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La Determination du Taux de Change enZones Cibles: Une Sunthese des Theories

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  • Pansard, F.

Abstract

CEt article presente une synthese des theoris relatives au comportement du taux de change en zones cibles. Dans un premier temps, l'etude d'un modele standard nous permet de mettre en evidence l'effet stabilisateur exerce sur le taux de change par la presence de la zone. Cette stabilisation du taux de change, qui se traduit par une relation non-lineaire entre ce dernier et ses fondamentaux, a comme contrepartie une variabilite accrue du taux d'interet. Dans un second temps, nous etudions les prolongements principaux de ce modele. Ils confirment le caractere stabilisateur de la zone, excepte sous certaines hypotheses relatives au comportement des autorites monetaires dans un contexte de credibilite imparfaite, mais remettent en cause l'importance des non-linearites dans la dynamique du taux de change.

Suggested Citation

  • Pansard, F., 1997. "La Determination du Taux de Change enZones Cibles: Une Sunthese des Theories," Papers 97-12/ei, Caisse des Depots et Consignations - Cahiers de recherche.
    • Handle: RePEc:fth:cadeco:97-12/ei
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    Cited by:

    1. António Portugal Duarte & João Sousa Andrade & Adelaide Duarte, 2012. "Is There a Trade-off between Exchange Rate and Interest Rate Volatility? Evidence from an M-GARCH Model," International Journal of Economic Sciences, Prague University of Economics and Business, vol. 2012(1), pages 19-37.

    More about this item

    Keywords

    TAUX DE CHANGE;

    JEL classification:

    • F31 - International Economics - - International Finance - - - Foreign Exchange

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