IDEAS home Printed from
MyIDEAS: Log in (now much improved!) to save this article

Les actifs libellés en écus dans le système monétaire et financier européen : une approche en termes de portefeuille

Listed author(s):
  • Gilbert Koenig

[fre] Les actifs libellés en écus dans le système monétaire et financier européen. Une approche en termes de portefeuille Les écus privés et les titres libellés en cette monnaie sont introduits dans un modèle d'actifs qui incorpore un mécanisme de substitution entre monnaies et qui adopte une approche en termes d'analyse de portefeuille. Ce modèle décrit l'inter­dépendance entre les secteurs monétaires et financiers des pays du SME et les relations entre ce dernier et le reste du monde. Il constitue le cadre d'une analyse qui se fixe un double objectif : -préciser les modalités et les conséquences macro-économiques des opérations de création et de destruction d'écus privés non bancaires ; - expliquer le rôle des écus dans le mécanisme de transmission des conséquences de la politique monétaire et dans la propagation des effets des anticipations sur les variations de taux de change. [eng] The ecu assets in the european monetary and financial system : a portfolio approach Private ECU and ECU bonds are introduced in an asset-market model which involves a currency substitution mechanism and adopts a portfolio-balance approach. This model describes the interdependance between the monetary and financial sectors of the EMS members and the relations between EMS and the rest of the world. The analysis developed in this Framework has two purposes. Firstly, it studies the tenns and the macro-economic consequences of ECUs creation and destruction. Secondly, it explains the role of ECU within the transmission mechanism of the effects of a monetary policy and of exchange rate expectations.

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL:
Download Restriction: Data and metadata provided by Persée are licensed under a Creative Commons "Attribution-Noncommercial-Share Alike 3.0" License

File URL:
Download Restriction: Data and metadata provided by Persée are licensed under a Creative Commons "Attribution-Noncommercial-Share Alike 3.0" License

As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.

Article provided by Programme National Persée in its journal Revue économique.

Volume (Year): 45 (1994)
Issue (Month): 4 ()
Pages: 1045-1064

in new window

Handle: RePEc:prs:reveco:reco_0035-2764_1994_num_45_4_409589
Note: DOI:10.3406/reco.1994.409589
Contact details of provider: Web page:

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

in new window

  1. McKinnon, Ronald I, 1982. "Currency Substitution and Instability in the World Dollar Standard," American Economic Review, American Economic Association, vol. 72(3), pages 320-333, June.
  2. Polly REYNOLDS ALLEN, 1993. "Transactions Use of the Ecu in the Transition to EMU: A Model of Network Externalities," Discussion Papers (REL - Recherches Economiques de Louvain) 1993017, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
  3. Branson, William H. & Henderson, Dale W., 1985. "The specification and influence of asset markets," Handbook of International Economics,in: R. W. Jones & P. B. Kenen (ed.), Handbook of International Economics, edition 1, volume 2, chapter 15, pages 749-805 Elsevier.
  4. Jeroen J. M. Kremers & Timothy D. Lane, 1990. "Economic and Monetary Integration and the Aggregate Demand for Money in the EMS," IMF Staff Papers, Palgrave Macmillan, vol. 37(4), pages 777-805, December.
  5. Daniel Gros & Niels Thygesen, 1990. "Vers l'union monétaire européenne : pourquoi et comment ?," Revue de l'OFCE, Programme National Persée, vol. 33(1), pages 131-153.
Full references (including those not matched with items on IDEAS)

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

When requesting a correction, please mention this item's handle: RePEc:prs:reveco:reco_0035-2764_1994_num_45_4_409589. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Equipe PERSEE)

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.

This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.