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Un indicateur d'ancrage nominal par le taux de change : illustration par le cas polonais

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  • Samuel Guérineau
  • Sylviane Guillaumont Jeanneney

Abstract

[eng] A nominal exchange-rate anchor : Polish case study.. Most developing and transition countries have adopted exchange-rate policies that steer an intermediate course between nominal anchor and real target strategies. This article provides an indicator that measures the degree of anchorage. The relevance of the indicator is assessed for Poland and its use clarifies this country''s exchange-rate policy. Moreover, an econometric estimate of the inflation rate shows the explanatory power of the indicator. [fre] La plupart des pays en développement ou en transition vers l'économie de marché mènent des politiques de change intermédiaires entre l'ancrage nominal total et la poursuite exclusive d'une cible de taux de change réel. L'article propose un indicateur qui mesure le degré d’ancrage de la politique de change. La pertinence de l'indicateur est évaluée dans le cas de la Pologne. Son usage permet effectivement d'éclairer la politique menée par ce pays. De plus, une estimation économétrique du taux d'inflation démontre le pouvoir explicatif de l'indicateur.

Suggested Citation

  • Samuel Guérineau & Sylviane Guillaumont Jeanneney, 2002. "Un indicateur d'ancrage nominal par le taux de change : illustration par le cas polonais," Économie et Prévision, Programme National Persée, vol. 154(3), pages 139-155.
    • Handle: RePEc:prs:ecoprv:ecop_0249-4744_2002_num_154_3_6391
    DOI: 10.3406/ecop.2002.6391
    Note: DOI:10.3406/ecop.2002.6391
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    1. Guerineau, Samuel & Guillamont Jeanneney, Sylviane, 2005. "Deflation in China," China Economic Review, Elsevier, vol. 16(4), pages 336-363.
    2. Sylviane GUILLAUMONT JEANNENEY & Samuel GUERINEAU, 2003. "Deflation in China," Working Papers 200323, CERDI.

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