Confiance et ajustement dans les régimes d'étalon-or et de caisse d'émission
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.
Volume (Year): 130 (2005)
Issue (Month): 2 ()
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