IDEAS home Printed from https://ideas.repec.org/p/ulp/sbbeta/2026-02.html

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
    as

    Download full text from publisher

    File URL: http://beta.u-strasbg.fr/WP/2026/2026-02.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Ugo Panizza & Federico Sturzenegger & Jeromin Zettelmeyer, 2009. "The Economics and Law of Sovereign Debt and Default," Journal of Economic Literature, American Economic Association, vol. 47(3), pages 651-698, September.
    2. Eichengreen, Barry & El-Ganainy, Asmaa & Esteves, Rui & Mitchener, Kris, 2019. "Public Debt Through the Ages," CEPR Discussion Papers 13471, Centre for Economic Policy Research.
    3. Degorce, Victor & Monnet, Eric, 2024. "The Great Depression as a Savings Glut," The Journal of Economic History, Cambridge University Press, vol. 84(3), pages 874-916, September.
    4. Eichengreen, Barry & El-Ganainy, Asmaa & Esteves, Rui & Mitchener, Kris, 2019. "Public Debt Through the Ages," CEPR Discussion Papers 13471, Centre for Economic Policy Research.
    5. Olivier Accominotti & Marc Flandreau & Riad Rezzik, 2011. "The spread of empire: Clio and the measurement of colonial borrowing costs," Economic History Review, Economic History Society, vol. 64(2), pages 385-407, May.
    6. Flandreau, Marc & Flores, Juan H., 2009. "Bonds and Brands: Foundations of Sovereign Debt Markets, 1820–1830," The Journal of Economic History, Cambridge University Press, vol. 69(3), pages 646-684, September.
    7. Kim Oosterlinck, 2018. "The Historical Context of Sovereign Debt," ULB Institutional Repository 2013/281132, ULB -- Universite Libre de Bruxelles.
    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. Stephanie Collet & Kim Oosterlinck, 2019. "Denouncing Odious Debts," Journal of Business Ethics, Springer, vol. 160(1), pages 205-223, November.
    2. İbrahim Özmen & Mihai Mutascu, 2024. "Public Debt and Growth: New Insights," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 15(2), pages 8706-8736, June.
    3. Marc Flandreau, 2013. "Sovereign states, bondholders committees, and the London Stock Exchange in the nineteenth century (1827–68): new facts and old fictions," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 29(4), pages 668-696, WINTER.
    4. Michael Tomz & Mark L.J. Wright, 2013. "Empirical Research on Sovereign Debt and Default," Annual Review of Economics, Annual Reviews, vol. 5(1), pages 247-272, May.
    5. D'Maris Coffman & Judy Z. Stephenson & Nathan Sussman, 2022. "Financing the rebuilding of the City of London after the Great Fire of 1666," Economic History Review, Economic History Society, vol. 75(4), pages 1120-1150, November.
    6. Daniele, SCHILIRO', 2019. "Public debt and growth in Italy:Analysis and policy proposals," MPRA Paper 97950, University Library of Munich, Germany, revised Nov 2019.
    7. Flores Zendejas, Juan, 2020. "Explaining latin america's persistent defaults: an analysis of debtor-creditor relations in London, 1822-1914," Working Papers unige:140134, University of Geneva, Paul Bairoch Institute of Economic History.
    8. Andrew Primmer, 2025. "Mismanagement amid resource abundance: Sovereign risk, private sector credit rationing, and economic stagnation in Colombia, 1861‒98," Economic History Review, Economic History Society, vol. 78(4), pages 1118-1150, November.
    9. Pfeiffer, Philipp & Roeger, Werner & Vogel, Lukas, 2021. "Optimal fiscal policy with low interest rates for government debt," Journal of Economic Dynamics and Control, Elsevier, vol. 132(C).
    10. Mark Woji, 2024. "Assessing the Impact of Foreign Direct Investment on Economic Growth in Sub-Saharan Africa: A Multi-Model Approach," International Journal of Science and Business, IJSAB International, vol. 40(1), pages 161-179.
    11. Monnet, Eric & Velde, François R., 2020. "Money, Banking, and Old-School Historical Economics," CEPR Discussion Papers 15348, Centre for Economic Policy Research.
    12. José Alves & Clarisse Wagner, 2024. "Leveraging interest-growth differentials: Hidden effects of government financial assets in the European Union," Working Papers REM 2024/0307, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    13. Tunçer, Ali Coşkun & Weller, Leonardo, 2022. "Democracy, autocracy, and sovereign debt: How polity influenced country risk on the peripheries of the global economy, 1870–1913," Explorations in Economic History, Elsevier, vol. 85(C).
    14. Esteves Rui Pedro & Tunçer Ali Coşkun, 2016. "Eurobonds Past and Present: A Comparative Review on Debt Mutualization in Europe," Review of Law & Economics, De Gruyter, vol. 12(3), pages 659-688, November.
    15. Yelkesen, OÄŸuzhan, 2022. "The Dynamic Link between Bond Spreads and Fiscal Indicators: An Empirical Investigation of Turkey," Asian Journal of Applied Economics, Kasetsart University, Center for Applied Economics Research, vol. 29(2).
    16. Cezara Vinturis, 2023. "How do fiscal rules shape governments' spending behavior?," Economic Inquiry, Western Economic Association International, vol. 61(2), pages 322-341, April.
    17. Flores Zendejas, Juan, 2015. "Capital Markets and Sovereign Defaults: A Historical Perspective," Working Papers unige:73325, University of Geneva, Paul Bairoch Institute of Economic History.
    18. Erdem Kılıç & Sıtkı Sönmezer & Orhan Özaydın, 2022. "Effects of Fiscal Rules and Political Framework: Evidence from COVID-19 Crisis," Journal of Research in Economics, Politics & Finance, Ersan ERSOY, vol. 7(4), pages 869-888.
    19. Campbell, Gareth & Gallagher, Áine & Grossman, Richard S., 2025. "Remote investing in Latin America, 1869-1929," QUCEH Working Paper Series 25-09, Queen's University Belfast, Queen's University Centre for Economic History.
    20. Eichengreen, Barry, 2025. "A tale of debt in three acts," Journal of Policy Modeling, Elsevier, vol. 47(4), pages 738-745.

    More about this item

    Keywords

    ;
    ;
    ;
    ;
    ;

    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

    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:ulp:sbbeta:2026-02. See general information about how to correct material in RePEc.

    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: the person in charge The email address of this maintainer does not seem to be valid anymore. Please ask the person in charge to update the entry or send us the correct address (email available below). General contact details of provider: https://edirc.repec.org/data/bestrfr.html .

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

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.