These flows are heavily influenced by government-level decisions regarding international investment and aid, with important consequences for both global finance and petroleum politics. L'importance des problèmes à long terme qui se posent au niveau du recyclage des pétrodollars, du financement de l'énergie et du développement alimentaire nécessite une concertation internationale réunissant consommateurs et producteurs conscients de leurs droits mais aussi de leurs responsabilités. [39] During the 2005–2014 petrodollar surge, OPEC member Venezuela played a similar role supporting Cuba and other regional allies,[40] before the 2014–2017 oil downturn brought Venezuela to its own economic crisis.[41]. The 1973 oil crisis had created a vast dollar shortage in these countries; however, they still needed to finance their imports of oil and machinery. for their energy needs. En 1974 Johan Witteveen, directeur général du FMI, déclare « le système monétaire international est confronté à sa période la plus difficile depuis la Grande Dépression des années 1930 ». )[11][12][13] These petrodollar surpluses could be described as net US dollar-equivalents earned from the export of petroleum, in excess of the internal development needs of the exporting nations. [44] In a series of meetings, the United States — represented by then U.S. Secretary of State Henry Kissinger — and the Saudi royal family made an agreement. [24][25][26], Thanks to the historic oil price increases of 2003–2008, OPEC revenues approximated an unprecedented US$1 trillion per year in 2008 and 2011–2014. ", Petrodollar Warfare website of William R. Clark, "Major Foreign Holders of Treasury Securities", "Kuwait Investment Authority says to expand Germany investments", "KIA/Daimler 40th Anniversary Celebrations", "Soviet foreign policy from détente to Gorbachev, 1975–1985", "Harrod's New Owner: Mohamed al-Fayed; A Quiet Acquisitor Is Caught in a Cross Fire", "Mohammed Fayed sells Harrods store to Qatar Holdings", "Roman Abramovich reaches 700 games as Chelsea owner – but how does his reign stack up against the rest? Oil exporters opted to make most of their investments directly into a diverse array of global markets, and the recycling process was less dependent on intermediary channels such as international banks and the IMF. Protection de l'environnement cet emballage recyclage des pétrodollars. À la suite de la flambée des prix du pétrole (qui passe d'environ 1,90 USD le baril en 1972 à 34 USD en 1981, et est à plus de 140 USD en 2008), les bénéfices des … BibTex; Full citation; Abstract. Publié le 14 juin 2008 à 15h07 - Mis à jour le 14 juin 2008 à 15h07 Temps de Lecture 4 min. Le recyclage des pétrodollars . Le mirage du recyclage des pétrodollars. Proteggere l'ambiente questo packaging riciclaggio petrodollari. How do the petrodollars effect the United States Dollar and the economy? Le recyclage des pétrodollars Le « recyclage des pétrodollars » avait fait naître des craintes dans les années qui ont suivi le premier choc pétrolier. Since the U.S. imports a great deal of oil, its markets are heavily reliant on oil and its derivative products (jet fuel, diesel fuel, gasoline, etc.) Le Fonds monétaire international (FMI) estime que la dette extérieure des 100 pays en développement importateurs de pétrole a augmenté de 150 % entre 1973 et 1977 à cause de l'importante augmentation du cours du pétrole (premier choc pétrolier entre 1971 et 1978). Le prélèvement opéré par les pays producteurs sur les pays consommateurs du fait de la hausse des cours du pétrole n'est pas une perte sèche pour le reste des … Ce sont essentiellement des pays en voie de développement qui vont emprunter des eurodollars pour accroître leur dépense. On parle de « recyclage des pétrodollars » pour désigner les différents canaux par lesquels les pays producteurs réinjectent les excédents du pétrole dans l’économie mondiale. [27] Some oil exporters were unable to reap the full benefits, as the national economies of Iran, Iraq, Libya, Nigeria and Venezuela all suffered from multi-year political obstacles associated with what economists call the "resource curse". Et brusquement, cette richesse accrue s'est placée pour bonne part aux Etats-Unis, on l'a vu avec le phénomène des "fonds souverains". [4] The resulting global interdependencies and financial flows, from oil producers back to oil consumers, can reach a scale of hundreds of billions of US dollars per year – including a wide range of transactions in a variety of currencies, some pegged to the US dollar and some not. Le marché de l'eurodollar de Londres a canalisé leurs. Cite . The petrodollar system originated in the early 1970s in the wake of the Bretton Woods collapse. Alternatively, global economic growth would have suffered if that money was withdrawn from the world economy, while the oil-exporting nations needed to be able to invest profitably to raise their long-term standards of living. Also, the switch would create "cumbersome new administrative processes" because Baghdad decided to keep also its existing deposits in dollars, which meant that the oil-for-food program would maintain two accounts, one in dollars and one in euros.