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L'euro et la stabilité des taux de change. Une analyse théorique

  • Agnès Bénassy-Quéré
  • Jean Pisani-Ferry

[fre] L'euro et la stabilité des taux de change. Une analyse théorique. . À l'aide d'un modèle théorique à trois pays, cet article montre que l'unification monétaire européenne pourrait entraîner une variabilité accrue du dollar vis-à-vis de l'ensemble des monnaies européennes, par comparaison avec un régime de flottement généralisé. En comparaison avec un régime de change fixe en Europe, l'accroissement de l'instabilité du dollar dépendra du degré d'asymétrie des chocs et de la proportion de chocs spéculatifs corrélés en Europe. [eng] The euro and exchange rate stability : a theoritical approach. . We use a theoritical, three-country-model that shows how European Monetary Union could lead to increased dollar instability against European currencies, com­pared to a general floating regime. Compared to a regime of fixed exchange rates in Europe, the impact of EMU on dollar variability will depend on the proportion of asymmetric shocks and of correlated speculative shocks in Europe.

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

Volume (Year): 49 (1998)
Issue (Month): 3 ()
Pages: 733-742

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Handle: RePEc:prs:reveco:reco_0035-2764_1998_num_49_3_410005
Note: DOI:10.2307/3502804
Contact details of provider: Web page: http://www.persee.fr/web/revues/home/prescript/revue/reco

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