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Effet de discipline et effet de crédibilité de l’ancrage nominal

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  • Jean-Louis Combes
  • Romain Veyrune

Abstract

[eng] This article presents sorne econometric tests. The first specification sizes the total effect on inflation. The second specification adds base money supply in order to size discipline effects. The remainder effect is supposed to be a pure credibility effect. Both regimes have a low inflation bias relying more on discipline effects for CBA and on long lasting fixity for the Franc Zone. . lEI classification : C22, C23, E51, E52, F31, F32, F33 . . . [fre] La fIXité nominale impose certaines contraintes pour être viable. Les unions de taux de change de type caisses d'émission et Zone franc garantissent la pérennité de l'ancrage. Elles maximisent ainsi [' effet de la ftxité nominale en contraignant la politique monétaire. Les effets attendus de l'ancrage sur l'inflation SOnt : un effet de crédibilité provenant d'un ancrage durable ; un effet de discipline reposant sur les contraintes imposées à la politique monétaire pour la survie du régime. La procédure économétrique distingue les effets de discipline et les effets de crédibilité des unions de taux de change dans une équation explicative de l'inflation. Les principaux résultats sont la prédominance de l'effet de discipline pour les caisses d'émission et de l'effet de crédibilité pour la Zone franc. . ClassificationfEL : C22, C23, E51, E52, F31, F32, F33 . . .

Suggested Citation

  • Jean-Louis Combes & Romain Veyrune, 2004. "Effet de discipline et effet de crédibilité de l’ancrage nominal," Revue d'Économie Financière, Programme National Persée, vol. 75(2), pages 55-69.
    • Handle: RePEc:prs:recofi:ecofi_0987-3368_2004_num_75_2_4893
    DOI: 10.3406/ecofi.2004.4893
    Note: DOI:10.3406/ecofi.2004.4893
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    References listed on IDEAS

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    Cited by:

    1. Nabil Jedlane, 2006. "Unification monétaire et Caisses d'émission au Maghreb," Post-Print halshs-00311911, HAL.
    2. Sandrine Kablan, 2009. "Mesure de la performance des banques dans une zone d'ancrage monétaire: cas de la France et des pays de l'UMOA," EconomiX Working Papers 2009-6, University of Paris Nanterre, EconomiX.
    3. Semedo, Gervasio & Gauthier, Laurent & Bensafta, Kamel Malik, 2012. "Pôles de convergence, gains dynamiques de l’intégration économique et monétaire en Afrique de l’Ouest : une approche en termes de clusters," L'Actualité Economique, Société Canadienne de Science Economique, vol. 88(1), pages 37-85, mars.

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