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Fonctions de réaction des banques centrales européennes et convergence

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  • Marilyne Huchet-Bourdon

    ()
    (CREM - Centre de Recherche en Economie et Management - CNRS : UMR6211 - Université de Rennes I - Université de Caen)

Abstract

Depuis le 1er janvier 2001, douze pays participent à l'UEM. L'instauration de la monnaie unique constitue l'aboutissement d'un long processus de convergence. Le Système Monétaire Européen créé en 1979 visait déjà à établir une coopération monétaire plus étroite. Ensuite, les trois étapes préliminaires à la création de l'UEM ont accéléré le processus d'ajustement. Néanmoins, la question est de savoir s'il existe une convergence des préférences des banques centrales. Pour répondre à cette interrogation, ce papier a pour objet d'estimer les fonctions de réaction des huit principales banques centrales nationales sur la période 1980-1998 mais aussi celle qui aurait représenté au mieux le comportement de la BCE si les pays avaient formé une Union monétaire sur cette période. Les résultats nous permettent ainsi de comparer les comportements des banques centrales et mettent en évidence un processus de convergence de leurs préférences.

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Bibliographic Info

Paper provided by HAL in its series Post-Print with number halshs-00143784.

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Date of creation: 30 Sep 2003
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Publication status: Published, L'Actualité économique, 2003, 79, 3, p.297-326
Handle: RePEc:hal:journl:halshs-00143784

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Keywords: Fonctions de réaction; convergence; monnaie unique;

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  1. G. Coenen & J.-L. Vega, 2001. "The demand for M3 in the euro area," Journal of Applied Econometrics, John Wiley & Sons, Ltd., John Wiley & Sons, Ltd., vol. 16(6), pages 727-748.
  2. Mojon, Benoît & Peersman, Gert, 2001. "A VAR description of the effects of monetary policy in the individual countries of the euro area," Working Paper Series, European Central Bank 0092, European Central Bank.
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Cited by:
  1. KAMGNA, Severin Yves & NGUENANG, Christian & TALABONG, Hervé & OULD, Isselmou, 2009. "Fonction de reaction de la banque centrale et credibilite de la politique monétaire: Cas de la BEAC
    [Central Bank reaction fonction and monetary policy credibility: The case of BEAC]
    ," MPRA Paper 16557, University Library of Munich, Germany.
  2. Dramani, Latif & Laye, Oumy, 2007. "Estimation of the Equilibrium Interest Rate: Case of CFA zone," MPRA Paper 3610, University Library of Munich, Germany.

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