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La théorie des ZMO s'applique-t-elle aux pays en développement?


  • Brahim Razgallah

    (CERSEI-3DI Université Panthéon-Assas Paris II)


La théorie des zones monétaires optimales avait l’avantage de présenter le choix d’un régime de change en terme d’une analyse coûts-bénéfices. Elle s’est cantonnée à l’aspect asymétrique des chocs tout en évacuant l’aspect structurel. Cet article se propose de réexaminer la théorie et de démontrer l’importance du niveau de développement dans l’adoption d’une monnaie unique. Il sera démontré que l’analyse théorique supposait implicitement l’homogénéité structurelle des pays de la zone monétaire.

Suggested Citation

  • Brahim Razgallah, 2004. "La théorie des ZMO s'applique-t-elle aux pays en développement?," International Finance 0403003, EconWPA.
  • Handle: RePEc:wpa:wuwpif:0403003
    Note: Type of Document - Acrobat PDF; prepared on win2000; to print on Laserjet 2200; pages: 24. Pdf submitted via ftp

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    References listed on IDEAS

    1. Balassa, Bela & Bauwens, Luc, 1987. "Intra-industry Specialisation in a Multi-country and Multi-industry Framework," Economic Journal, Royal Economic Society, vol. 97(388), pages 923-939, December.
    2. Agnès Bénassy-Quéré & Lionel Fontagné & Amina Lahrèche-Revil, 1999. "Exchange Rate Strategies in the Competition for Attracting FDI," Working Papers 1999-16, CEPII research center.
    3. Fleming, J Marcus, 1971. "On Exchange Rate Unification," Economic Journal, Royal Economic Society, vol. 81(323), pages 467-488, September.
    4. Krugman, Paul, 1989. "The Case for Stabilizing Exchange Rates," Oxford Review of Economic Policy, Oxford University Press, vol. 5(3), pages 61-72, Autumn.
    5. Hazel Selvon & Tracy Polius & Oral Williams, 2001. "Reserve Pooling in the Eastern Caribbean Currency Union and the CFA Franc Zone; A Comparative Analysis," IMF Working Papers 01/104, International Monetary Fund.
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    More about this item


    zones monétaires optimales; unions monétaires; taux de change réel;

    JEL classification:

    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions


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