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

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  • Jean Pisani-Ferry
  • Agnès Bénassy-Quéré

Abstract

[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.

Suggested Citation

  • Jean Pisani-Ferry & Agnès Bénassy-Quéré, 1998. "L'euro et la stabilité des taux de change. Une analyse théorique," Revue Économique, Programme National Persée, vol. 49(3), pages 733-742.
  • Handle: RePEc:prs:reveco:reco_0035-2764_1998_num_49_3_410005
    Note: DOI:10.3406/reco.1998.410005
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    Cited by:

    1. Jérôme Creel & Henri Sterdyniak, 1998. "À propos de la volatilité de l'euro," Revue de l'OFCE, Programme National Persée, vol. 65(1), pages 199-226.

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