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A Note on Juglar, Bonnet and the Intuition of the Interest Parity Relation

  • Claude Diebolt


    (Association Française de Cliométrie (AFC), BETA/CNRS, Université Louis Pasteur de Strasbourg & Humboldt-Universität zu Berlin.)

  • Antoine Parent


    (Association Française de Cliométrie (AFC), BETA/CNRS, UMR 7522, Université Louis Pasteur de Strasbourg.)

It is a commonly accepted view that the parity theory of forward exchange based on the law of one price was first formulated by Keynes (1923). In this article we assess the preliminary shapes of the Interest Parity (IP) relation. After reviewing the early beginnings of the IP relation we investigate two French economists of the mid 19th century who have hitherto received no adequate attention. We argue that Bonnet (1866) and Juglar (1866) ought to be considered as pioneers in the assessment of IP relation since Goschen’s contribution (1861) is related to the specificity of "long" exchange rates at bimetallic time.

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Paper provided by Association Française de Cliométrie (AFC) in its series Working Papers with number 06-12.

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Length: 11 pages
Date of creation: 2006
Date of revision:
Handle: RePEc:afc:wpaper:06-12
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