origines de la pensée monétaire moderne," Revue Économique, Programme National Persée, vol. 45(5), pages 1125-1136.
    2. 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.
    3. Ghislain Deleplace, 1994. "Les différents usages de l'étalon monétaire," Cahiers d'Économie Politique, Programme National Persée, pages 101-113.

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