La coordination internationale des politiques économiques
Abstract
[eng] Today, the need for effective policy coordination is widely recognized. Increased capital mobility has brought wide misalignments of exchange rates and reduced the scope for, and efficiency of, indépendant policy-making. Unprecedented imbalances in the world economy call for joint and concerted action by governments of the industrialised world. But, so far, achievements have been few. Management of floating rates met with initial success after the Piazza agreement, in bringing an orderly decline of the dollar. But developped countries have been unable, either to redirect their policies in a more consistent way, or to agree on a framework for institutionnal coordination such as target zones between the main currencies. Some fundamuntal impediments to international policy coordination remain. One may therefore wonder whether the degree of international interdépendance which results from capital flows is sustainable in the long run without some kind of reform of the international monetary system. [fre] La nécessité d'une coordination des politiques économiques est aujourd'hui largement reconnue. La mobilité croissante des capitaux internationaux accroît les déviations des taux de change ; elle réduit la possibilité et l'efficacité de politiques économiques nationales indépendantes. Par ailleurs, la résorption des déséquilibres sans précédent que connaît l'économie mondiale nécessite, de la part des gouvernements des pays industrialisés, une action concertée. A ce jour, toutefois le bilan de la coordination est mitigé. Malgré un succès initial de l'accord du Piazza en vue d'une gestion concertée des taux de change, les pays développés n'ont pas réellement infléchi leurs politiques économiques pour les rendre plus convergentes ; le désaccord persiste sur la mise en place d'un cadre institutionnel de coordination, telles les zones-cibles entre les principales monnaies. Des divergences fondamentales freinent en outre les progrès de la coordination.Download Info
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Article provided by Programme National Persée in its journal Revue française d'économie.
Volume (Year): 2 (1987)
Issue (Month): 3 ()
Pages: 80-114
Note: DOI:10.3406/rfeco.1987.1152
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Web page: http://www.persee.fr/web/revues/home/prescript/revue/rfeco
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