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La vie et la mort du marché de l’or à la Bourse de Paris de 1948 à 2004
| Content Provider | Semantic Scholar |
|---|---|
| Author | Hoang, Thi Hong Van |
| Copyright Year | 2012 |
| Abstract | An official market for gold was opened in the Paris Stock Exchange on February 19, 1948, after almost 10-year ban since the law of September 9, 1939. This opening is the result of a difficult struggle led by René Mayer, Minister of Finance from 1947 to 1948. He must deal with both internal opposition (Socialist Party) and external (England and the IMF). After 56 years of vicissitudes, the gold market in the Paris Stock Exchange was closed in July 2004 and became an over-the-counter market where the rules are freely determined by operators. Base on its 56-year history, the objective of this paper is to study the gold market in the Paris Stock Exchange in two ways: historical and financial. It attempts to answer the following questions. (1) In what context was opened an official market for gold in the Paris Stock Exchange? (2) What was the role of René Mayer in this opening? (3) How did this market function? (4) Were the investments in gold profitable from 1948 to 2004 compared with stocks and bonds? (5) Why was the market closed in July 2004? Empirical results show that gold was less profitable than stocks and bonds (except between 1972 and 1982). Moreover, investments in gold were as risky as stocks and four times more risky than bonds. |
| Starting Page | 1511 |
| Ending Page | 1551 |
| Page Count | 41 |
| File Format | PDF HTM / HTML |
| Alternate Webpage(s) | http://www.cliometrie.org/images/wp/AFC_WP_12-2011.pdf |
| Language | English |
| Access Restriction | Open |
| Content Type | Text |
| Resource Type | Article |
