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Taux d'intérêt : une asymétrie moins forte

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  • Philippe Gudin
  • Antoine Magnier
  • Nicolas Ponty

Abstract

[eng] Interest Rates: Assymetry is Becoming Less Visible - The monetary policy in the United States seems relatively autonomous in spite of the recent international agreements concerning foreign exchange stability. Reciprocal causality links may appear between the German and French rates since they reflect the intervention of monetary authorities to maintain the exchange rates within the EMS; however, the study of multipliers between rates shows that the relationship between Germany and France remains assy- metric concerning the formation of interest rates, even if Germany's superior position in the hierarchy has become less pronounced since the mid-eighties. [spa] Tasas de interés : la asimetría se atenúa - La politica monetaria en los Estados Unidos parece ser relativamente autónoma a pesar de los acuerdos internacionales recientes en materia de estabilidad cambiaria. Vinculos de casualidad reciprocos pueden surgir entre las tasas alemanas y francesas en la medida en que estos reflejan las intervenciones de las autoridades monetarias para mantener las paridades definidas en el marco del Sistema Monetario Europeo. Sin embargo, el estudio de los multiplicadores entre tasas muestra que las relacio- nes de Alemania y Francia siguen siendo asimétricas en lo que concierne a la formación de las tasas de interés, aún si la jerarquia que se constata a favor de Alemania se atenúa desde mediados de la década de los ochenta. [fre] La politique monétaire aux Etats-Unis semble relativement autonome, malgré les accords internationaux récents en matière de stabilité des changes. Des liens de causalité réciproques peuvent apparaître entre les taux allemand et français dans la mesure où ils reflètent les interventions des autorités monétaires pour maintenir les parités définies dans le cadre du SME ; cependant, l'étude des multiplicateurs entre taux montre que les relations de l'Allemagne et de la France restent asymétriques quant à la formation des taux d'intérêt, même si la hiérarchie constatée au profit de l'Allemagne s'atténue depuis le milieu des années quatre-vingt.

Suggested Citation

  • Philippe Gudin & Antoine Magnier & Nicolas Ponty, 1991. "Taux d'intérêt : une asymétrie moins forte," Économie et Statistique, Programme National Persée, vol. 246(1), pages 55-63.
    • Handle: RePEc:prs:ecstat:estat_0336-1454_1991_num_246_1_6295
    DOI: 10.3406/estat.1991.6295
    Note: DOI:10.3406/estat.1991.6295
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    References listed on IDEAS

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