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Interventions de change en Asie et taux de change d’équilibre du dollar

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Author Info
Benjamin Carton
Karine Herve
Nadia Terfous

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Abstract

Cet article participe au debat sur la soutenabilite du deficit courant americain et son financement par les banques centrales asiatiques. Les estimations usuelles de taux de change d’equilibre (TCE) aboutissent a une surevaluation du dollar et a une sous-évaluation des monnaies asiatiques. L’introduction des interventions de change dans un modele FEER montre que celles-ci sont en partie responsables de ces mesalignements. Ces interventions modifient, par ailleurs, le comportement des investisseurs. Le TCE des monnaies flexibles vis-a-vis du dollar varie suivant que les flux de capitaux prives s’ajoutent aux flux publics pour financer un fort deficit courant americain ou que les investisseurs prives s’inquietent du caractere non soutenable de la balance courante americaine et reduisent leurs entrees nettes de capitaux aux Etats-Unis.

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File URL: http://www.cepii.fr/francgraph/publications/ecointern/rev106/rev106c.htm
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Publisher Info
Article provided by CEPII research center in its journal Economie Internationale.

Volume (Year): (2006)
Issue (Month): 2Q ()
Pages: 57-84
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Handle: RePEc:cii:cepiei:2006-2tc

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Related research
Keywords: Taux de change d’équilibre; interventions; soutenabilite; balance courante; integration internationale;

Find related papers by JEL classification:
F31 - International Economics - - International Finance - - - Foreign Exchange
F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration

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This page was last updated on 2009-12-17.

This information is provided to you by IDEAS at the Department of Economics, College of Liberal Arts and Sciences, University of Connecticut using RePEc data on a server sponsored by the Society for Economic Dynamics.