Régimes monétaires, points d'or et « serpent bimétallique » de 1770 à 1870

Deleplace, Ghislain; Gillard, Lucien; Boyer-Xambeu, Marie-Thérèse

doi:10.3406/reco.1994.409598

Cited by 10 publications

(4 citation statements)

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“…A special edition of the Revue Economique states that "from 1821 to 1869 the maximum variations of gold prices.., were of 1% for France and 0,1% in England" (Boyer-Xambeu 1994, p. 1167. If the pound sterling drops on the foreign exchange market for an amount in excess of the cost of gold transportation, there ensues a "gold drain" out of England which forces its value back to parity.…”

Section: The Gold Coin Standardmentioning

confidence: 99%

Before and after the euro: Strategies for sound money in the 21st century

Nataf

2002

Quart J Austrian Econ

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Section: The Gold Coin Standardmentioning

confidence: 99%

Before and after the euro: Strategies for sound money in the 21st century

Nataf

2002

Quart J Austrian Econ

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“…Le pair-argent de marché : c'est le rapport entre le prix de marché de l'argent sur la place qui cote l'incertain et celui sur la place qui cote le certain. Gillard, 1994Gillard, , 1995Gillard, , 1997 l'entrée et à la sortie) incitant certains opérateurs à préférer le règlement par métal à celui par lettre de change. Le coût le plus faible est celui auquel les premiers arbitragistes commencent à transférer du métal ; et, si l'on se situe du point de vue de la place qui cote le certain, au fur et à mesure que le change d'une monnaie monte (à l'entrée) ou baisse (à la sortie), de plus en plus d'opérateurs s'engagent dans des opérations d'arbitrage selon les conditions particulières qu'ils obtiennent.…”

Section: Les Pairs Commerciaux Calculés à Partir Des Prix Des Métauxunclassified

Currency and Precious Metals Arbitrage Between London, Paris, and Hamburg (1821-1873): Bimetallic Snakes

Boyer-Xambeu¹,

Deleplace²,

Gillard³

2013

histoiremesure

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Les arbitrages sur les changes et les métaux précieux entre Londres, Paris et Hambourg (1821-1873) : les serpents bimétalliques Résumé. Utilisant une base de cent mille données, l'article étudie comment les taux de change entre la livre anglaise, le franc français et le mark banco de Hambourg ont été contraints de 1821 à 1873 par des « serpents bimétalliques » formés par les points d'or et d'argent. Il diffère des études antérieures par l'ajout de Hambourg aux places de Londres et Paris et par la mise en évidence d'une plage d'arbitrage sur métaux. Il montre une répartition permanente des rôles : Hambourg absorbait le métal venant de Paris, avec Londres comme intermédiaire. Cela suggère l'existence d'un système bimétallique européen, articulant trois zones, respectivement à étalon-argent, à double étalon et à étalon-or. Mots-clés. Taux de change, points d'or et d'argent, serpent bimétallique, bimétallisme international Abstract. Currency and Precious Metals Arbitrage Between London, Paris, and Hamburg (1821-1873): Bimetallic Snakes Using a database of 100,000 quotations, this paper studies how exchange rates between the British pound sterling, the French franc and the Hamburg mark banco were constrained from 1821 to 1873 by "bimetallic snakes" made up of gold and silver points. It differs from previous studies in that it adds Hamburg to the inancial centres of London and Paris, and highlights the range of precious metals arbitrage. It shows a permanent distribution of roles: Hamburg absorbed bullion from Paris, with London acting as intermediary. This suggests the existence of a European bimetallic system linking three zones, one zone being silver standard, one double standard, and one gold standard.

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“…It is hard to justify such a large lag in the information set of the potential arbitrageurs between two financial centers, like Lisbon and London, that were separated by 5 days of steaming in the North Atlantic. Canjels et al (2004), and also Boyer-Xambeu et al (1994), on the other hand, prefer to collect data at the highest possible frequency for the period (daily). Although we are convinced that the market did not display such short oscillations in the exchange, we also tried to collect daily data, but it was only available for 287 weeks (or 15% of our sample).…”

Section: Exchange Ratesmentioning

confidence: 99%

Market Integration in the Golden Periphery. The Lisbon/London Exchange, 1854–1891

Esteves

Reis

Ferramosca³

2009

Explorations in Economic History

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The existence of a self-regulating arbitrage mechanism under the gold standard has been traditionally considered as one of its main advantages, and attracted a corresponding research interest. This research is arguably relevant not only to test for the efficiency of the "gold points", but also to study the evolution of financial integration during the so-called first era of globalization. Our first aim with this paper is to contribute to the enlargement of the scope of the literature by considering the case of Portugal that adhered to the system, in 1854, at a much earlier phase than the majority of countries, thus allowing for a broader perspective on the evolution of the efficiency of the foreign exchange market. As a typical "peripheral" country, Portugal can be used as the starting point for a study of the degree of integration of the periphery within the system. Furthermore, the Portuguese exchange also illustrates the role in practice of large players in sustaining currency stability, over and beyond the atomistic forces of arbitrage and speculation assumed in conventional theoretical frameworks. We also address the question of the credibility of the authorities' commitment to the standard, through the perspective of the target zone literature.

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Régimes monétaires, points d'or et « serpent bimétallique » de 1770 à 1870

Cited by 10 publications

References 0 publications

Before and after the euro: Strategies for sound money in the 21st century

Before and after the euro: Strategies for sound money in the 21st century

Currency and Precious Metals Arbitrage Between London, Paris, and Hamburg (1821-1873): Bimetallic Snakes

Market Integration in the Golden Periphery. The Lisbon/London Exchange, 1854–1891

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