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Taux de change et mésalignements du franc CFA avant et après l’introduction de l’euro

Author

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  • Blaise Gnimassoun

    (EconomiX - EconomiX - UPN - Université Paris Nanterre - CNRS - Centre National de la Recherche Scientifique)

Abstract

Dans cet article, nous utilisons les techniques de la cointégration en panel pour estimer le taux de change d'équilibre du franc CFA selon l'approche BEER (Behavioural Equilibrium Exchange Rate). L'examen des mésalignements estimés du franc CFA révèle que la marge de manoeuvre de la zone CFA en termes de compétitivité prix s'est beaucoup réduite depuis 2002 avec l'appréciation de l'euro, jusqu'à devenir quasi nulle en 2009. Nos estimations mettent également en évidence une hétérogénéité des mésalignements de change entre les pays. Ainsi, si certains pays présentent une sous-évaluation de leur taux de change en 2009, la Côte d'Ivoire quant à elle a atteint un niveau de surévaluation comparable à celui observé en 1993. En étudiant les sources des mésalignements du franc CFA, nous montrons l'existence d'un impact significatif des mésalignements de la monnaie ancre (euro, Franc français) sur les mésalignements du franc CFA avec une influence plus importante pour le Franc français.

Suggested Citation

  • Blaise Gnimassoun, 2012. "Taux de change et mésalignements du franc CFA avant et après l’introduction de l’euro," Working Papers hal-04141139, HAL.
    • Handle: RePEc:hal:wpaper:hal-04141139
    Note: View the original document on HAL open archive server: https://hal.science/hal-04141139
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    References listed on IDEAS

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