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Régime de change et croissance économique en Méditerranée

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  • Jean-Marc Rizzo

Abstract

[eng] Exchange rate regime and economic growth in the mediterranean area . Inevitably, the monetary authorities of the mediterranean countries will wonder whether they have an incentive to peg their currency to the euro. If they use it as an instrument of anti-inflationary policy or as a mean to achieve credibility, this choice can be beneficial. But, what about a growth target ? Yet, to date, relatively few studies examine the potential for exchange rate regime non-neutrality in terms of growth and the answer remains ambiguous. This paper asks if the exchange rate regime does really matter when growth is a priority. The case of the Mediterranean area is analysed and compared to those of the Latin American and south-east Asian countries. [fre] Inévitablement, les autorités monétaires des pays du sud méditerranéen vont être conduites à se poser la question des bénéfices qu’ils pourraient escompter d’un rattachement de leur monnaie domestique à l’euro. Si leur objectif prioritaire est de réduire l’inflation ou d’acquérir une crédibilité monétaire nul doute que cette option peut se révéler bénéfique. Mais que dire s’il s’agit de doper la croissance ? À ce jour, peu d’études empiriques mettent en lumière les effets du régime de change sur la croissance et il demeure difficile d’apporter une réponse tranchée. La question que pose cet article est justement celle du degré d’importance réel du choix du régime de change dans l’hypothèse où la croissance constitue une priorité. L’expérience passée de la Méditerranée est analysée et mise en perspective au moyen d’une comparaison avec celles de l’Amérique latine et de l’Asie du Sud-Est.

Suggested Citation

  • Jean-Marc Rizzo, 1999. "Régime de change et croissance économique en Méditerranée," Revue d'Économie Financière, Programme National Persée, vol. 52(2), pages 133-145.
    • Handle: RePEc:prs:recofi:ecofi_0987-3368_1999_num_52_2_3534
    DOI: 10.3406/ecofi.1999.3534
    Note: DOI:10.3406/ecofi.1999.3534
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