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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

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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Bibliographic Info

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

Volume (Year): (2006)
Issue (Month): 106 ()
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;

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Cited by:
  1. Benjamin Carton & Karine Hervé, 2010. "Estimation of Consistent Multi-Country FEERs," Working Papers 2010-02, CEPII research center.

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