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


  • Jean-Pierre Allegret
  • Marie-Noëlle Calès


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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    JEL classification:

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


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