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La diffusion internationale de l'euro

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  • Jacques Le Cacheux

    () (OFCE - OFCE - Sciences Po)

Abstract

La création de l'euro est-elle susceptible de remettre en cause la suprématie du dollar dans le système monétaire international ? Quelle sera l'étendue de ses usages en dehors des frontières de l'union monétaire européenne ? Cet article passe en revue les principaux déterminants du processus de diffusion internationale de la future monnaie européenne, en mettant l'accent sur les facteurs financiers et sur la relative indétermination de l'issue de cette compétition internationale entre grandes devises : l'existence de marchés financiers et de marchés des changes très développés et très liquides permet, en effet, de déconnecter les différentes fonctions traditionnelles de la monnaie et rend, de ce fait, très ténus les liens habituellement supposés entre usages et motifs de détention d'une devise. L'inadéquation des cadres conceptuels généralement utilisés pour analyser la concurrence internationale entre devises nous amène à esquisser, à la suite de certains travaux récents, une analyse alternative, fondée sur les caractéristiques de bien public de la monnaie (...).

Suggested Citation

  • Jacques Le Cacheux, 1998. "La diffusion internationale de l'euro," Post-Print hal-01010666, HAL.
  • Handle: RePEc:hal:journl:hal-01010666
    Note: View the original document on HAL open archive server: https://hal-sciencespo.archives-ouvertes.fr/hal-01010666
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    References listed on IDEAS

    as
    1. Richard Portes & Hélène Rey, 1998. "The emergence of the euro as an international currency," Economic Policy, CEPR;CES;MSH, vol. 13(26), pages 305-343, April.
    2. Cohen, Daniel, 1997. "How will the euro behave ?," CEPREMAP Working Papers (Couverture Orange) 9704, CEPREMAP.
    3. William J. Baumol, 1952. "The Transactions Demand for Cash: An Inventory Theoretic Approach," The Quarterly Journal of Economics, Oxford University Press, vol. 66(4), pages 545-556.
    4. Martin, Philippe, 1998. "The Exchange Rate Policy of the Euro: A Matter of Size?," Journal of the Japanese and International Economies, Elsevier, vol. 12(4), pages 455-482, December.
    5. Artus, P., 1996. "A Strong Euro or a Weak Euro?," Papers 96-02/ei, Caisse des Depots et Consignations - Cahiers de recherche.
    6. Robert N. McCauley & William R. White, 1997. "The Euro and European financial markets," BIS Working Papers 41, Bank for International Settlements.
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    Cited by:

    1. Jérôme Creel, 1999. "Fiche de lecture du premier rapport annuel du groupe de politique macroéconomique du CEPS, 'Macroeconomic Policy in the First Year of Euroland’'," Sciences Po publications info:hdl:2441/2962, Sciences Po.
    2. Jérôme Creel, 1999. "Fiche de lecture : Premier rapport annuel du groupe de politique macroéconomique du CEPS," Revue de l'OFCE, Programme National Persée, vol. 69(1), pages 207-219.
    3. repec:spo:wpecon:info:hdl:2441/2962 is not listed on IDEAS

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