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Effets réels des régimes de change dans les pays en développement

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  • Ella Oyono, Dieudonné

    (CIRPÉE)

Abstract

Does the choice of exchange rate regime affect macroeconomic fluctuations? This paper answers the question by an econometric analysis. The results obtained indicate that exchange rate regime has real effects; floating exchange rate regimes are associated with smaller output volatility. These results explain why countries in the last decade have abandoned pegged exchange rates and constitute a step towards the identification of criteria for the choice of the optimal exchange rate regime. Lorsqu’un pays passe d’un régime de change à un autre, ce changement affecte-t-il les variables macroéconomiques telle que la production ? Ce texte répond à cette question en régressant la volatilité de la production sur les types de régime et un certain nombre de variables de contrôle. Les résultats obtenus indiquent que le régime de change a des effets réels; de plus, de faibles fluctuations de la production sont associées aux régimes de change « non fixes ». Il apparaît donc que l’abandon du régime fixe observé au cours de la dernière décennie se justifie par un objectif de stabilité de la production. Ceci constitue un pas vers l’identification des critères d’un régime de change optimal.

Suggested Citation

  • Ella Oyono, Dieudonné, 2006. "Effets réels des régimes de change dans les pays en développement," L'Actualité Economique, Société Canadienne de Science Economique, vol. 82(3), pages 319-340, septembre.
    • Handle: RePEc:ris:actuec:v:82:y:2006:i:3:p:319-340
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