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Globalisation financière et autonomie de la politique monétaire. Le rôle des contrôles de capitaux

Listed author(s):
  • Yves Jégourel
  • Jérôme Teïletche

[fre] Cet article analyse l'impact des restrictions aux mouvements de capitaux sur l'autonomie de la politique monétaire lorsqu'un pays tente de concilier stabilité du taux de change réel et lutte contre l'inflation. Dans un premier temps, nous comparons, du point de vue de leur incidence sur l'égalisation des rendements internationaux, deux types de restriction : le système de réserves obligatoires non rémunérées (encaje chilien) et la taxe Tobin. Par la suite, nous analysons l'impact sur la dynamique de court terme des taux de change de telles restrictions en considérant des degrés variables de stérilisation des interventions de change. Cette analyse théorique, confrontée à l'expérience chilienne, nous permet enfin de dégager des implications quant à la désirabilité de telles mesures en ce qui concerne l'autonomie de la politique monétaire. [eng] Financial globalization and the autonomy of monetary policy: the role of capital controls This article analyzes the effects of various capital controls on the autonomy of national monetary policy when a country tries to obtain simultaneously real ex­change rate stability and price stability. First, we compare, on the basis of their effect on international returns equalization, the Chilean non-remunerated deposit requirement and the Tobin tax. We then analyze their impact on short term exchange rates dynamics in a traditional overshooting model where endogeneous money supply is allowed in order to take into account the possibility of sterilized intervention. Finally, we draw some conclusions on the relative desirability of these two measures on the basis of the theoretical implications of the model and of the Chilean experience of capital restrictions.

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

Volume (Year): 52 (2001)
Issue (Month): 2 ()
Pages: 399-414

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Handle: RePEc:prs:reveco:reco_0035-2764_2001_num_52_2_410324
Note: DOI:10.3406/reco.2001.410324
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