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« Currency Board » et ajustements macroéconomiques : les leçons de l'expérience de l'Argentine

Author

Listed:
  • Emilie Laffiteau
  • Jean-Marc Montaud

Abstract

[eng] Currency Board and macroeconomic adjustments : the Argentine experience . The aim of this study is to address, through the recent Argentine experience, the link between Currency Board’s mechanisms and macroeconomic adjustments, especially in the labour market. First, the authors present how the Argentine monetary system was set up ; secondly they present Currency Board mechanisms and the main features of the Argentine economy. Thirdly, three types of simulations summarize the argentine economic situation at the end of nineties : austerity politics strengthening, financial crisis and regional integration strengthening scenarii. Each simulation explains how the Argentine economy reacts in a framework where monetary mechanisms are constraint by the Currency Board. . JEL classification : D58, E42, E58, G28 [fre] Ce travail tente d’explorer, à travers l’expérience argentine récente, le lien entre les mécanismes imposés par le système de Currency Board et les modes d’ajustements macroéconomiques, notamment sur le marché du travail. Après avoir rappelé les conditions de mise en place d’un tel système monétaire en Argentine, les auteurs révèlent les mécanismes d’ajustement du Currency Board. Trois groupes de simulations sont ainsi présentés pour retracer les différentes conditions économiques qu’a pu connaître l’Argentine à la fin des années 1990 : un scénario de renforcement des politiques d’austérité, un scénario de crises financières et un scénario de renforcement des processus d’intégration régionale avec les pays voisins. Chacune de ces simulations montre alors comment réagit l’économie argentine dans un contexte où les mécanismes monétaires sont contraints par le Currency Board.. Classification JEL : D58, E42, E58, G28

Suggested Citation

  • Emilie Laffiteau & Jean-Marc Montaud, 2005. "« Currency Board » et ajustements macroéconomiques : les leçons de l'expérience de l'Argentine," Revue d'Économie Financière, Programme National Persée, vol. 81(4), pages 237-249.
    • Handle: RePEc:prs:recofi:ecofi_0987-3368_2005_num_81_4_4022
    DOI: 10.3406/ecofi.2005.4022
    Note: DOI:10.3406/ecofi.2005.4022
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    References listed on IDEAS

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    1. Steve H. Hanke, 1999. "Reflections on Exchange Rate Regimes," Cato Journal, Cato Journal, Cato Institute, vol. 18(3), pages 335-344, Winter.
    2. Mr. Charles Enoch & Mr. Tomás J. T. Baliño, 1997. "Currency Board Arrangements: Issues and Experiences," IMF Occasional Papers 1997/005, International Monetary Fund.
    3. François Bourguignon & William H. Branson & Jaime de Melo, 1989. "Macroeconomic Adjustment and Income Distribution: A Macro-Micro Simulation Model," OECD Development Centre Working Papers 1, OECD Publishing.
    4. Pizzati,Lodovico, 2002. "Labor market implications of switching the currency peg in a general equilibrium model for Lithuania," Policy Research Working Paper Series 2830, The World Bank.
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    More about this item

    JEL classification:

    • D58 - Microeconomics - - General Equilibrium and Disequilibrium - - - Computable and Other Applied General Equilibrium Models
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Systems; Standards; Regimes; Government and the Monetary System
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • D58 - Microeconomics - - General Equilibrium and Disequilibrium - - - Computable and Other Applied General Equilibrium Models
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Systems; Standards; Regimes; Government and the Monetary System
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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