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Spécialisation et asymétrie des chocs en union monétaire

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  • Lionel Fontagné

Abstract

[fre] Les doutes quant à l'optimalité de la zone euro, du point de vue des critères de définition des zones monétaires optimales, s'appuient notamment sur la forte asymétrie structurelle entre le cœur et la périphérie d'Euroland. A l'opposé du rapport Emerson, défendant l'idée selon laquelle le marché unique et la monnaie unique susciteraient un développement des échanges intra-branche en Europe, la première vague de travaux d'économie géographique, interprétant la monnaie unique en termes de réduction des coûts de transaction, a considéré que la spécificité des chocs subis par les économies membres augmenterait. Deux directions de recherche permettent de jeter un regard neuf sur ce débat : d'une part l'analyse des échanges intra-branche en différenciation verticale, d'autre part l'analyse de l'intégration monétaire en termes de suppression de l'incertitude de change. Sur cette double base, nous montrons que l'euro réduira de façon endogène l'asymétrie des chocs au sein d'Euroland. [eng] The analysis of the monetary integration in Europe has led to a debate upon the optimality of Euroland, in the light of OCAs. In contrast with the Emerson report, analysing this last stage of integration as a source for increasing intra-industry trade, the economic geography has initially analysed monetary integration in terms of a reduction in transaction costs : the specialisation of countries and the asymmetry of shocks would increase. The analysis of IIT in vertically differentiated products and the analysis of monetary integration in terms of exchange rate uncertainty are however two directions of research that shed light on this debate. On this double basis, we demonstrate that the launching of the Euro will reduce endogenously the degree of shock asymmetries in Europe.

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File URL: http://dx.doi.org/10.3406/rfeco.1999.1081
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File URL: http://www.persee.fr/articleAsPDF/rfeco_0769-0479_1999_num_14_2_1081/rfeco_0769-0479_1999_num_14_2_1081.pdf?mode=light
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Bibliographic Info

Article provided by Programme National Persée in its journal Revue française d'économie.

Volume (Year): 14 (1999)
Issue (Month): 2 ()
Pages: 107-162

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Handle: RePEc:prs:rfreco:rfeco_0769-0479_1999_num_14_2_1081

Note: DOI:10.3406/rfeco.1999.1081
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Web page: http://www.persee.fr/web/revues/home/prescript/revue/rfeco

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Cited by:
  1. Jérôme Trotignon, 2003. "EMU enlargement towards CEEC’s : risks of sector-based and geographic asymmetric shocks," Working Papers 0309, Groupe d'Analyse et de Théorie Economique (GATE), Centre national de la recherche scientifique (CNRS), Université Lyon 2, Ecole Normale Supérieure.

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