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Crise de la balance des paiements et substituabilité entre monnaie et consommation

  • Patrick Villieu

[fre] Crise de la balance des paiements et substituabilité entre monnaie et consommation Cet article étudie une crise de la balance des paiements dans un modèle d'optimisation intertemporelle à monnaie dans la fonction d'utilité. Comme chez Krugman [1979] ou Calvo [1987], la crise découle du maintien du taux de dévaluation du change à un niveau inconséquent (politique de stabilisation du change incompatible avec les objectifs internes). Lors de la mise en place de la politique de stabilisation, et durant la phase transitoire, l'économie connaîtra un excédent de la balance des transactions cou­rantes si la monnaie et la consommation sont substituables au sens d'Edgeworth, et un déficit si ces deux variables sont complémentaires. Cette analyse généralise les conclusions de Calvo [1987] à une structure dans laquelle monnaie et consommation ne sont pas strictement complémentaires. [eng] Balance of payments crises and money-consumption subsutuability This paper describes a balance of payments crisis in an optimizing money-in-the-utility-function model. The anatomy of the crisis is similar to Krugman [1979] and Calvo [1987] findings. However, the current-account dynamics differs from Calvo [1987] cash-in-advance framework. The exchange rate freeze is seen to generale a current-account deficit or a current-account surplus if the cross-derivative of the utility function between money and consumptiori is respectively positive or negative. This analysis generalizes Calvo's model to a framework in which money and consumption are not strict complement.

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File URL: http://www.persee.fr/doc/reco_0035-2764_1993_num_44_3_409465
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Article provided by Programme National Persée in its journal Revue économique.

Volume (Year): 44 (1993)
Issue (Month): 3 ()
Pages: 593-614

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Handle: RePEc:prs:reveco:reco_0035-2764_1993_num_44_3_409465
Contact details of provider: Web page: http://www.persee.fr/collection/reco

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  1. Maurice Obstfeld, 1984. "Speculative Attack and the External Constraint in a Maximizing Model of the Balance of Payments," NBER Working Papers 1437, National Bureau of Economic Research, Inc.
  2. Patrick Villieu, 1992. "Inflation et accumulation du capital : le rôle de la substituabilité entre consommation et encaisses réelles," Post-Print halshs-00250791, HAL.
  3. Krugman, Paul, 1979. "A Model of Balance-of-Payments Crises," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 11(3), pages 311-25, August.
  4. Claessens, Stijn, 1991. "Balance of payments crises in an optimal portfolio model," European Economic Review, Elsevier, vol. 35(1), pages 81-101, January.
  5. Calvo, Guillermo A, 1987. "Balance of Payments Crises in a Cash-in-Advance Economy," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 19(1), pages 19-32, February.
  6. Feenstra, Robert C., 1986. "Functional equivalence between liquidity costs and the utility of money," Journal of Monetary Economics, Elsevier, vol. 17(2), pages 271-291, March.
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