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Les déséquilibres des paiements internationaux : croissance, polarisation et financiarisation


  • Jean-Baptiste Gossé

    (CEPN - Centre d'Economie de l'Université Paris Nord (ancienne affiliation) - UP13 - Université Paris 13 - CNRS - Centre National de la Recherche Scientifique)

  • Julio Raffo

    (CEPN - Centre d'Economie de l'Université Paris Nord (ancienne affiliation) - UP13 - Université Paris 13 - CNRS - Centre National de la Recherche Scientifique)


This article studies the emergence of global imbalances. A periodisation is made up using precise statistical tools. Imbalances are then studied using three original indicators. The first underlines their recent concentration. The second shows that Europe is the only great economic zone not to have important imbalances these last years. The last highlight impact of the financial liberalization and financiarization on the composition of international financial imbalances.This re-examination of past leads us to several conclusions. If these imbalances reached such extent today, it is because they grow faster than GDP since the fall of Bretton Woods. The current logic of imbalances appears at the early 1980's with the return to the foreground of the great economic zones, the growth of portfolio investments financing and the polarization of imbalances.

Suggested Citation

  • Jean-Baptiste Gossé & Julio Raffo, 2007. "Les déséquilibres des paiements internationaux : croissance, polarisation et financiarisation," CEPN Working Papers halshs-00377454, HAL.
  • Handle: RePEc:hal:cepnwp:halshs-00377454
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    Cited by:

    1. Jean-Baptiste Gossé, 2008. "Le cycle britannique des déséquilibres financiers internationaux (XVIe siècle - 1944)," Working Papers halshs-00377453, HAL.


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