Advanced Search
MyIDEAS: Login to save this article or follow this journal

Pourquoi le SME a explosé et comment le relancer ?

Contents:

Author Info

  • Jean Pisani-Ferry
  • Barry Eichengreen
  • Charles Wyplosz

Abstract

[fre] Pourquoi le SME a explosé et comment le relancer ?. . Les quatre interprétations avancées à la suite des crises de change de 1992 et de 1993 sont probablement complémentaires. Les leçons à tirer conduisent à porter un jugement pessimiste sur les possibilités de survie du SME et donc du traité de Maastricht, faisant même planer une menace sur le Marché commun. La plupart des mesures proposées pour faire face à la nouvelle situation ignorent l'une ou l'autre de ces leçons. La tendance dominante est de parier sur un heu­reux concours de circonstances. Il est préférable de prévoir le pire. Une mesure prudentielle simple, l'obligation d'un dépôt non rémunéré sur les positions ouvertes, restaure l'élément de stabilité perdu avec l'abandon des contrôles de change. [eng] Why did the ems blow-up and how to fix it . . Four usual interpretations of the exchange crises of 1992 and 1993 are not mutually exclusive. Taken together, however, they send an ominous signal about EMS chances of survival and the prospects for achieving monetary union along the Unes of the Maastricht Treaty. The Common Market's future itself might be at stake over the longer run. A number of proposais have been advanced recently. Unfortunately each of them fail to properly take into account one or the other among the lessons drawn from the crises. The risk is that we now hope for the best. Proper policy planning ought to be ready for the worst. This paper porposes a simple prudential measure, establishing mandatory deposits on open positions.

(This abstract was borrowed from another version of this item.)

Download Info

If 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.
File URL: http://www.cairn.info/load_pdf.php?ID_ARTICLE=RECO_P1994_45N3_0673
Download Restriction: free

File URL: http://www.cairn.info/revue-economique-1994-3-page-673.htm
Download Restriction: free

Bibliographic Info

Article provided by Presses de Sciences-Po in its journal Revue économique.

Volume (Year): n° 45 (1994)
Issue (Month): 3 ()
Pages: 673-688

as in new window
Handle: RePEc:cai:recosp:reco_p1994_45n3_0673

Contact details of provider:
Web page: http://www.cairn.info/revue-economique.htm

Related research

Keywords:

Other versions of this item:

References

No references listed on IDEAS
You can help add them by filling out this form.

Citations

Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
as in new window

Cited by:
  1. Bouoiyour, Jamal & Rey, Serge, 1995. "Chocs externes et ajustements des taux de change réels européens
    [External shocks and adjustment of European real exchange rates]
    ," MPRA Paper 30241, University Library of Munich, Germany.
  2. Rey, Serge, 2001. "Les taux de change bilatéraux adoptés pour l’entrée dans l’euro sont-ils des taux d’équilibre?," L'Actualité Economique, Société Canadienne de Science Economique, vol. 77(1), pages 75-112, mars.

Lists

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

Statistics

Access and download statistics

Corrections

When requesting a correction, please mention this item's handle: RePEc:cai:recosp:reco_p1994_45n3_0673. See general 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.