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Currency Board et ajustements macroéconomiques : les leçons de l’expérience argentine

Author

Listed:
  • Emilie Laffiteau

    (CATT / UPPA)

  • Jean-Marc Montaud

    (CATT / UPPA
    GED, Université Montesquieu Bordeaux IV)

Abstract

L’objectif de cette étude est d’évaluer, à travers l’expérience récente de l’Argentine, le lien entre les mécanismes du Currency Board et les ajustements macroéconomiques, notamment sur le marché du travail. Dans un premier temps, nous présentons les principales spécificités du système monétaire argentin. Dans un deuxième temps nous construisons un modèle d’Equilibre Général Financier qui incorpore les mécanismes du Currency Board et les principales caractéristiques de l’économie argentine. Enfin, dans un troisième temps, nous simulons trois situations économiques qu’à connu l’Argentine à la fin des années quatre-vingt-dix : un renforcement des politiques d’austérité, les chocs des crises financières et une accélération des efforts d’intégration régionale. Chaque simulation montre alors comment l’économie argentine et son marché du travail réagissent dans un contexte où les mécanismes monétaires sont contraints par le régime du Currency Board. The aim of this study is to address, through the recent argentine experience, the link between Currency Board’s mechanisms and macroeconomic adjustments, especially in the labour market. First, we present how the argentine monetary system was set up; secondly we build a financial general equilibrium model which includes a Currency Board mechanism and the main features of the argentine economy. Thirdly, three types of simulations illustrate the argentine economic situation at the end of nineties: austerity politics strengthening, financial crisis and regional integration strengthening scenarii. Each simulation explains how the argentine economy react in a framework where monetary mechanisms are constraint by the Currency Board. (Full text in french)

Suggested Citation

  • Emilie Laffiteau & Jean-Marc Montaud, 2005. "Currency Board et ajustements macroéconomiques : les leçons de l’expérience argentine," Documents de travail 120, Groupe d'Economie du Développement de l'Université Montesquieu Bordeaux IV.
    • Handle: RePEc:mon:ceddtr:120
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    More about this item

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity

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