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Interventions de change en Asie et taux de change d’équilibre du dollar


  • Benjamin Carton
  • Karine Herve
  • Nadia Terfous


Cet article participe au debat sur la soutenabilite du deficit courant americain et son financement par les banques centrales asiatiques. Les estimations usuelles de taux de change d’equilibre (TCE) aboutissent a une surevaluation du dollar et a une sous-évaluation des monnaies asiatiques. L’introduction des interventions de change dans un modele FEER montre que celles-ci sont en partie responsables de ces mesalignements. Ces interventions modifient, par ailleurs, le comportement des investisseurs. Le TCE des monnaies flexibles vis-a-vis du dollar varie suivant que les flux de capitaux prives s’ajoutent aux flux publics pour financer un fort deficit courant americain ou que les investisseurs prives s’inquietent du caractere non soutenable de la balance courante americaine et reduisent leurs entrees nettes de capitaux aux Etats-Unis.

Suggested Citation

  • Benjamin Carton & Karine Herve & Nadia Terfous, 2006. "Interventions de change en Asie et taux de change d’équilibre du dollar," Economie Internationale, CEPII research center, issue 106, pages 57-84.
  • Handle: RePEc:cii:cepiei:2006-2tc

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    Cited by:

    1. Carton, Benjamin & Hervé, Karine, 2012. "Estimation of consistent multi-country FEERs," Economic Modelling, Elsevier, vol. 29(4), pages 1205-1214.

    More about this item


    Taux de change d’équilibre; interventions; soutenabilite; balance courante; integration internationale;

    JEL classification:

    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration


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