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Attaques spéculatives et crédibilité du régime de change. Quel arbitrage pour le policy-mix ?

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  • Jean-Pierre Allegret
  • Marie-Noëlle Calès

Abstract

Since the Asian and Brazilian exchange rate crises have occurred, the reaction of authorities has been the subject of an intense debate. Indeed, coping with a speculative attack, domestic authorities both increase interest rates and contract fiscal policy. It appears that such a combination of policy instruments is counterproductive. This paper analyses the credibility of the policy-mix used by authorities. But, opposite to traditional credibility models, fiscal policy is explicitly introduced in the loss function of the authorities. The model suggests that a restrictive fiscal policy is not necessary a credible decision to defence the exchange rate target. Classification JEL : E5 ; E6 ; F4

Suggested Citation

  • Jean-Pierre Allegret & Marie-Noëlle Calès, 2001. "Attaques spéculatives et crédibilité du régime de change. Quel arbitrage pour le policy-mix ?," Revue économique, Presses de Sciences-Po, vol. 52(2), pages 249-264.
  • Handle: RePEc:cai:recosp:reco_522_0249
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    References listed on IDEAS

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    1. Patrick Bajari & C. Lanier Benkard & Jonathan Levin, 2007. "Estimating Dynamic Models of Imperfect Competition," Econometrica, Econometric Society, vol. 75(5), pages 1331-1370, September.
    2. Gasmi, F & Laffont, Jean-Jacques & Sharkey, W W, 1997. "Incentive Regulation and the Cost Structure of the Local Telephone Exchange Network," Journal of Regulatory Economics, Springer, vol. 12(1), pages 5-25, July.
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    JEL classification:

    • F4 - International Economics - - Macroeconomic Aspects of International Trade and Finance

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