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Les effets des politiques de Quantitative Easing sur le taux de change : Les enseignements de l'expérience américaine

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  • M. Dupuy

    (Larefi - Laboratoire d'analyse et de recherche en économie et finance internationales - Université Montesquieu - Bordeaux IV : EA2954)

Abstract

Confrontés au problème de la trappe à liquidité, plusieurs pays industrialisés, dont les Etats- Unis, ont mis en oeuvre à partir de 2008 des mesures de Quantitative Easing (QE) afin d'améliorer les conditions de financement dans l'ensemble de l'économie. Bien qu'agissant principalement sur les taux d'intérêt à long terme et les prix des actifs, les politiques de détente quantitative ont également des effets secondaires sur le taux de change. Dans un contexte de " guerre des monnaies ", certains pays industrialisés pourraient alors être tentés d'utiliser le QE comme arme protectionniste afin d'obtenir une dépréciation du taux de change. Après avoir identifié les canaux de transmission du QE au taux de change, cet article propose une analyse empirique basée sur des faits stylisés ainsi que des tests économétriques portant sur les Etats-Unis.

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Bibliographic Info

Paper provided by HAL in its series Working Papers with number hal-00780498.

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Date of creation: 10 Jan 2013
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Handle: RePEc:hal:wpaper:hal-00780498

Note: View the original document on HAL open archive server: http://hal.archives-ouvertes.fr/hal-00780498
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Related research

Keywords: Quantitative Easing; taux de change; base monétaire; taux d'intérêt à long terme;

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