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L'insoutenable legerete de l'euro


Author Info

  • Vincent Koen
  • Laurence Boone
  • Alain de Serres
  • Nicola Fuchs-Schundeln


Pendant les premieres annees de l'union monetaire, la faiblesse de l'euro a surpris la plupart des observateurs. Les explications se sont multipliees allant de fondamentaux tels que les differentiels de croissance anticipes aux facteurs psychologiques tels que les comportements gregaires, mais aucune ne rend compte pleinement a elle seule de la trajectoire du taux de change. Partant d'une approche eclectique, ce papier propose une analyse empirique montrant que les termes de l'echange et les comportements d'epargne/investissement ont apparemment sous-tendu l'evolution du taux de change a moyen et plus long terme.

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Bibliographic Info

Article provided by CEPII research center in its journal Economie Internationale.

Volume (Year): (2001)
Issue (Month): 88 ()
Pages: 77-106

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Handle: RePEc:cii:cepiei:2001-4td

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Related research

Keywords: Euro; taux de change; Banque Centrale Europeenne; interventions; flux de capitaux;

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