[46]. The Kuwait Fund was an early leader since 1961, and certain Arab nations became some of the largest donors in the years since 1974, including through the IMF and the OPEC Fund for International Development. Entre 1974 et 1981, le total des excédents de compte courant pour tous les pays membres de l'OPEP est estimé à 450 milliards de dollars (dont 90 % aux pays arabes du golfe Persique, Libye et Iran ...). Fadi Assaf. "The beginning of the end of the petrodollar: What connects Iraq to Iran. The Government of the Islamic Republic of Iran ostensibly takes this theory as fact. Conséquence de l’adhésion de la Grande-Bretagne au Marché commun, la convention de Lomé a été signée le 28 février après plus de vingt mois de négociations. Le marché, peu taxé et peu réglementé, des dépôts, obligations et prêts en dollars de Londres, la. Citant Goldman Sachs, Zero Hedge notait que la nouvelle donne des prix du pétrole pourrait drainer 24 milliards de dollars du système pétrodollar pour atteindre près de 900 milliards d’ici 2018. The United States dollar remains de facto world currency. POLITIQUE ÉTRANGÈRE / 693 Yves LAULAN * PÉTROLE, RECYCLAGE ET PÉTRODOLLARS DANS LES ANNÉES 80 Les ont du augmentations pétrole. De la convention de Lomé au recyclage des pétrodollars Micheline Paunet Aperçu. According to proponents of the petrodollar warfare hypothesis, this in turn allegedly allows the US government to gain revenues through seignorage and by issuing bonds at lower interest rates than supposedly they otherwise would be able to. Oil exporters' preference for investing their petrodollars in the United States has alleviated pressures on the cost of funds from high oil price-driven outflows of dollars (Chart 9). Le recyclage des pétrodollars. Cependant, avant que les effets des pétrodollars sur le dollar américain puissent être examinés, une brève leçon d'histoire s'impose. Petrodollar recycling is the international spending or investment of a country's revenues from petroleum exports ("petrodollars"). [35][36][37][38], High-priced oil allowed the USSR to support the struggling economies of the Soviet bloc during the 1974–1981 petrodollar surge, and the loss of income during the 1980s oil glut contributed to the bloc's collapse in 1989. The term petrodollar warfare refers to the theory that the motivation of US military offensives is to preserve by force the status of the United States dollar as the world's dominant reserve currency and as the currency in which oil is priced. "[16] The IMF administered a new lending program during 1974–1976 called the Oil Facility. In 2005, William Roberts Clark, Professor and Faculty Associate, Political Science Department, Center for Political Studies, University of Michigan, Ann Arbor, published a work which claimed that a "petrodollar warfare" was under way between mainly the euro and the United States dollar waged in the field of world petroleum trade. Pou… La fin de la chaîne du recyclage des pétrodollars affectera grandement le monde des affaires. For a broader term with multiple meanings, see, CS1 maint: bot: original URL status unknown (, Shor, Francis. [14][31][32] Oil exporters have also aided poorer nations indirectly through the personal remittances sent home by tens of millions of foreign workers in the Middle East,[33] although their working conditions are generally harsh. [8][9], Especially during the years 1974–1981 and 2005–2014, oil exporters amassed large surpluses of "petrodollars" from historically expensive oil. By Christopher Kopper. Funded by oil-exporting nations and other lenders, it was available to nations suffering from acute problems with their balance of trade due to the rise in oil prices, notably including Italy and the UK as well as dozens of developing countries. As a result, the U.S. government, according to this theory, can run higher budget deficits at a more sustainable level than most other countries can. La dernière modification de cette page a été faite le 20 octobre 2018 à 00:58. Le recyclage des pétrodollars se réfère aux recyclage / spéculation monétaire dans le système monétaire international, des milliards de dollars d'excédents de pétrodollars du marché pétrolier, entre pays producteurs de pétrole (en particulier les membres de l'OPEP) et pays importateurs de pétrole et dépendants, en particulier américain et occidentaux (géopolitique du pétrole). President Richard Nixon and his Secretary of State, Henry Kissinger, feared that the abandonment of the international gold standard under the Bretton Woods arrangement (combined with a growing US trade deficit, and massive debt associated with the ongoing Vietnam War) would cause a decline in the relative global demand of the U.S. . After the U.S. invaded Iraq in 2003, Iraq returned the denomination of its oil sales to the US dollar, despite the greenback's then-fall in value.