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Régime de change et gouvernance mondiale

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  • Patrick Artus

Abstract

[eng] Exchange rate regime and international governance . Most of the difficulties met in Europe during the EMS crisis, in Mexico, in Argentina and in Brazil, in Japan and in Asia, more recently in Germany, are closely linked to the choice of a wrong exchange rate policy. Either the real exchange rate is not well-suited to the economic situation, or the exchange rate regime itself is dangerous, being for instance irreversible.. This leads us to suggest an international supervision of real exchange rates and the choice of a pragmatic rate regime with fixed, but adjustable rate. . JEL classification : F31, F33 [fre] La plupart des difficultés économiques graves rencontrées en Europe au moment des crises du SME, au Mexique, en Argentine et au Brésil, en Asie, au Japon et récemment en Allemagne sont liées étroitement à un choix erroné de politique de change. Il s'agit soit d'un taux de change réel inadapté, soit d'un régime de change dangereux, irréversible en particulier. Ceci nous conduit à suggérer une supervision internationale des taux de change réels et le choix d'un régime de « fixité ajustable et pragmatique ». . Classification JEL : F31, F33

Suggested Citation

  • Patrick Artus, 2003. "Régime de change et gouvernance mondiale," Revue d'Économie Financière, Programme National Persée, vol. 70(1), pages 101-121.
    • Handle: RePEc:prs:recofi:ecofi_0987-3368_2003_num_70_1_4825
    DOI: 10.3406/ecofi.2003.4825
    Note: DOI:10.3406/ecofi.2003.4825
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    References listed on IDEAS

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    Cited by:

    1. Leila Ali, 2012. "Flexibility: Stability's Best Friend in Non-transparent Countries?," International Economic Journal, Taylor & Francis Journals, vol. 26(2), pages 247-264, December.

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    More about this item

    JEL classification:

    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions

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