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Une explication économique des flux d'investissements directs entre pays hautement industrialisés

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  • Jean-Pierre Laffargue

Abstract

[fre] Le but de cette étude est de trouver une explication économique des flux d'investissements directs entre pays hautement industrialisés, valable dans le moyen terme, et d'en faire une vérification empirique. . Elle est fondée sur l'idée que les investissements directs américains dans les pays développés sont financés par les avoirs à court terme de ceux-ci en dollars. Pour la Grande-Bretagne, cette transformation de crédit, qu'effectuent les États- Unis, est due à la forte préférence pour la liquidité de ce pays, conformément à lu thèse de Kindleberger. Pour la C.E.E., le Japon et l'Australie, elle semble due aux taux de croissance élevés de ces pays, qui nécessitent un investissement important et requièrent l'immobilisation à long terme de l'épargne. La situation contraire prévalant aux États-Unis, l'épargne « inutilisable » à court terme de ces pays est échangée contre l'épargne à long terme américaine qui ne peut être employée sur place. [eng] The purpose of this study is to find an economic explanation for the middle term pattern of the direct investments flows between industrial countries, and check it empirically. . It starts from the idea that American direct investments in developped countries are financed through the short terms assets in dollars of the latter. For Great Britain this financial intermediation of U.S.A., is due to the strong liquidity preference of this country, in accordance with the Kindleberger thesis. As for E.E.C., Japan and Australia, it seems to be due to the importance of their grow rates, which requires an important investment and, consequently, the long term tying up, of saving. Since U.S.A. are in an opposite situation, the unusable short term saving of these former countries is exchanged against the American long term saving which cannot be used locally.

Suggested Citation

  • Jean-Pierre Laffargue, 1971. "Une explication économique des flux d'investissements directs entre pays hautement industrialisés," Revue Économique, Programme National Persée, vol. 22(3), pages 476-518.
  • Handle: RePEc:prs:reveco:reco_0035-2764_1971_num_22_3_407975
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    1. Serge-Christophe Kolm, 1967. "La monétisation américaine du capital français," Revue Économique, Programme National Persée, vol. 18(6), pages 1038-1057.
    2. George H. Borts, 1964. "A Theory of Long-Run International Capital Movements," Journal of Political Economy, University of Chicago Press, vol. 72, pages 341-341.
    3. J. Tobin, 1958. "Liquidity Preference as Behavior Towards Risk," Review of Economic Studies, Oxford University Press, vol. 25(2), pages 65-86.
    4. Brems, Hans, 1970. "A Growth Model of International Direct Investment," American Economic Review, American Economic Association, vol. 60(3), pages 320-331, June.
    5. Koichi Hamada, 1966. "Strategic Aspects of Taxation on Foreign Investment Income," The Quarterly Journal of Economics, Oxford University Press, vol. 80(3), pages 361-375.
    6. Kindleberger, Charles P, 1969. "Measuring Equilibrium in the Balance of Payments," Journal of Political Economy, University of Chicago Press, vol. 77(6), pages 873-891, Nov./Dec..
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