La spéculation

Patrick Artus and Claude Jessua

Revue Économique, 1996, vol. 47, issue 3, 409-424

Abstract: [fre] Nous passons en revue la littérature économique qui porte sur trois types dif­férents de spéculation, ce qui permet d'en illustrer les divers aspects : la spécula­tion défensive telle que celle qui conduit aux crises de balance des paiements ou à la protection du capital ; la spéculation déstabilisante, à l'inverse du modèle usuel où les spéculateurs stabilisent les prix ; la manipulation de marché où le spéculateur utilise à son profit l'information qu'il communique au marché et qui modifie les prix. [eng] We survey the littérature on three kinds of speculative behaviour, which illus­trates the différents aspects of speculation : « defensive » speculation, such as the one which leads to balance of payments crisis ; destabilising speculation, where as in the usual basic model speculators stabilise prices ; market manipula­tion, speculators trying to use the information they communicate to the market to change prices. We finally analyse what the responses of the authorities can be, in the case of speculation on the foreign exchange market.

Date: 1996
Note: DOI:10.3406/reco.1996.409776
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