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Domestic Financial Policies under Fixed and under Floating Exchange Rates (Politiques finacièrieures intérieures avec un système de taux de change fixe et avec un système de taux de change fluctuant) (Política financiera interna bajo sistemas de tipos de cambio fijos o de tipos de cambio fluctuantes)


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  • J. Marcus Fleming

    (International Monetary Fund)

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    Les comparaisons entre les systèmes de taux de change ne tiennent pas toujours compte des incidences de ces systèmes sur l'efficacité comparée de la politique monétaire d'une part, et de la politique budgétaire d'autre part, en tant que moyens techniques d'influencer le niveau de la demande monétaire de la production intérieure. Le présent article montre que l'expansion résultant d'une augmentation donnée de la masse monétaire sera toujours plus forte si le pays a un taux de change fluctuant que s'il a un taux fixe. Au contraire, il n'est pas certain que l'accroissement de la demande de production intérieure résultant d'une augmentation donnée des dépenses budgétaires ou d'une réduction donnée des taux d'imposition soit plus fort ou plus faible avec un taux fluctuant qu'avec un taux fixe. A l'exception des cas extrêmes, l'influence stimulante exercée par l'augmentation de la masse monétaire sera toujours plus grande, en comparaison avec celle qui résulte d'une politique budgétaire à caractère expansionniste, lorsque le taux de change est fluctuant que lorsqu'il est fixe. /// Al establecer una comparación entre los sistemas cambiarios, no siempre se toma en consideración la influencia que éstos ejercen sobre la eficacia relativa de la política monetaria y la política presupuestaria como medios de influir en el nivel de la demanda monetaria de la producción interna. En este estudio se demuestra que cuando un país emplea un tipo de cambio fluctuante, el efecto expansionista de un aumento dado del medio circulante será siempre mayor que cuando emplea un tipo de cambio fijo. Por otra parte, no se sabe si el efecto expansionista que ejercería sobre la demanda de la producción interna un aumento dado de los gastos presupuestarios, o una disminución dada de las tasas tributarias, habría de ser mayor o menor con un tipo de cambio fluctuante que con un tipo de cambio fijo. Salvo en casos extremos, cuando el tipo de cambio es fluctuante, el estímulo que ejerce sobre la demanda monetaria un aumento del medio circulante será siempre mayor, en relación con el que provoca una modificación de carácter expansionista de la política presupuestaria, que cuando el tipo de cambio es fijo.

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    Article provided by Palgrave Macmillan in its journal Staff Papers - International Monetary Fund.

    Volume (Year): 9 (1962)
    Issue (Month): 3 (November)
    Pages: 369-380

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    Handle: RePEc:pal:imfstp:v:9:y:1962:i:3:p:369-380

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    Cited by:
    1. Alexandre Flávio Silva Andrada, 2011. "Uma Breve História Sobre A Abordagem Dedesequilíbrio Na Economia," Anais do XXXVIII Encontro Nacional de Economia [Proceedings of the 38th Brazilian Economics Meeting], ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of 233, ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics].
    2. Fels, Joachim, 1990. "Flexible exchange rates and insulation: A reexamination," Kiel Working Papers 444, Kiel Institute for the World Economy.
    3. Lehment, Harmen, 1978. "Einige Überlegungen zum Problem des 'managed floating'," Kiel Working Papers 69, Kiel Institute for the World Economy.
    4. Ploeg, F. van der, 1989. "Fiscal aspects of monetary integration in Europe," Discussion Paper, Tilburg University, Center for Economic Research 1989-30, Tilburg University, Center for Economic Research.
    5. Almekinders, G.J., 1993. "Theories on the scope for foreign exchange market intervention," Discussion Paper, Tilburg University, Center for Economic Research 1993-42, Tilburg University, Center for Economic Research.
    6. Treu, Johannes, 2011. "Politökonomische Modellierung eines Abstimmungsprozesses zwischen der Europäischen Zentralbank und den Mitgliedstaaten der Eurozone in Zeiten hoher Staatsverschuldung," Wirtschaftswissenschaftliche Diskussionspapiere, Ernst Moritz Arndt University of Greifswald, Faculty of Law and Economics 05/2011, Ernst Moritz Arndt University of Greifswald, Faculty of Law and Economics.
    7. Lehment, Harmen, 1983. "The macroeconomic implications of public sector deficits," Kiel Working Papers 168, Kiel Institute for the World Economy.
    8. Guglielmo Maria Caporale & Thouraya Hadj Amor & Christophe Rault, 2011. "Sources of Real Exchange Rate Volatility and International Financial Integration: A Dynamic GMM Panel Approach," CESifo Working Paper Series 3645, CESifo Group Munich.
    9. Agnieszka Markiewicz, 2006. "How Central and Eastern European Countries Choose Exchange Rate Regimes," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), Oesterreichische Nationalbank (Austrian Central Bank), issue 2, pages 69-84.
    10. Agnieszka Stazka, 2006. "Sources of Real Exchange Rate Fluctuations in Central and Eastern Europe – Temporary or Permanent?," CESifo Working Paper Series 1876, CESifo Group Munich.


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