Changes fixes, changes flexibles et solvabilité de l'Etat
In the literature of balance of payments crises, the collapse appears as the consequence of a "reserve hemorrhage". Nothing that the true origin of the "crisis" is not a reserve "problem" but Government insolvency, the purpose of this article is to relate the viability of a fixed exchange rate system to the intertemporal budget constraint of the state. In this context, the freedom to finance the deficit through seignoriage explains the transition to the flexible exchange rate regime. Apart from its clearer rationale, this approach has the advantage to permit a detailed analysis of the role of fiscal and monetary policies and of the influence of world inflation.
Volume (Year): (1991)
Issue (Month): 24 ()
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