[50]. Entre la fin des années 1970 et le début des années 1980, les États gros producteurs de pétrole (liste des pays par exportation de pétrole) tels que l'Arabie saoudite, le Koweït et le Qatar ont amassé de très importants excédents de pétrodollars, investis dans les banques d'investissement du secteur financier mondial, au détriment de leur développement local (économie du Moyen-Orient). In fact, the process contributed to the growth of the Eurodollar market as a less-regulated rival to US monetary markets. des recettes substantielles et en ont placé une partie auprès de banques à l’étranger, ce qui explique l’accroissement des dépôts auprès des banques déclarantes. [28][29] Most of the other large exporters accumulated enough financial reserves to cushion the shock when oil prices and petrodollar surpluses fell sharply again from an oil supply glut in 2014–2017. L'émergence des pétrodollars est la conséquence des chocs pétroliers de 1973 et de 1978-79. L’augmentation de la dette des pays en développement dans les années 1970 explose. dollar. Political competitors of the United States therefore have some interest in seeing oil denominated in euros or other currencies. "[21] In subsequent decades, many of these developing nations found their accumulated debts to be unpayably large, concluding that it was a form of neocolonialism from which debt relief was the only escape. What would happen if the gas would no longer be exchanged in dollars? The International Monetary Fund (IMF) estimated that the foreign debts of 100 oil-importing developing countries increased by 150% between 1973 and 1977, complicated further by a worldwide shift to floating exchange rates. [34] Even more controversially, several oil exporters have been major financial supporters of armed groups challenging the governments of other countries. [43] Because most countries rely on oil imports, they are forced to maintain large stockpiles of dollars in order to continue imports. The term was coined by William R. Clark, who has written a book with the same title. Dans une perspective de longue durée, le flux de recyclage des pétrodollars dans le système financier international au cours du présent Mais le recyclage des pétrodollars fut au prix d’un gonflement de la dette nationale et d’une chute de la notation des obligations, qui Car si le … Le « recyclage » des pétrodollars. The resulting global interdependencies and financial flows, from oil producers back to oil consumers, can reac… Another component of the hypothesis is that the price of petroleum is more stable in the U.S. than anywhere else since importers do not need to worry about exchange rate fluctuations. financent des pays qui, eux, sont en besoin de financement. [5] The phenomenon is most pronounced during periods when the price of oil is historically high. On voit le recyclage des pétrodollars qui arrive aux pays exportateurs de pétrole, qui sont mis à Londres et ensuite qui sont exportés aux pays en voie de développement pour payer leur déficit causé par l‘augmentation du prix du pétrole. It generally refers to the phenomenon of major petroleum-exporting nations, mainly the OPEC members plus Russia and Norway, earning more money from the export of crude oil than they could efficiently invest in their own economies. A la durabilité des ressources sensibles, le recyclage et l'impact environnemental réduit. [3] It generally refers to the phenomenon of major petroleum-exporting nations, mainly the OPEC members plus Russia and Norway, earning more money from the export of crude oil than they could efficiently invest in their own economies. Ninety percent of this surplus was accumulated by the Arab countries of the Persian Gulf and Libya, with Iran also accumulating significant oil surpluses through 1978 before suffering the hardships of revolution, war and sanctions. Eric Le Boucher. The EU could also theoretically accrue the same benefits if the euro replaced the dollar. Les transactions sur le marché des pétrodollars sont apparues avant le premier choc pétrolier, mais n'ont prospéré qu'après le quadruplement des prix du pétrole entre 1973 et 1974. This may have kept U.S. long-term interest rates low, even as the U.S Federal Reserve has hiked its short-term rate to rein in inflation. The theory points out that a stronger USD also means that goods imported into the United States are relatively cheap (although the country's exports become relatively more expensive for the rest of the world). Downloadable! recyclage des pétrodollars a permis à ces pays débiteurs d’éviter de devoir rétablir un strict contrôle des changes et des restrictions au libre-échange. [14] The surpluses could not be efficiently invested in their own economies, due to small populations or being at early stages of industrialization; but the surpluses could be usefully invested in other nations, or spent on imports such as consumer products, construction supplies, and military equipment. "[20] As political journalist William Greider summarized the situation: "Banks collected the deposits of revenue-rich OPEC governments and lent the money to developing nations so they could avoid bankruptcy. Johan Witteveen, the Managing Director of the IMF, said in 1974: "The international monetary system is facing its most difficult period since the 1930s. 12 Outre la dynamique chinoise, c’est le recyclage de la rente pétrolière qui stimule fortement les exportations allemandes. 