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Confiance et ajustement dans les régimes d'étalon-or et de caisse d'émission

  • Jean-Baptiste Desquilbet
  • Nikolay NENOVSKY

It is often maintained that currency boards and gold standards are alike in that they are stringent monetary rules, the two basic features of which are high credibility of monetary authorities and the existence of an automatic adjustment (non discretionary) mechanism. This article includes a comparative analysis of these two types of regimes ( 1) from the perspective of the sources confidence, namely convertibility, endogeneity and the international context, and ( 2) looking at the operation of the adjustment mechanism, more specifically the financial environment, automatism, and asymmetry.

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Article provided by De Boeck Université in its journal Mondes en développement.

Volume (Year): 130 (2005)
Issue (Month): 2 ()
Pages: 77-93

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Handle: RePEc:cai:meddbu:med_130_0077
Contact details of provider: Web page: http://www.cairn.info/revue-mondes-en-developpement.htm

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  1. Uche, Chibuike Ugochukwu, 1997. "Bank of England vs the IBRD: Did the Nigerian Colony Deserve a Central Bank?," Explorations in Economic History, Elsevier, vol. 34(2), pages 220-241, April.
  2. della Paolera, Gerardo & Taylor, Alan M., 2002. "Internal versus external convertibility and emerging-market crises: lessons from Argentine history," Explorations in Economic History, Elsevier, vol. 39(4), pages 357-389, October.
  3. Michael D. Bordo, 2003. "Exchange Rate Regime Choice in Historical Perspective," IMF Working Papers 03/160, International Monetary Fund.
  4. Michael D. Bordo & Marc Flandreau, 2001. "Core, Periphery, Exchange Rate Regimes, and Globalization," NBER Working Papers 8584, National Bureau of Economic Research, Inc.
  5. Michael D. Bordo & Ronald MacDonald, 2001. "The Inter-War Gold Exchange Standard: Credibility and Monetary Independence," NBER Working Papers 8429, National Bureau of Economic Research, Inc.
  6. Michael Bordo & Michael Edelstein, 1999. "Was Adherence to the Gold Standard a "Good Housekeeping Seal of Approval" During the Interwar Period?," NBER Working Papers 7186, National Bureau of Economic Research, Inc.
  7. Marie-Thérèse Camilleri Gilson, 2002. "Policy Pre-Commitment and Institutional Design: A Synthetic Indicator Applied to Currency Boards," OECD Economics Department Working Papers 330, OECD Publishing.
  8. Nenovsky Nikolay & Hristov Kalin & Mihaylov Mihail, 2001. "Comparing Currency Board Automatic Mechanism in Bulgaria, Estonia and Lithuania," Journal des Economistes et des Etudes Humaines, De Gruyter, vol. 11(4), pages 1-44, December.
  9. Nenovsky, Nikolay & Hristov, Kalin, 2002. "The new currency boards and discretion: empirical evidence from Bulgaria," Economic Systems, Elsevier, vol. 26(1), pages 55-72, April.
  10. William Poole, 2003. "Institutions for stable prices: how to design an optimal central bank law," Review, Federal Reserve Bank of St. Louis, issue Sep, pages 1-6.
  11. McKinnon, Ronald I, 1993. "The Rules of the Game: International Money in Historical Perspective," Journal of Economic Literature, American Economic Association, vol. 31(1), pages 1-44, March.
  12. Yorgos Rizopoulos & Nikolay Nenovsky, 2004. "Peut-on mesurer le changement institutionnel du régime monétaire ?," Revue d'Économie Financière, Programme National Persée, vol. 75(2), pages 17-36.
  13. Luis Catão & Solomos Solomou, 2003. "Exchange Rates in the Periphery and International Adjustment Under the Gold Standard," IMF Working Papers 03/41, International Monetary Fund.
  14. repec:cup:cbooks:9780521038218 is not listed on IDEAS
  15. E. V. K. Fitzgerald & Frances Stewart, 1997. "Editors' introduction," Oxford Development Studies, Taylor & Francis Journals, vol. 25(1), pages 5-10.
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