IDEAS home Printed from https://ideas.repec.org/p/hal/journl/hal-01779048.html
   My bibliography  Save this paper

Des dettes de guerre des années 1701-12 à l’euphorie financière de 1719-20 : une perspective pan-européenne

Author

Listed:
  • Stefano Condorelli

    (CGS - Center for Global Studies, Bern University - University of Bern)

Abstract

Les grandes guerres européennes, au tournant du XVIIe et XVIIIe siècle, marquent la transition entre un modèle de financement des dépenses militaires basé essentiellement sur l'impôt et un modèle basé en grande partie sur l'emprunt. L'emprunt – spécialement en temps de guerre – apparaît doublement préférable à l'impôt : parce qu'il offre dans l'immédiat un effet de levier bien plus important ; parce qu'il prémunit les États, également dans l'immédiat, contre les révoltes qui pourraient accompagner un fort renforcement de la fiscalité. Les premières années de la guerre de Succession d'Espagne (1701-07) marquent la période dorée de cette phase de transition : l'Angleterre, les Provinces-Unies, et dans une moindre mesure la France, parviennent à emprunter facilement et à des taux relativement faibles, et ce malgré les énormes dépenses militaires. Cependant, l'augmentation en flèche des taux d'endettement finit par entraîner une grave crise financière (1708-11) et une dislocation des marchés du crédit. Les belligérants continuent à emprunter massivement, mais à des taux de plus en plus élevés. Face à une guerre qui semble devoir se prolonger indéfiniment – faute de victoire décisive de part ou d'autre –, le poids croissant de la dette est sans doute la raison essentielle qui contraint France et Angleterre (les deux principaux adversaires) à rechercher la paix. La paix revenue (1713), les ex-belligérants gardent en héritage des niveaux d'endettement sans précédent. Les États expérimentent diverses méthodes afin de réduire drastiquement la charge de la dette sans pour autant la répudier. La plus célèbre et la plus vaste de ces expériences, le Système de Law, déclenche en 1719-20 une dynamique pan-européenne d'euphorie financière.

Suggested Citation

  • Stefano Condorelli, 2017. "Des dettes de guerre des années 1701-12 à l’euphorie financière de 1719-20 : une perspective pan-européenne," Post-Print hal-01779048, HAL.
  • Handle: RePEc:hal:journl:hal-01779048
    Note: View the original document on HAL open archive server: https://hal.archives-ouvertes.fr/hal-01779048v2
    as

