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La politique économique en présence de substitution de monnaies

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  • Sylviane Guillaumont Jeanneney

Abstract

[eng] Economic policy with currency substitution. . Monetary theory usually assumes that only one money circulates in each economy. However the substitution of foreign currencies to the national one is quite a common practice in indus trial as well as in developing countries. Its implications for macroeconomic policy are significant. They are illuminated through two issues, the European monetary union and the stabilization policy in chronic inflation countries. In these two cases, currency substitution appears to be a strong argument in favor of a fixed exchange rate. [fre] La politique économique en présence de substitutions de monnaies. Allocution présidentielle. . La théorie monétaire suppose traditionnellement qu'une seule monnaie circule dans chaque économie. Pourtant, la substitution de monnaies étrangères à la monnaie nationale dans les encaisses est un phénomène de plus en plus courant des économies industrialisées comme des pays en développement. Les implica­tions pour la politique macro-économique en sont considérables. Elles sont illustrées à travers deux thèmes : l'unification monétaire européenne et la politique de stabilisation dans les pays à forte inflation. On montre que, dans les deux cas, la substitution des monnaies est un argument important en faveur de la fixité des changes.

Suggested Citation

  • Sylviane Guillaumont Jeanneney, 1994. "La politique économique en présence de substitution de monnaies," Revue Économique, Programme National Persée, vol. 45(3), pages 349-368.
  • Handle: RePEc:prs:reveco:reco_0035-2764_1994_num_45_3_409529
    DOI: 10.3406/reco.1994.409529
    Note: DOI:10.3406/reco.1994.409529
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    Cited by:

    1. Michaël GOUJON & Sylviane GUILLAUMONT JEANNENEY & Christopher ADAM, 2002. "Currency substitution and the transactions demand for money in Vietnam," Working Papers 200228, CERDI.

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