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Mieux caractériser les régimes de change pour comprendre leurs fragilités

Author

Listed:
  • Cécile Couharde
  • Carl Grekou

Abstract

Les changes fixes limitent les capacités d’ajustement des économies, mais les changes flexibles peuvent les exposer à des fluctuations violentes, si bien que le débat théorique n’est pas tranché sur les mérites respectifs de ces deux régimes au regard du risque de crise de change. Quant au constat empirique, il est brouillé par la difficulté à caractériser la variété des régimes de change apparue depuis la fin du système de Bretton Woods, les déclarations officielles étant parfois trompeuses. Une amélioration des classifications existantes permet de montrer que, à contexte macroéconomique comparable, les crises de change sont moins fréquentes en régime de change fixe.

Suggested Citation

  • Cécile Couharde & Carl Grekou, 2021. "Mieux caractériser les régimes de change pour comprendre leurs fragilités," La Lettre du CEPII, CEPII research center, issue 418.
    • Handle: RePEc:cii:cepill:2021-418
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    More about this item

    Keywords

    Régimes de change; Classification de facto; Crises de change;
    All these keywords.

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • F3 - International Economics - - International Finance
    • F4 - International Economics - - Macroeconomic Aspects of International Trade and Finance
    • O24 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Trade Policy; Factor Movement; Foreign Exchange Policy

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