| Titre | Spéculation et parité des taux d'intérêt sans change à terme dans « La théorie des changes » de G.-J. Goschen (1861) | |
|---|---|---|
| Auteur | Marie-Thérèse Boyer-Xambeu | |
 |
Revue | Cahiers d'économie politique |
| Numéro | no 29, automne 1997 | |
| Page | 21-34 | |
| Résumé anglais |
The lack of forward exchange markets and the discounting of long bills of exchange specifically determine the profitability of short term capital flows in the 19th century. Even if it results form domestic goals, an interest differential induces speculative movements which lead to gold and silver flows between countries, depending on the prevailing price configurations. The book by G.J. Goschen [The Theory of Foreign Exchanges, 1861] then demonstrates the effectiveness of the discount policy of the Bank of England to restore the exchange rate and to replenish her metallic reserves. Source : Éditeur (via Persée) |
|
| Article en ligne | http://www.persee.fr/web/revues/home/prescript/article/cep_0154-8344_1997_num_29_1_1207 |
