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S. M. E. et policy-mix dans la perspective del'U.E.M

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  • Eric Dehay
  • Pascal Michelena

Abstract

[eng] This text investigates three explanations of 1992-1993 E.M.S. crises. It stresses on the effects of full capital market liberalization in a fixed exchange rates system, on the nature of credibility in the "new E.M.S." and finally on its change with the definition of convergence criteria. Emphasis is put particularly on fiscal aspects. In this new context, it appears that the problem for the E.M.S. in the road to E.M.U. is to find a new policy-mix which allows convergence and growth. [fre] au centre de trois canaux de déclenchement et de propagation des crises de 1992 et 1993: le potentiel déstabilisateur de la mobilité des capitaux dans un système de changes fixes, la crédibilité « surévaluée » du « nouveau S.M.E. » et les implications en matière de gestion des dettes publiques du choix des critères de convergence. La question qui se pose alors au S.M.E. est celle de la recherche d'un nouveau policy-mix mariant convergence et nécessité de croissance.

Suggested Citation

  • Eric Dehay & Pascal Michelena, 1994. "S. M. E. et policy-mix dans la perspective del'U.E.M," Revue Française d'Économie, Programme National Persée, vol. 9(3), pages 113-156.
    • Handle: RePEc:prs:rfreco:rfeco_0769-0479_1994_num_9_3_960
    DOI: 10.3406/rfeco.1994.960
    Note: DOI:10.3406/rfeco.1994.960
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    References listed on IDEAS

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    4. Goodhart, Charles, 1990. "Economists' perspectives on the EMS : A review essay," Journal of Monetary Economics, Elsevier, vol. 26(3), pages 471-487, December.
    5. Krugman, Paul, 1979. "A Model of Balance-of-Payments Crises," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 11(3), pages 311-325, August.
    6. Daniel Gros, 1987. "The Effectiveness of Capital Controls: Implications for Monetary Autonomy in the Presence of Incomplete Market Separation," IMF Staff Papers, Palgrave Macmillan, vol. 34(4), pages 621-642, December.
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