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Crise de la balance des paiements et substituabilité entre monnaie et consommation

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  • Patrick Villieu

    (IOF - Institut Orléanais de Finance - UO - Université d'Orléans - CNRS - Centre National de la Recherche Scientifique)

Abstract

[fre] Crise de la balance des paiements et substituabilité entre monnaie et consommation. . Cet article étudie une crise de la balance des paiements dans un modèle d'optimisation intertemporelle à monnaie dans la fonction d'utilité. Comme chez Krugman [1979] ou Calvo [1987], la crise découle du maintien du taux de dévaluation du change à un niveau inconséquent (politique de stabilisation du change incompatible avec les objectifs internes).. Lors de la mise en place de la politique de stabilisation, et durant la phase transitoire, l'économie connaîtra un excédent de la balance des transactions cou­rantes si la monnaie et la consommation sont substituables au sens d'Edgeworth, et un déficit si ces deux variables sont complémentaires. Cette analyse généralise les conclusions de Calvo [1987] à une structure dans laquelle monnaie et consommation ne sont pas strictement complémentaires. [eng] Balance of payments crises and money-consumption subsutuability. . This paper describes a balance of payments crisis in an optimizing money-in-the-utility-function model. The anatomy of the crisis is similar to Krugman [1979] and Calvo [1987] findings. However, the current-account dynamics differs from Calvo [1987] cash-in-advance framework. The exchange rate freeze is seen to generale a current-account deficit or a current-account surplus if the cross-derivative of the utility function between money and consumptiori is respectively positive or negative. This analysis generalizes Calvo's model to a framework in which money and consumption are not strict complement.
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Suggested Citation

  • Patrick Villieu, 1993. "Crise de la balance des paiements et substituabilité entre monnaie et consommation," Post-Print halshs-00250683, HAL.
    • Handle: RePEc:hal:journl:halshs-00250683
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    References listed on IDEAS

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    1. Maurice Obstfeld, 1986. "Speculative Attack and the External Constraint in a Maximizing Model of the Balance of Payments," Canadian Journal of Economics, Canadian Economics Association, vol. 19(1), pages 1-22, February.
    2. Feenstra, Robert C., 1986. "Functional equivalence between liquidity costs and the utility of money," Journal of Monetary Economics, Elsevier, vol. 17(2), pages 271-291, March.
    3. Claessens, Stijn, 1991. "Balance of payments crises in an optimal portfolio model," European Economic Review, Elsevier, vol. 35(1), pages 81-101, January.
    4. Patrick Villieu, 1992. "Inflation et accumulation du capital : Le role de la substituabilité entre consommation et encaisses réelles," Annals of Economics and Statistics, GENES, issue 27, pages 73-89.
    5. Krugman, Paul, 1979. "A Model of Balance-of-Payments Crises," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 11(3), pages 311-325, August.
    6. Calvo, Guillermo A, 1987. "Balance of Payments Crises in a Cash-in-Advance Economy," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 19(1), pages 19-32, February.
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