L’objectif de cette étude est d’évaluer, à travers l’expérience récente de l’Argentine, le lien entre les mécanismes du Currency Board et les ajustements macroéconomiques, notamment sur le marché du travail. Dans un premier temps, nous présentons les principales spécificités du système monétaire argentin. Dans un deuxième temps nous construisons un modèle d’Equilibre Général Financier qui incorpore les mécanismes du Currency Board et les principales caractéristiques de l’économie argentine. Enfin, dans un troisième temps, nous simulons trois situations économiques qu’à connu l’Argentine à la fin des années quatre-vingt-dix : un renforcement des politiques d’austérité, les chocs des crises financières et une accélération des efforts d’intégration régionale. Chaque simulation montre alors comment l’économie argentine et son marché du travail réagissent dans un contexte où les mécanismes monétaires sont contraints par le régime du Currency Board. The aim of this study is to address, through the recent argentine experience, the link between Currency Board’s mechanisms and macroeconomic adjustments, especially in the labour market. First, we present how the argentine monetary system was set up; secondly we build a financial general equilibrium model which includes a Currency Board mechanism and the main features of the argentine economy. Thirdly, three types of simulations illustrate the argentine economic situation at the end of nineties: austerity politics strengthening, financial crisis and regional integration strengthening scenarii. Each simulation explains how the argentine economy react in a framework where monetary mechanisms are constraint by the Currency Board. (Full text in french)
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Paper provided by Groupe d'Economie du Développement de l'Université Montesquieu Bordeaux IV in its series Documents de travail with number
120.
Length: 14 pages Date of creation: Nov 2005 Date of revision: Handle: RePEc:mon:ceddtr:120
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Find related papers by JEL classification: E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies E24 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution
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