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Stabilité des marchés de change au comptant et à terme : une approche d’équilibre simultané

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  • Casas, F. R.

    (Université de Toronto)

Abstract

The paper derives the static and dynamic stability conditions of the simultaneous short run equilibrium of the spot and forward exchange markets by analyzing the direct impact of changes in the two exchange rates on the behavior of the various market participants as well as the indirect impact of such changes through their effects on expectations. These stability conditions and the underlying behavioral analysis are crucial in determining the domestic repercussions of internal and external disturbances and the effectiveness of domestic policies. The paper also discusses the properties of the long run equilibrium of the foreign exchange market. L’article analyse la relation entre les marchés de change à terme et au comptant. On obtient les conditions de stabilité statique et dynamique de l’équilibre simultané à court terme des deux marchés à partir de l’étude de l’effet des variations des taux de change au comptant et à terme sur les décisions des participants dans les deux marchés, directement et à travers l’impact de telles variations sur les anticipations. Ces conditions sont requises pour l’évaluation des effets de perturbations d’origine domestique ou étrangère et de ceux des politiques fiscales et monétaires.

Suggested Citation

  • Casas, F. R., 1983. "Stabilité des marchés de change au comptant et à terme : une approche d’équilibre simultané," L'Actualité Economique, Société Canadienne de Science Economique, vol. 59(2), pages 240-265, juin.
    • Handle: RePEc:ris:actuec:v:59:y:1983:i:2:p:240-265
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