Monnaie commune, décentralisation et inflation : Hujus Regio, Cujus Pecunia ?
Abstract[eng] Common Currency, Decentralization and Inflation : is the Â« Westphalian Model Â» relevant ? Marc Flandreau Is there a systematic relation between the organization of the decision making process within a monetary union and the average inflation rate that this union tends to produce ? More specifically, does decentralization leads to higher inflation ? Contrary to Casella and Feinstein  who build on a free rider argument to demonstrate that decentralization means inflation, we argue â on the basis of theoretical and historical analysis â that it is always possible to set up a number of decentralized incentive mechanisms which can be used to ruie out the alleged inflationary bias of decentralized monetary unions. [fre] Existe-t-il un lien systÃ©matique entre l'organisation du mÃ©canisme de dÃ©cision au sein d'une union monÃ©taire et le niveau d'inflation moyen que cette union tend Ã produire ? Autrement dit, une union dÃ©centralisÃ©e est-elle inflationniste ? A l'inverse de l'analyse de Casella et Feinstein (1989) qui utilise un argument de type Â« free rider Â» pour montrer que dÃ©centralisation Ã©gale inflation, cet article, en s'appuyant sur une rÃ©flexion Ã la fois thÃ©orique et historique, suggÃ¨re que le prÃ©tendu biais inflationniste des unions dÃ©centralisÃ©es peut Ãªtre corrigÃ© au moyen de mÃ©canismes eux-mÃªmes dÃ©centralisÃ©s.
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Bibliographic InfoArticle provided by Presses de Sciences-Po in its journal Revue de l'OFCE.
Volume (Year): n° 52 (1995)
Issue (Month): 1 ()
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Web page: http://www.cairn.info/revue-de-l-ofce.htm
Other versions of this item:
- Marc Flandreau, 1995. "Monnaie commune, décentralisation et inflation : Hujus Regio, Cujus Pecunia ?," Revue de l'OFCE, Programme National Persée, vol. 52(1), pages 29-47.
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