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Les zones monétaires optimales

  • Lafrance, Robert

    (Banque du Canada)

  • St-Amant, Pierre

    (Banque du Canada)

This paper surveys the recent literature on optimal currency areas (OCAs). Topics that are covered include theoretical developments in the context of general-equilibrium models and empirical work on shocks asymmetry and adjustment mechanisms. Issues relating to the endogeneity of OCA criteria, the role of exchange rate flexibility in promoting greater macroeconomic stability, and the link between productivity and the exchange rate are also surveyed. We conclude with suggestions for future research. La présente étude est une recension des écrits publiés récemment sur les zones monétaires optimales (ZMO). Elle traite notamment des travaux théoriques effectués dans le cadre des modèles d’équilibre général et des travaux empiriques sur l’asymétrie des chocs et les mécanismes d’ajustement. Parmi les autres sujets qui y sont abordés, il convient de mentionner le caractère endogène des critères de détermination des ZMO, le rôle de la flexibilité du taux de change dans la promotion d’une plus grande stabilité macroéconomique et les liens entre la productivité et le taux de change. Nous suggérons en conclusion certaines avenues de recherche à explorer.

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

Volume (Year): 76 (2000)
Issue (Month): 4 (décembre)
Pages: 577-612

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Handle: RePEc:ris:actuec:v:76:y:2000:i:4:p:577-612
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