Déséquilibres mondiaux, taux de change et ajustements macroéconomiques. Un modèle « stock flux cohérent » à trois pays
AbstractMacroeconomic adjustments at the world level are analysed with a ?stock flow consistent? three countries model in the lines of Godley and Lavoie  and Zhao and Lavoie . Two versions are considered, the first one with a fixed yuan-dollar parity, but with the possibility of introducing a diversification of foreign reserves by the Chinese Central Bank, the second with a flexible yuan-dollar parity according to various mechanisms. Facing shocks the fixity of the yuan parity reduces adjustments of the world imbalances at the benefit of China and at the expense of the United States and Europe. A diversification of Chinese foreign reserves mainly changes adjustment mechanisms at the expense of Europe due to the dollar depreciation. A flexible dollar-yuan parity appears, on the contrary, as an efficient mechanism to reduce world imbalances. Classification JEL : F41, F42, F47
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Bibliographic InfoArticle provided by Presses de Sciences-Po in its journal Revue économique.
Volume (Year): Volume 61 (2010)
Issue (Month): 3 ()
Contact details of provider:
Web page: http://www.cairn.info/revue-economique.htm
Find related papers by JEL classification:
- F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
- F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission
- F47 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Forecasting and Simulation: Models and Applications
You can help add them by filling out this form.
reading list or among the top items on IDEAS.Access and download statisticsgeneral information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Jean-Baptiste de Vathaire).
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.