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Regards croisés sur le système monétaire international


  • Agnès Bénassy-Quéré

    (CEPII - Centre d'Etudes Prospectives et d'Informations Internationales - Centre d'analyse stratégique, CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique)

  • Patrick Artus

    (Directeur des études économiques - Natixis)

  • André Cartapanis
  • Marc Flandreau

    (HEI Genève - OFCE - OFCE - Sciences Po)


[eng] Meeting Eyes on the International Financial System.. During the 27th Journées d’économie financière et monétaire (Bordeaux, June 2010 ; CNRS GdRE 335), the authors have been discussing different points of view relative to the International Financial System. Marc Flandreau analyzes how the acceptances market has been used by the Americain central bank, supported by a political will, to ease the emergence of the dollar as the international currency at the beginning of the 20th century. As for André Cartapanis, the dollar and the euro are into a stable hierarchical configuration : the dollar being an undisputed international currency and the euro a brilliant second. A purely economic analysis does not explain this supremacy, as the international currency also responds to specific political factors and the euro does not offer, on this level, the same attributes that the U. S. dollar. Patrick Artus gives an investor’s outlook : global imbalances will remain but will move due to the ongoing shrinking of the Chinese commercial surpluses and acute attention is now payed to the quality of the assets of central banks balance sheets. Agnès Bénassy-Quéré stresses the unbalances between the relative weights of the real and the financial sectors in both emerging and developed [fre] À l’occasion d’une table ronde organisée dans le cadre des 27ème Journées d’économie financière et monétaire (Bordeaux, juin 2010 ; CNRS GdRE 335), les auteurs ont confronté différents points de vue sur le système monétaire international. Marc Flandreau analyse le rôle joué par le marché américain des « acceptances » dans la montée en puissance du dollar comme monnaie internationale au début du XXème siècle et souligne le soutien actif apporté par la banque centrale et les responsables politiques américains. Pour André Cartapanis, le dollar et l’euro semblent s’être installés dans une configuration stable mais hiérarchisée -le dollar monnaie internationale incontestée et l’euro brillant second -q
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Agnès Bénassy-Quéré & Patrick Artus & André Cartapanis & Marc Flandreau, 2010. "Regards croisés sur le système monétaire international," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-00634792, HAL.
  • Handle: RePEc:hal:cesptp:hal-00634792
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    JEL classification:

    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements


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