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Devenir un émetteur sûr sans être un État souverain : le cas de l'émission d'obligations par la Communauté européenne du charbon et de l'acier (1954-1980)

Author

Listed:
  • Marion Tosolini
  • Yamina Tadjeddine
  • Caroline Vincensini

Abstract

Si la littérature en histoire économique a étudié en profondeur le développement des marchés de dette souveraine et les mécanismes de réputation financière, peu a été dit sur la dette des institutions internationales et européennes. Cet article ambitionne de conceptualiser et d’étudier empiriquement la perception qu’ont les investisseurs des emprunteurs « quasi-souverains » comme l’Union Européenne et ses ancêtres. L’article a deux objectifs. Premièrement, il conceptualise le risque de crédit dans le cas des quasi-souverains. Puis il étudie le développement graduel de la réputation financière de la Communauté Européenne du Charbon et de l’Acier (CECA) de 1954 à 1980. À partir d’archives historiques et de données quantitatives, l’étude montre que la CECA, bien que nouvelle et inconnue en 1954, est progressivement devenue un emprunteur réputé sur les marchés financiers. Cela lui a permis d’emprunter à des conditions financières favorables voire meilleures que celles de certains États membres. Ce cas historique éclaire d’un nouveau jour les débats actuels sur la dette et la réputation financière de l’Union Européenne.

Suggested Citation

  • Marion Tosolini & Yamina Tadjeddine & Caroline Vincensini, 2026. "Devenir un émetteur sûr sans être un État souverain : le cas de l'émission d'obligations par la Communauté européenne du charbon et de l'acier (1954-1980)," Working Papers of BETA 2026-02, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.
    • Handle: RePEc:ulp:sbbeta:2026-02
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    References listed on IDEAS

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    Keywords

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    JEL classification:

    • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • H6 - Public Economics - - National Budget, Deficit, and Debt
    • N14 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: 1913-
    • N2 - Economic History - - Financial Markets and Institutions

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