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Formation de la liquidité internationale et stabilisation du change dans un régime international bipolaire


  • Christian Aubin
  • Jacques Léonard
  • Philippe Norel


[fre] La naissance de l'euro permet d'envisager la coexistence de deux monnaies internationales. Cet article traite des discordances entre structure de demande et structure d'offre de la liquidité internationale dans un régime bipolaire. Nous montrons que le processus d'ajustement nécessaire à la stabilisation du change n'est jamais neutre vis-à-vis de la liquidité internationale. Nous en déduisons une règle de partage de la charge d'ajustement entre les émetteurs qui limite les effets induits sur l'alimentation en liquidité. [eng] International liquidity generation and exchange rate stabilization in a bipolar international regime. . The upsurge of the euro opens the possibility that two international currencies coexist. This paper focuses on the potential discordance between the demand and supply structures of international liquidity within a bipolar monetary regime. We show that the adjustment process intended to stabilize exchange rates is never neutral with respect to international liquidity. Controlling the effects of such a process on the dynamics of liquidity requires a specific rule between international currency issuers to share the burden of adjustment.

Suggested Citation

  • Christian Aubin & Jacques Léonard & Philippe Norel, 2001. "Formation de la liquidité internationale et stabilisation du change dans un régime international bipolaire," Revue Économique, Programme National Persée, vol. 52(2), pages 371-388.
  • Handle: RePEc:prs:reveco:reco_0035-2764_2001_num_52_2_410322

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