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Un modèle simple de zone monétaire optimale

Listed author(s):
  • Luca Antonio Ricci

[fre] Un modèle simple de zone monétaire optimale par Luca Antonio Ricci Cet article présente un modèle à deux pays qui permet d'étudier dans quelles circonstances la participation à une zone monétaire est profitable. Nous tentons de rendre compte à la fois des arguments réels et monétaires suggérés par la littérature sur les zones monétaires optimales, dans un modèle simple de commerce international avec rigidités nominales. Les bénéfices nets qu'un pays peut espérer retirer de la participation à une union monétaire augmentent avec : la corrélation des chocs réels entre les pays ; le degré de mobilité internationale du travail ; l'efficacité de l'instrument fiscal comme variable d'ajustement ; la différence entre le biais inflationniste des autorités nationales et celui des autorités de l'Union monétaire ; la variance des chocs monétaires domestiques ; l'importance de la charge morte et des pertes d'efficience que l'adoption d'une monnaie unique permet d'éliminer. Ces mêmes bénéfices nets diminuent avec : la variance des chocs réels ; la variance des chocs monétaires étrangers ; la corrélation des chocs réels entre les pays. L'influence du degré d'ouverture sur les bénéfices nets de la participation à une union monétaire est ambiguë. Ce dernier résultat s'oppose à l'idée généralement avancée qu'une union monétaire serait d'autant plus avantageuse que les économies sont plus ouvertes sur l'extérieur. [eng] ASimple Model of an Optimum Currency Area by Luca Antonio Ricci This paper develops a two-country model to investigate the circumstances under which it is beneficial to participate in a currency area. It captures both the real and monetary arguments suggested by the optimum currency area literature in a simple monetary model of trade with nominal rigidities. The net benefits that one country expects from participation in a currency union increase with: the correlation of real shocks between countries; the degree of international labor mobility; the degree of adjustment provided by a fiscal tool; the difference between the inflationary bias of the domestic authority and the inflationary bias of the authority of the currency union; the variability of real shocks; the variability of foreign monetary shocks; the correlation of monetary shocks between countries. The effect of the degree of openness on the net benefits is ambiguous. This last result contrasts with the usual argument that more open economies are better candidates for a currency area.

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Article provided by Programme National Persée in its journal Économie & prévision.

Volume (Year): 128 (1997)
Issue (Month): 2 ()
Pages: 1-19

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Handle: RePEc:prs:ecoprv:ecop_0249-4744_1997_num_128_2_5846
Note: DOI:10.3406/ecop.1997.5846
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References listed on IDEAS
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  1. Eichengreen, Barry, 1990. "Is Europe an Optimum Currency Area?," CEPR Discussion Papers 478, C.E.P.R. Discussion Papers.
  2. Barro, Robert J. & Gordon, David B., 1983. "Rules, discretion and reputation in a model of monetary policy," Journal of Monetary Economics, Elsevier, vol. 12(1), pages 101-121.
  3. Xavier Sala-i-Martin & Jeffrey Sachs, 1991. "Fiscal Federalism and Optimum Currency Areas: Evidence for Europe From the United States," NBER Working Papers 3855, National Bureau of Economic Research, Inc.
  4. Fleming, J Marcus, 1971. "On Exchange Rate Unification," Economic Journal, Royal Economic Society, vol. 81(323), pages 467-488, September.
  5. Tamim Bayoumi, 1994. "A Formal Model of Optimum Currency Areas," IMF Staff Papers, Palgrave Macmillan, vol. 41(4), pages 537-554, December.
  6. Eichengreen, Barry, 1990. "One Money for Europe? Lessons from the US Currency Union," Department of Economics, Working Paper Series qt6ks1k831, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
  7. Krugman, P., 1993. "What Do We Need to Know About the International Monetary System?," Princeton Studies in International Economics 190, International Economics Section, Departement of Economics Princeton University,.
  8. Francesco Giavazzi & Marco Pagano, 1991. "The Advantage of Tying One's Hands: EMS Discipline and Central Bank Credibility," NBER Chapters,in: International Volatility and Economic Growth: The First Ten Years of The International Seminar on Macroeconomics, pages 303-330 National Bureau of Economic Research, Inc.
  9. Minford, Patrick, 1993. "Other People's Money: The Microfoundations of Optimal Currency Areas," CEPR Discussion Papers 757, C.E.P.R. Discussion Papers.
  10. Olivier Jean Blanchard & Lawrence F. Katz, 1992. "Regional Evolutions," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 23(1), pages 1-76.
  11. George S. Tavlas, 2009. "Optimum-Currency-Area Paradoxes," Review of International Economics, Wiley Blackwell, vol. 17(3), pages 536-551, August.
  12. George Tavlas, 1994. "The theory of monetary integration," Open Economies Review, Springer, vol. 5(2), pages 211-230, March.
  13. Masson, Paul R & Taylor, Mark P, 1992. "Common Currency Areas and Currency Unions: An Analysis of the Issues," CEPR Discussion Papers 617, C.E.P.R. Discussion Papers.
  14. Bofinger, Peter, 1994. "Is Europe an Optimum Currency Area?," CEPR Discussion Papers 915, C.E.P.R. Discussion Papers.
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