financent des pays qui, eux, sont en besoin de financement. 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). [42] Accordingly, almost all oil sales throughout the world are denominated in United States dollars (USD). The phrase oil currency war is sometimes used with the same meaning. As retaliation to this policy, which is seen by Tehran as "neoimperialism",[51] Iran made an effort to create its own bourse, which started selling oil in gold, euros, dollars, and Japanese yen. 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 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. ", "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. 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. TD de 5 pages en économie internationale : Le recyclage des pétrodollars. La dernière modification de cette page a été faite le 20 octobre 2018 à 00:58. 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. [55], Over the years, multiple scholars expressed the view that the Iraq War was conducted to re-assert the dollar hegemony in the wake of Saddam Hussein's attempts to switch from petrodollar in the oil trade and to sell Iraqi oil in exchange for other currencies or commodities.[56][57][58]. 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. [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. 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. 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 … )[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. [18][19] Many billions of petrodollars were also invested through the major commercial banks of the US and Europe. The resulting global interdependencies and financial flows, from oil producers back to oil consumers, can reac… Aujourd’hui, les pays pétroliers semblent plus prudents que dans les années 70. Developing economies generally stayed better balanced than they did in the 1970s; the world economy was less oil-intensive; and global inflation and interest rates were much better contained. 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. [22], In the 2005–2014 petrodollar surge, financial decision-makers were able to benefit somewhat from the lessons and experiences of the previous cycle. Cependant, avant que les effets des pétrodollars sur le dollar américain puissent être examinés, une brève leçon d'histoire s'impose. Un montant équivalent a été déposé dans les banques occidentales, qui l'ont transformé en prêts à moyen … L’augmentation de la dette des pays en développement dans les années 1970 explose. Le recyclage des pétrodollars Le « recyclage des pétrodollars » avait fait naître des craintes dans les années qui ont suivi le premier choc pétrolier. This creates a consistent demand for USDs and ostensibly supports the USD's value, regardless of economic conditions in the United States. 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 recyclage des pétrodollars . [1][2][10] (The word has been credited alternately to Egyptian-American economist Ibrahim Oweiss and to former US Secretary of Commerce Peter G. Peterson, both in 1973. 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. Dans une perspective de longue durée, le flux de recyclage des pétrodollars dans le système financier international au cours du présent 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 … 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. 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.) [6], The term petrodollar was coined in the early 1970s during the oil crisis, and the first major petrodollar surge (1974–1981) resulted in more financial complications than the second (2005–2014). [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. Petrodollar recycling is the international spending or investment of a country's revenues from petroleum exports ("petrodollars"). . 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. [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]. [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. The term was coined by William R. Clark, who has written a book with the same title. 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 ». 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. Car si le … 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". [17], From 1974 through 1981, the total current account surplus for all members of OPEC amounted to US$450 billion, without scaling-up for the subsequent decades of inflation. These flows are heavily influenced by government-level decisions regarding international investment and aid, with important consequences for both global finance and petroleum politics. [34] Even more controversially, several oil exporters have been major financial supporters of armed groups challenging the governments of other countries. What would happen if the gas would no longer be exchanged in dollars? "[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. 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). As the price of oil can be an important political factor, U.S. administrations are quite sensitive to the price of oil. 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). By 1975, all of the oil-producing nations of OPEC had agreed to price their oil in dollars and to invest surplus oil proceeds in U.S. government debt securities in exchange for similar offers by the U.S.[45], In 2000, Iraq converted all its oil transactions under the Oil for Food program to euros,[46] even though the move was deemed by analysts to "fly in the face of financial logic",[46] since it meant that Iraq would earn less interest on its oil revenues, which were held in a UN-monitored escrow account in New York. [5] The phenomenon is most pronounced during periods when the price of oil is historically high. 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. 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 ...). Pou… [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. 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. Johan Witteveen, the Managing Director of the IMF, said in 1974: "The international monetary system is facing its most difficult period since the 1930s. L'émergence des pétrodollars est la conséquence des chocs pétroliers de 1973 et de 1978-79. 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). excédents de paiements des pays de l'Opep. Several commentators writing contemporaneously with the buildup to the invasion[47][48][49] linked Iraq's Nov 2000 re-denomination of oil from USD to euros and the possibility of more widespread adoption of the euro as an oil pricing standard to the risk that that would place on the post-Bretton Woods use of the USD as the international reserve currency and the impact that that would have on the US economy, and theorised that one of the fundamental purposes for war in Iraq would be to force Iraq to revert to pricing its oil in USD. Kristian Rouz - La montée en puissance du protectionnisme économique et du nationalisme dans la politique ces dernières années, y … [2] Beyond the OPEC countries, substantial surpluses also accrued to Russia and Norway,[10] and sovereign wealth funds worldwide amassed US$7 trillion by 2014–2015. The International Monetary Fund estimates that oil exporters' current-account surplus could reach $400 billion, more than four times as much as in 2002. [8][9], Especially during the years 1974–1981 and 2005–2014, oil exporters amassed large surpluses of "petrodollars" from historically expensive oil. A la durabilité des ressources sensibles, le recyclage et l'impact environnemental réduit. Cite . Le « recyclage » des pétrodollars. 12 Outre la dynamique chinoise, c’est le recyclage de la rente pétrolière qui stimule fortement les exportations allemandes. Downloadable! The United States dollar remains de facto world currency. 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]. BibTex; Full citation; Abstract. 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. mais n'ont prospérées qu'après le quadruplement des prix du pétrole entre 1973 et 1974. How do the petrodollars effect the United States Dollar and the economy? De la convention de Lomé au recyclage des pétrodollars Micheline Paunet Aperçu. dollar. The Government of the Islamic Republic of Iran ostensibly takes this theory as fact.
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