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Politiques économiques et intégration des marchés financiers: que pouvons-nous apprendre des différentiels de taux d'intérêt?

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Ce texte fait le point sur l'état des connaissances théoriques et empiriques quant aux différentiels de taux d/intérêt (et autres déviations par rapport aux conditions internationales de non-arbitrage). Il met particulièrement l'accent sur ce que ces différentiels peuvent nous apprendre relativement à la conduite des politiques budgétaires et monétaires pour des petites économies ouvertes comme celles du Québec et du Canada. Les déterminants des taux d'intérêt et leur interaction avec les politiques budgétaires et monétaires en économie ouverte sont étudiées et certains résultats empiriques importants sont présentés. This paper reviews the state of theoretical and empirical economic knowledge regarding interest rate differentials (and other deviations from international non arbitrage conditions). It emphasises in particular what can be learned from these differentials in relation to the conduct of fiscal and monetary policy in the context of small open economies such as Québec and Canada. The determination of interest rates and their interaction with fiscal and monetary policy are discussed and some important empirical results are surveyed.

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Paper provided by CREFE, Université du Québec à Montréal in its series Cahiers de recherche CREFE / CREFE Working Papers with number 52.

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Length: 29 pages
Date of creation: Aug 1997
Handle: RePEc:cre:crefwp:52
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