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Le régime du double marché des changes sous les Tropiques : une analyse théorique

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  • Decaluwé, Bernard

    (Université Laval)

  • Bhandari, Jagdeep S.

    (West Virginia University)

Abstract

In this paper we present a model of a dual exchange-rate system. The innovation of the model is the formal inclusion of cross market transactions, or "leakages" between the two markets. This greatly complicates the workings of the economy with dual rates because domestic residents can change the size of their holdings of foreign assets. This is not the case with the fully insulated dual rate system. We draw the distinction between "import" and "export leakage" and we show the different impacts of external disturbances on domestic interest rate, price level and free exchange rate under the two types of leakages. Dans cet article, nous présentons un modèle de double marché des changes. La principale innovation de notre étude est l’inclusion de transactions croisées, ou de liaisons légales ou illégales entre les deux compartiments du marché des changes. L’existence de liaisons entre les marchés complique sensiblement le fonctionnement d’une telle économie car les résidents nationaux peuvent acquérir des actifs financiers étrangers alors qu’ils ne le peuvent pas lorsque les deux compartiments du marché sont parfaitement cloisonnés. En faisant la distinction entre des liaisons « à l’importation » ou « à l’exportation », nous analysons dans l’article l’impact de perturbations exogènes sur le taux d’intérêt, le niveau des prix et le taux de change financier.

Suggested Citation

  • Decaluwé, Bernard & Bhandari, Jagdeep S., 1985. "Le régime du double marché des changes sous les Tropiques : une analyse théorique," L'Actualité Economique, Société Canadienne de Science Economique, vol. 61(4), pages 428-452, décembre.
    • Handle: RePEc:ris:actuec:v:61:y:1985:i:4:p:428-452
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    1. Branson, William H. & Halttunen, Hannu & Masson, Paul, 1979. "Exchange rates in the short run : Some further results," European Economic Review, Elsevier, vol. 12(4), pages 395-402, October.
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    5. Henderson, Dale W. & Rogoff, Kenneth, 1982. "Negative net foreign asset positions and stability in a world portfolio balance model," Journal of International Economics, Elsevier, vol. 13(1-2), pages 85-104, August.
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