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La théorie des zones monétaires optimales : l’optimum, le praticable, le crédible et le réel

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  • Schor, Armand-Denis

    (C.A.D.R.E., Université Lille 2)

Abstract

The theory of the optimum currency areas—OCA—has been, for forty years, an unavoidable framework regarding the choice of the exchange's mode. Of Keynesian inspiration, it initially supplements the friedmanian plea in favor of the generalized floating exchange rate mode. Improved, then deeply renewed by taking into account time inconsistency and the theory of credibility—the new theory of the optimal currency areas—, Mundell's construction is still robust and topical. The OCA theory maintains all its relevance at a time of rising regional unions, it is currently being used to help Canada determine the optimal mode of exchange vis-a-vis the currency of the United States—float, dollarization, monetary union—, or to help the Asian countries tempted by the peg and by regional solutions. La théorie des zones monétaires optimales est, depuis quarante ans, un cadre d’analyse incontournable en matière de choix du régime de change. D’inspiration keynésienne, elle s’inscrit initialement en complément du plaidoyer friedmanien en faveur du flottement généralisé. Enrichie, puis profondément renouvelée par la prise en compte de la cohérence temporelle et de la théorie de la crédibilité — la nouvelle théorie des zones monétaires optimales —, la construction de Mundell est toujours aussi robuste et actuelle. Elle conserve toute sa pertinence à l’heure de la montée en puissance des unions régionales, elle est aujourd’hui utilisée pour aider le Canada à déterminer le régime de change optimal face à la monnaie des États-Unis — flottement, dollarisation, union monétaire —, ou les pays asiatiques tentés par l’ancrage et les solutions régionales.

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  • Schor, Armand-Denis, 2000. "La théorie des zones monétaires optimales : l’optimum, le praticable, le crédible et le réel," L'Actualité Economique, Société Canadienne de Science Economique, vol. 76(4), pages 545-576, décembre.
    • Handle: RePEc:ris:actuec:v:76:y:2000:i:4:p:545-576
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