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Monnaie commune, décentralisation et inflation : Hujus Regio, Cujus Pecunia ?

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  • Marc Flandreau

Abstract

[eng] Common Currency, Decentralization and Inflation : is the « Westphalian Model » relevant ? Marc Flandreau Is there a systematic relation between the organization of the decision making process within a monetary union and the average inflation rate that this union tends to produce ? More specifically, does decentralization leads to higher inflation ? Contrary to Casella and Feinstein [1989] who build on a free rider argument to demonstrate that decentralization means inflation, we argue — on the basis of theoretical and historical analysis — that it is always possible to set up a number of decentralized incentive mechanisms which can be used to ruie out the alleged inflationary bias of decentralized monetary unions. [fre] Existe-t-il un lien systématique entre l'organisation du mécanisme de décision au sein d'une union monétaire et le niveau d'inflation moyen que cette union tend à produire ? Autrement dit, une union décentralisée est-elle inflationniste ? A l'inverse de l'analyse de Casella et Feinstein (1989) qui utilise un argument de type « free rider » pour montrer que décentralisation égale inflation, cet article, en s'appuyant sur une réflexion à la fois théorique et historique, suggère que le prétendu biais inflationniste des unions décentralisées peut être corrigé au moyen de mécanismes eux-mêmes décentralisés.

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File URL: http://dx.doi.org/10.3406/ofce.1995.1385
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Bibliographic Info

Article provided by Programme National Persée in its journal Revue de l'OFCE.

Volume (Year): 52 (1995)
Issue (Month): 1 ()
Pages: 29-47

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Handle: RePEc:prs:rvofce:ofce_0751-6614_1995_num_52_1_1385

Note: DOI:10.3406/ofce.1995.1385
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Web page: http://www.persee.fr/web/revues/home/prescript/revue/ofce

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