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Régimes monétaires, points d'or et « serpent bimétallique » de 1770 à 1870

Author

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  • Marie-Thérèse Boyer-Xambeu
  • Lucien Gillard
  • Ghislain Deleplace

Abstract

[fre] Régimes monétaires, points d'or et « serpent bimétallique » de 1770 à 1870. . Après un rappel des conditions du monnayage en Angleterre et en France, cette étude utilise des données à périodicité infra-hebdomadaire pour montrer l'évolution de la valeur de la livre sterling en or, en argent, et en francs, de 1770 à 1869, ainsi que la situation du change entre Londres et Paris par rapport aux points d'or et aux points d'argent de 1802 à 1869. Il en découle d'abord que l'étalon-or est effectivement en Angleterre la norme monétaire interne, mais que le change de la livre en francs est davantage lié à l'argent. Une reformulation de la théorie des points d'or est ensuite proposée, dans laquelle le change est contraint par un « serpent bimétallique » ; il est montré que cette caractéristique rend mieux compte de l'évolution du change que le simple jeu des points d'or, et qu'elle est plus favorable que lui à la stabilisation du change. Celle-ci dépend davantage des régimes monétaires nationaux (étalon-or en Angleterre et bimétallisme en France) que des quantités de monnaies et de métaux précieux. [eng] Monetary regimes, gold points and « bimetallic snake » from 1770 to 1870. . After summing up the mintage and issuance conditions in England and France, the paper makes use of infra-weekly data to show the evolution of the value of the English pound in gold, in silver, and in French francs, from 1770 to 1869, and the situation of the exchange between London and Paris in respect to gold points and silver points from 1802 to 1869. It follows that the gold standard is effectively the domestic monetary norm in England, but that the exchange of the £ in F is more linked to silver. Then we propose a reformulation of the gold points theory, in which the exchange is constrained by a « bimetallic snake » . We show that this feature is more appropriate to the evolution of the exchange than the ordinary play of the gold points, and that it favors more exchange stabilization. Such a stability relies more on national monetary regimes (gold standard in England and bimetallism in France) than on quantities of monies and of precious metals.

Suggested Citation

  • 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.
    • Handle: RePEc:prs:reveco:reco_0035-2764_1994_num_45_5_409598
    DOI: 10.3406/reco.1994.409598
    Note: DOI:10.3406/reco.1994.409598
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    References listed on IDEAS

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    1. Ghislain Deleplace, 1994. "Aux origines de la pensée monétaire moderne," Revue Économique, Programme National Persée, vol. 45(5), pages 1125-1136.
    2. 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.
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    4. Marie-Thérèse Boyer-Xambeu, 1994. "Henry Thornton et la « Bullion Controversy ». Au-delà des bornes, il n'y a plus de limites," Revue Économique, Programme National Persée, vol. 45(5), pages 1215-1226.
    5. Officer, Lawrence H., 1985. "Integration in the American Foreign-Exchange Market, 1791–1900," The Journal of Economic History, Cambridge University Press, vol. 45(3), pages 557-585, September.
    6. Friedman, Milton, 1990. "Bimetallism Revisited," Journal of Economic Perspectives, American Economic Association, vol. 4(4), pages 85-104, Fall.
    7. 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.
    8. 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.
    9. 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(1), pages 198-212, March.
    10. Ghislain Deleplace, 1994. "Note sur la théorie du change de James Steuart," Revue Économique, Programme National Persée, vol. 45(5), pages 1189-1198.
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    2. Patrick K. O’Brien & Nuno Palma, 2019. "Danger To The Old Lady Of Threadneedle Street? The Bank Restriction Act And The Regime Shift To Paper Money, 1797-18211," Working Papers 0082, Utrecht University, Centre for Global Economic History.

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