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Finance et globalisation : les enjeux d'une mutation

Author

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  • Jean-Luc Gaffard

    (Université Côte d'Azur, GREDEG, CNRS, France
    OFCE Sciences-Po
    Institut Universitaire de France)

Abstract

Le commerce international n'est pas une simple affaire d'échanges de marchandises. Il est tributaire des conditions de production à l'échelle nationale et international qui sont affectées par le comportement des détenteurs de capitaux. Les avantages mutuels à l'échange ne sont pérennes qu'en l'absence d'effets dynamiques qui creusent l'écart de performances entre pays, qui résultent notamment l'existence de rendements d'échelle croissants. Les déséquilibres des balances commerciales peuvent être persistants sinon croissants dès lors que les capitaux qui circulent ne sont pas affectés à des investissements productifs dans les pays déficitaires. Les pays déficitaires pourraient alors devoir recourir à une forme de protectionnisme sous la forme d'investissements publics ou de tarifs douaniers, au risque avec ces derniers de provoquer une guerre commerciale préjudiciable à tous.

Suggested Citation

  • Jean-Luc Gaffard, 2025. "Finance et globalisation : les enjeux d'une mutation," GREDEG Working Papers 2025-39, Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), Université Côte d'Azur, France.
    • Handle: RePEc:gre:wpaper:2025-39
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    Keywords

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    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • F12 - International Economics - - Trade - - - Models of Trade with Imperfect Competition and Scale Economies; Fragmentation
    • F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements

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