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Pays émergents, pays de l'OCDE : les politiques mises en place seront-elles coopératives ou non coopératives ?

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  • Patrick Artus

Abstract

In the emerging countries, growth is strong and inflation accelerates with fast-growing labour costs; the aim of economic policies is therefore the slowdown inflation with restrictive monetary policies. In the OECD countries, growth is disappointing and inflation only results from higher import prices; fiscal policy cannot remain expansionary, hence the persistence of monetary stimulus. The strong implied appreciation of the currencies of emerging countries is not a favourable development for OECD countries, which is not the common view: it is leading to higher import prices and not to a stimulation of production, which is little substitutable to the one in emerging countries; however, it benefits emerging countries because of its effect on inflation. Classification JEL: F31, F32, F41.

Suggested Citation

  • Patrick Artus, 2011. "Pays émergents, pays de l'OCDE : les politiques mises en place seront-elles coopératives ou non coopératives ?," Revue d'économie financière, Association d'économie financière, vol. 0(3), pages 229-236.
    • Handle: RePEc:cai:refaef:ecofi_103_0229
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    JEL classification:

    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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