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L’institution de la syndication bancaire a été mise en place, à l’origine, aux Etats Unis. [22], In the 2005–2014 petrodollar surge, financial decision-makers were able to benefit somewhat from the lessons and experiences of the previous cycle. Choc sur choc... 1973 restera marquée d'une pierre noire pour l'économie mondiale. Les banques d'investissement du secteur financier mondial, ont investi en partie ces importants excédents dans d'importants prêts financiers difficiles à rembourser, aux pays en développement surendettés par la crise pétrolière de 1973, en particulier d'Amérique centrale et d'Amérique du Sud, dont le Brésil, l'Argentine, le Mexique, la Turquie (qui accusent les organismes financiers de prêts internationaux de néocolonialisme) ... Ce processus a contribué au développement de l'Euro / pétroeuro, pour concurrencer le dollar américain (géopolitique du pétrole, guerre économique par pétrodollars)... Un article de Wikipédia, l'encyclopédie libre. Aujourd’hui, les pays pétroliers semblent plus prudents que dans les années 70. [53] Muammar Gaddafi of Libya had tried to implement the gold-for-oil plan in 2011[54] and the introduction of a Libyan gold dinar. A Paris, l’Ambassadeur du Qatar Mohammad al-Qawari annonce que les Fonds souverains qataris évaluent l’opportunité d’investir €10md dans les sociétés industrielles françaises, un recyclage bienvenu des pétrodollars dans l’économie française, après l’annonce d’un fond pour financer le développement des banlieues, et après une série … Kristian Rouz - La montée en puissance du protectionnisme économique et du nationalisme dans la politique ces dernières années, y … Petrodollar recycling is the international spending or investment of a country's revenues from petroleum exports ("petrodollars"). As the price of oil can be an important political factor, U.S. administrations are quite sensitive to the price of oil. Un montant équivalent a été déposé dans les banques occidentales, qui l'ont transformé en prêts à moyen … ", "The colossal wealth of Manchester City and Chelsea is changing the landscape of British football", "The Logic of Extremism: How Chávez Gains by Giving Cuba So Much", "Emirates Has Invested $500 Million to Build a 'Fort Knox' of Wine", "Oger Telecom signs $6.55 bln Turk Telekom deal", "Abu Dhabi buys 75% of Chrysler Building in latest trophy purchase", "Abu Dhabi Buys 90% Stake in Chrysler Building", "U.N. panel voices concern over Iran's apparent violations of arms-export embargo", "Iranian Official Admits Tehran Supplied Missiles to Hezbollah", "The U.S.–Saudi Arabian Joint Commission on Economic Cooperation", International Association of Oil & Gas Producers, https://en.wikipedia.org/w/index.php?title=Petrodollar_recycling&oldid=1017470309, Articles with self-published sources from December 2017, CS1 maint: bot: original URL status unknown, Creative Commons Attribution-ShareAlike License, This page was last edited on 12 April 2021, at 23:01. Ce document a été mis à jour le 12/10/2009 [30], Oil-exporting countries have used part of their petrodollar surpluses to fund foreign aid programs, as a prominent example of so-called "checkbook diplomacy" or "petro-Islam". Recyclage des pétrodollars Le système de pétrodollars crée également des excédents de réserves en dollars américains pour les pays producteurs de pétrole, qui doivent être "recyclés". C’est le marché des eurodollars qui sert de circuit de financement international et va donc permettre le « recyclage » des pétrodollars. L'instabilité potentielle des pétrodollars avait suscité des craintes relatives à leur recyclage. TD de 5 pages en économie internationale : Le recyclage des pétrodollars. CC0 L'ère du recyclage des pétrodollars touche à sa fin car les changements technologiques et la politique internationale la rendent redondante, ce qui signifie que les Etats-Unis d’Amérique entrent dans une période instable. The phrase oil currency war is sometimes used with the same meaning. Opinions ; Le nouveau recyclage des pétrodollars Chronique. The United States would offer military protection for Saudi Arabia's oil fields, and in return the Saudis would price their oil sales exclusively in United States dollars (in other words, the Saudis were to refuse all other currencies, except the U.S. dollar, as payment for their oil exports).

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