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Les indices des conditions monetaires


  • Ludovic Aubert


Cet article fait le point et clarifie le concept et l'utilisation des indices des conditions monetaires (ICM), dont le principe est d'agreger differentes variables monetaires et financieres en un indicateur unique. Si les ICM paraissent pouvoir fournir une information pertinente, celle-ci doit etre correctement delimitee en fonction de l'utilisation qui en est faite par la banque centrale, comme cible operationnelle ou simple indicateur, et des chocs qui touchent l'economie. En tant qu'indicateur des conditions monetaires, et non pas de l'orientation de la politique monetaire, la lecture en variation de l'ICM est en mesure d'indiquer le degre d'assouplissement ou de durcissement des conditions monetaires, qui, de par sa construction doit permettre de mesurer la contribution des orientations des conditions monetaires au cycle.

Suggested Citation

  • Ludovic Aubert, 2003. "Les indices des conditions monetaires," Economie Internationale, CEPII research center, issue 96, pages 63-102.
  • Handle: RePEc:cii:cepiei:2003-4td

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    Cited by:

    1. Henry Ngongo, 2015. "Les indicateus avanc\'es de l'inflation en RDCongo," Papers 1509.06504,
    2. Nasser Ary Tanimoune & Jean-Louis Combes & René Tapsoba, 2012. "Policy Mix Coherence: What Does it Mean for Monetary Policy in West Africa?," Working Papers halshs-00678712, HAL.
    3. GAMMADIGBE, Vigninou, 2015. "Indice de cohérence du policy-mix : une proposition
      [Policy-mix coherence index : a proposal]
      ," MPRA Paper 63286, University Library of Munich, Germany.
    4. GAMMADIGBE, Vigninou, 2015. "Policy Mix Coherence Index (PMCI) : A Proposal," MPRA Paper 63583, University Library of Munich, Germany.
    5. Henry Ngongo, 2015. "Les indicateus avancés de l'inflation en RDCongo," Post-Print hal-01202369, HAL.

    More about this item


    Indice des conditions monetaires; politique monetaire; taux de change; mecanisme de transmission; chocs; banque centrale; macroéconomie; transmission;

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics


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