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Henry Thornton et la « Bullion Controversy ». Au-delà des bornes, il n'y a plus de limites

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  • Marie-Thérèse Boyer-Xambeu

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[fre] Henry Thornton et la Bullion Controversy. Au-delà des bornes, il n'y a plus de limites. . Selon Thornton, la crise de 1797 ne résulte pas d'une trop forte émission de billets par la Banque d'Angleterre, mais d'un déficit prolongé de la balance extérieure ; le seul remède pour rétablir le change et abaisser le prix du lingot est dans le déplafonnement du taux d'escompte. Mais lorsqu'il y a trop forte émission en raison de l'infériorité de ce même taux vis-à-vis du profit réalisable dans la production, alors la hausse des prix des biens explique l'exportation du lingot et la montée de son prix de marché. En cas d'inconvertibilité prolongée, la pénurie d'espèces ou de lingot à exporter supprime tout mécanisme régulateur du change. [eng] Henry Thornton and the "bullion controversy" : beyond bounds, there are no limits. . According to Thornton, the 1797 crisis is not the consequence of a too large issue of Bank of England notes, but of a lasting deficit of the foreign balance ; then the only remedy to restore the exchange and lower the price of bullion is to remove the ceiling on the discount rate. However, when that rate is below the profit which may be obtained in production, this leads to issuing too many notes, and the increase in prices explains the export of bullion and the increase of its market price. In case of lasting inconvertibility, the lack of specie or bullion to export puts an end to any exchange regulating mecha-

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  • 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.
    • Handle: RePEc:prs:reveco:reco_0035-2764_1994_num_45_5_409604
    DOI: 10.3406/reco.1994.409604
    Note: DOI:10.3406/reco.1994.409604
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    References listed on IDEAS

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    1. Jacob H. Hollander, 1911. "The Development of the Theory of Money from Adam Smith to David Ricardo," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 25(3), pages 429-470.
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    Cited by:

    1. Ghislain Deleplace, 1998. "Keynes et Ricardo sur la macro-économie et la monnaie," Cahiers d'Économie Politique, Programme National Persée, vol. 30(1), pages 49-84.
    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. Marie-Thérèse Boyer-Xambeu, 2001. "Henry Thornton devant le Parlement anglais en 1811 : Les dangers d'un état monétaire "artificiel"," Cahiers d'Économie Politique, Programme National Persée, vol. 38(1), pages 137-140.

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