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La dollerisation des économies émergentes

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  • PONSOT, Jean-François

    (CEMF-LATEC / Université de Bourgogne)

Abstract

Dans les débats contemporains relatifs à la dollarisation/euroisation, les analyses font appel aux modèles de substitution et à l'analyse coûts/avantages. Le papier a pour objet de dépasser ces interprétations fondées sur une conception fonctionnaliste de la monnaie. Une conception institutionnaliste de la monnaie invite à comprendre le phénomène de dollarisation de facto plus largement comme une crise de légitimité de l'unité de compte qui érode progressivement la souveraineté monétaire et dont les autorités cherchent à se préserver en menant une action de résistance institutionnelle. Une conception macroéconomique de la monnaie conduit à s'interroger sur la compatibilité du régime de dollarisation officielle et intégrale avec les hypothèses d'endogénéité de la monnaie et de coïncidence entre espace monétaire et espace de production qui définissent l'économie monétaire de production. Les implications à la fois pour l'économie dollarisée et pour l'économie émettrice de la xénomonnaie incitent à circonscrire le régime de dollarisation pour un nombre limité de situations. / Current discussions about dollarization/euroization are built on substitution models and cost/benefits analysis. This working paper aims to go beyond these explanations based on a functionalist definition of money. An institutionalist definition of money advocates analyzing de facto dollarization more broadly as a legitimacy crisis of the unit of account that damages monetary sovereignty and of whom authorities try to check in a kind of institutional resistance. A macroeconomic definition of money involves questionning full and de jure dollarization consistency with both of principles guiding the monetary economy of production: (1) endogeneity of money; (2) merger between monetary space and production space. Implications that follow both for dollarized economies and foreign currency issuers encourages the restriction of dollarization arrangements to a limited number of specific cases.

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Bibliographic Info

Paper provided by LATEC, Laboratoire d'Analyse et des Techniques EConomiques, CNRS UMR 5118, Université de Bourgogne in its series LATEC - Document de travail - Economie (1991-2003) with number 2002-02.

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Length: 27 pages
Date of creation: Apr 2002
Date of revision:
Handle: RePEc:lat:lateco:2002-02

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Keywords: dollarisation; euroisation; souveraineté monétaire; endogénéité de la monnaie; espaces monétaires dollarization; euroization; monetary sovereignty; endogeneity of money; monetary spaces;

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  1. Adam Bennett & Eduardo Borensztein & Tomás J. T. Baliño, 1999. "Monetary Policy in Dollarized Economies," IMF Occasional Papers 171, International Monetary Fund.
  2. Eichengreen, Barry, 2002. "When to Dollarize," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 34(1), pages 1-24, February.
  3. Francois R. Velde & Marcelo Veracierto, 1999. "Dollarization in Argentina," Chicago Fed Letter, Federal Reserve Bank of Chicago, issue Jun.
  4. Zeljko Bogetic, 2005. "Official Dollarization: Current Experiences and Issues, Cato Journal, Vol. 20, No. 2 (Fall 2000), 179-213," International Finance 0510006, EconWPA.
  5. Schuler, Kurt, 1999. "The Problem with Pegged Exchange Rates," Kyklos, Wiley Blackwell, vol. 52(1), pages 83-102.
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