    Download full text from publisher

    File URL: https://hal.archives-ouvertes.fr/hal-01779048v2/document
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Bayoumi, Tamim & Goldstein, Morris & Woglom, Geoffrey, 1995. "Do Credit Markets Discipline Sovereign Borrowers? Evidence from the U.S. States," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 27(4), pages 1046-1059, November.
    2. Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June.
    3. Wennerlind, Carl, 2011. "Casualties of Credit: The English Financial Revolution, 1620-1720," Economics Books, Harvard University Press, number 9780674047389, Spring.
    4. Condorelli, Stefano, 2014. "The 1719-20 stock euphoria: a pan-European perspective," MPRA Paper 68652, University Library of Munich, Germany, revised Dec 2015.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Jääskelä, Jarkko, 1997. "Incomplete insurance market and its policy implication within European Monetary Union," Research Discussion Papers 8/1997, Bank of Finland.
    2. Volbert Alexander & Peter Anker, 1997. "Fiscal Discipline and the Question of Convergence of National Interest Rates in the European Union," Open Economies Review, Springer, vol. 8(4), pages 335-352, October.
    3. repec:kap:iaecre:v:10:y:2004:i:1:p:58-71 is not listed on IDEAS
    4. Thomas Dimpfl & Tobias Langen, 2019. "How Unemployment Affects Bond Prices: A Mixed Frequency Google Nowcasting Approach," Computational Economics, Springer;Society for Computational Economics, vol. 54(2), pages 551-573, August.
    5. Maria Kula, 2004. "Credit market discipline: Theory and evidence," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 10(1), pages 58-71, February.
    6. Maria Cornachione Kula, 2014. "Are US state and local governments consumption smoothers?," Journal of Economic Studies, Emerald Group Publishing, vol. 41(1), pages 87-100, January.
    7. Assaf Razin & Efraim Sadka & Chi-Wa Yuen, 1999. "An Information-Based Model of Foreign Direct Investment: The Gains from Trade Revisited," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 6(4), pages 579-596, November.
    8. Janvier D. Nkurunziza, 2005. "Reputation and Credit without Collateral in Africa`s Formal Banking," Economics Series Working Papers WPS/2005-02, University of Oxford, Department of Economics.
    9. Cowling, Marc, 2010. "The role of loan guarantee schemes in alleviating credit rationing in the UK," Journal of Financial Stability, Elsevier, vol. 6(1), pages 36-44, April.
    10. Weill, Laurent, 2011. "How corruption affects bank lending in Russia," Economic Systems, Elsevier, vol. 35(2), pages 230-243, June.
    11. Kong, Dongmin & Pan, Yue & Tian, Gary Gang & Zhang, Pengdong, 2020. "CEOs' hometown connections and access to trade credit: Evidence from China," Journal of Corporate Finance, Elsevier, vol. 62(C).
    12. Dirk Czarnitzki & Hanna Hottenrott & Susanne Thorwarth, 2011. "Industrial research versus development investment: the implications of financial constraints," Cambridge Journal of Economics, Oxford University Press, vol. 35(3), pages 527-544.
    13. Soedarmono, Wahyoe & Machrouh, Fouad & Tarazi, Amine, 2013. "Bank competition, crisis and risk taking: Evidence from emerging markets in Asia," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 23(C), pages 196-221.
    14. Richard K. Green & Susan M. Wachter, 2005. "The American Mortgage in Historical and International Context," Journal of Economic Perspectives, American Economic Association, vol. 19(4), pages 93-114, Fall.
    15. Chan-Jane Lin & Tawei Wang & Chao-Jung Pan, 2016. "Financial reporting quality and investment decisions for family firms," Asia Pacific Journal of Management, Springer, vol. 33(2), pages 499-532, June.
    16. LaDue, Eddy L. & Allen, Sandra, 1993. "Regulatory, Efficiency, and Management Issues Affecting Rural Financial Markets," Staff Papers 121348, Cornell University, Department of Applied Economics and Management.
    17. Carranza, Luis J. & Cayo, Juan M. & Galdon-Sanchez, Jose E., 2003. "Exchange rate volatility and economic performance in Peru: a firm level analysis," Emerging Markets Review, Elsevier, vol. 4(4), pages 472-496, December.
    18. Maya Eden, 2017. "Misallocation and the Distribution of Global Volatility," American Economic Review, American Economic Association, vol. 107(2), pages 592-622, February.
    19. Römer, Ulf & Weber, Ron & Mußhoff, Oliver & Turvey, Calcum G., 2017. "Truth and consequences: Bogus pipeline experiment in informal small business lending," DARE Discussion Papers 1702, Georg-August University of Göttingen, Department of Agricultural Economics and Rural Development (DARE).
    20. Felicitas NOWAK-LEHMANN D. & Inma MARTÍNEZ-ZARZOSO & Dierk HERZER & Stephan KLASEN & Axel DREHER, 2010. "Foreign Aid and Its Effect on Per-Capita Income (Growth) in Recipient Countries: Pitfalls and Findings from a Time Series Perspective," EcoMod2010 259600121, EcoMod.
    21. Dimelis, Sophia & Giotopoulos, Ioannis & Louri, Helen, 2015. "Can firms grow without credit?: evidence from the Euro Area, 2005-2011: a quantile panel analysis," LSE Research Online Documents on Economics 61157, London School of Economics and Political Science, LSE Library.

    More about this item

    Keywords

    Système de Law; compagnies par actions; dette publique; guerre de Succession d’Espagne; histoire financière; euphorie financière;
    All these keywords.

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hal:journl:hal-01779048. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: . General contact details of provider: https://hal.archives-ouvertes.fr/ .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: CCSD (email available below). General contact details of provider: https://hal.archives-ouvertes.fr/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.