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Confiance et ajustement dans les régimes d'étalon-or et de caisse d'émission

  • Jean-Baptiste Desquilbet


    (LEO - Laboratoire d'économie d'Orleans - CNRS - UO - Université d'Orléans)

  • Nikolay Nenovsky


    (LEO - Laboratoire d'économie d'Orleans - CNRS - UO - Université d'Orléans)

It is often maintained that currency boards and gold standards are alike in that they are stringent monetary rules, the two basic features of which are high credibility of monetary authorities and the existence of an automatic adjustment (non discretionary) mechanism. This article includes a comparative analysis of these two types of regimes (1) from the perspective of the sources confidence, namely convertibility, endogeneity and the international context, and (2) looking at the operation of the adjustment mechanism, more specifically the financial environment, automatism, and asymmetry.

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Paper provided by HAL in its series Post-Print with number halshs-00008096.

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Date of creation: 01 Dec 2005
Date of revision:
Publication status: Published in Mondes en développement, De Boeck, 2005, 33 (130), pp.77-93
Handle: RePEc:hal:journl:halshs-00008096
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  5. Michael D. Bordo & Ronald MacDonald, 2001. "The Inter-War Gold Exchange Standard: Credibility and Monetary Independence," NBER Working Papers 8429, National Bureau of Economic Research, Inc.
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  8. K. Hristov & Nikolay Nenovsky, 2002. "New Currency Boards and Discretion. The empirical Evidence from Bulgaria," Post-Print halshs-00259875, HAL.
  9. Luis Catão & Solomos Solomou, 2003. "Exchange Rates in the Periphery and International Adjustment Under the Gold Standard," IMF Working Papers 03/41, International Monetary Fund.
  10. Michael Bordo & Michael Edelstein, 1999. "Was Adherence to the Gold Standard a "Good Housekeeping Seal of Approval" During the Interwar Period?," NBER Working Papers 7186, National Bureau of Economic Research, Inc.
  11. William Poole, 2003. "Institutions for stable prices: how to design an optimal central bank law," Review, Federal Reserve Bank of St. Louis, issue Sep, pages 1-6.
  12. della Paolera, Gerardo & Taylor, Alan M., 2002. "Internal versus external convertibility and emerging-market crises: lessons from Argentine history," Explorations in Economic History, Elsevier, vol. 39(4), pages 357-389, October.
  13. J.B. Desquilbet & Nikolay Nenovsky, 2003. "Exploring the Currency board mechanics'. A basic formal model," Post-Print halshs-00259817, HAL.
  14. McKinnon, Ronald I, 1993. "The Rules of the Game: International Money in Historical Perspective," Journal of Economic Literature, American Economic Association, vol. 31(1), pages 1-44, March.
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