Taux de change et régions : un cadre conceptuel pour anticiper l'euro
AbstractThe impact in the long run of exchange rate is differentiated between the regions of a country or of a monetary zone. Nevertheless, very few theoretical or empirical work has been done in that field. On the one hand, standard international trade theory considers the national space as being homogenous. On the other hand, work on regional production systems do not integrate macroeconomic variables like the exchange rate. In a complementary approach, MUNDELL (1961) considered that an optimal monetary zone should encompass regions who react in a symmetric way to external chocks. Otherwise, unfavoured regions would endure significant adjustment costs. This idea is fundamental. Nevertheless, this article addresses rather its corollaries. Given that a currency is used by a set of regions who react in an asymmetric way to exchange rates evolution, how do these regions adapt in the long run ? A typology of expected impacts is built. These questions are essential in the context of european monetary integration. How will real production systems react in the long run as they can no longer rely on exchange rates adaptations between european markets ? Classification JEL : F310, R110, R300, R380, R510.
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Bibliographic InfoArticle provided by Armand Colin in its journal Revue d’Économie Régionale & Urbaine.
Volume (Year): décembre (2001)
Issue (Month): 5 ()
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Web page: http://www.cairn.info/revue-d-economie-regionale-et-urbaine.htm
exchange rate; structural adjustment; regional production systems;
Find related papers by JEL classification:
- F31 - International Economics - - International Finance - - - Foreign Exchange
- R11 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes
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- R38 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Government Policy
- R51 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Regional Government Analysis - - - Finance in Urban and Rural Economies
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