Dettes publiques et stabilité monétaire en Europe. Les leçons de l'étalon or

Marc Flandreau and Jacques Le Cacheux

Revue Économique, 1997, vol. 48, issue 3, 529-538

Abstract: [eng] Public debts and monetary stability in Europe : lessons from the gold standard. . . In this paper, we show that the European gold standard 1880-1914 was characterized by, a considerable accumulation of public debts, and we point to both real and monetary factors that may have accounted for this feature. Second, by concentrating on various pathological episodes, we argue that the stability of exchange rates resulted from a mix of systemic forces and institutional arrangements, which mitigated, or instead amplified national difficulties. [fre] Dans cet article, nous mettons en évidence que l'étalon or se présente comme une gigantesque accumulation de dettes publiques et nous dégageons plusieurs hypothèses relatives aux facteurs réels et monétaires ayant permis cette accumulation. En second lieu, en nous concentrant sur les « pathologies » de l'étalon or, nous insistons sur les motifs systémiques et nationaux ayant facilité le développement ou au contraire la résolution de ces difficultés.

Date: 1997
Note: DOI:10.3406/reco.1997.409893
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Working Paper: Dettes publiques et stabilité monétaire en Europe: les leçons de l'étalon or (1997)
Working Paper: Dettes publiques et stabilité monétaire en Europe: les leçons de l'étalon or (1997)
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