Henry Thornton et la « Bullion Controversy ». Au-delà des bornes, il n'y a plus de limites

Marie-Thérèse Boyer-Xambeu

Revue Économique, 1994, vol. 45, issue 5, 1215-1226

Abstract: [fre] Henry Thornton et la Bullion Controversy. Au-delà des bornes, il n'y a plus de limites. . Selon Thornton, la crise de 1797 ne résulte pas d'une trop forte émission de billets par la Banque d'Angleterre, mais d'un déficit prolongé de la balance extérieure ; le seul remède pour rétablir le change et abaisser le prix du lingot est dans le déplafonnement du taux d'escompte. Mais lorsqu'il y a trop forte émission en raison de l'infériorité de ce même taux vis-à-vis du profit réalisable dans la production, alors la hausse des prix des biens explique l'exportation du lingot et la montée de son prix de marché. En cas d'inconvertibilité prolongée, la pénurie d'espèces ou de lingot à exporter supprime tout mécanisme régulateur du change. [eng] Henry Thornton and the "bullion controversy" : beyond bounds, there are no limits. . According to Thornton, the 1797 crisis is not the consequence of a too large issue of Bank of England notes, but of a lasting deficit of the foreign balance ; then the only remedy to restore the exchange and lower the price of bullion is to remove the ceiling on the discount rate. However, when that rate is below the profit which may be obtained in production, this leads to issuing too many notes, and the increase in prices explains the export of bullion and the increase of its market price. In case of lasting inconvertibility, the lack of specie or bullion to export puts an end to any exchange regulating mecha-

Date: 1994
Note: DOI:10.3406/reco.1994.409604
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