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Le taux de change réel et le problème de l’ajustement : une synthèse des trois approches classiques de la balance des paiements

Listed author(s):
  • Coiteux, Martin

    (Institut d’économie appliquée, École des Hautes Études Commerciales)

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    This article presents a synthesis of the three classical approaches to the balance of payments. The synthesis is based on a financing constraint of general validity and its aim is to study the role of the real exchange rate in an adjustment context. The article argues that the recent development of an essentially microeconomic approach to the balance of payments should not question the usefulness of the traditional macroeconomic approaches. An original aspect of the synthesis is the development of a monetary approach free of the usual assumptions of purchasing power and real interest parities and thus suitable for the study of the real instead of the nominal exchange rate. Cet article offre une synthèse originale des trois approches classiques de la balance des paiements dont le but est de mieux comprendre le rôle du taux de change réel dans l’ajustement d’une économie à sa contrainte de financement. En s’appuyant sur le respect de cette contrainte, la synthèse fait valoir que le développement récent d’une théorie de la balance des paiements d’inspiration essentiellement microéconomique ne devrait pas remettre en cause l’utilité des approches macroéconomiques traditionnelles. L’un des aspects originaux de cette synthèse est la formulation d’une approche monétaire sans parité des taux d’intérêt réels ni parité des pouvoirs d’achat permettant de traiter directement du taux de change réel plutôt que du taux de change nominal.

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    Article provided by Société Canadienne de Science Economique in its journal L'Actualité économique.

    Volume (Year): 72 (1996)
    Issue (Month): 4 (décembre)
    Pages: 433-450

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    Handle: RePEc:ris:actuec:v:72:y:1996:i:4:p:433-450
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