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Les actifs libellés en écus dans le système monétaire et financier européen : une approche en termes de portefeuille

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  • Gilbert Koenig

Abstract

[fre] Les actifs libellés en écus dans le système monétaire et financier européen. Une approche en termes de portefeuille. . Les écus privés et les titres libellés en cette monnaie sont introduits dans un modèle d'actifs qui incorpore un mécanisme de substitution entre monnaies et qui adopte une approche en termes d'analyse de portefeuille. Ce modèle décrit l'inter­dépendance entre les secteurs monétaires et financiers des pays du SME et les relations entre ce dernier et le reste du monde. Il constitue le cadre d'une analyse qui se fixe un double objectif :. -préciser les modalités et les conséquences macro-économiques des opérations de création et de destruction d'écus privés non bancaires ;. - expliquer le rôle des écus dans le mécanisme de transmission des conséquences de la politique monétaire et dans la propagation des effets des anticipations sur les variations de taux de change. [eng] The ecu assets in the european monetary and financial system : a portfolio approach. . Private ECU and ECU bonds are introduced in an asset-market model which involves a currency substitution mechanism and adopts a portfolio-balance approach. This model describes the interdependance between the monetary and financial sectors of the EMS members and the relations between EMS and the rest of the world. The analysis developed in this Framework has two purposes. Firstly, it studies the tenns and the macro-economic consequences of ECUs creation and destruction. Secondly, it explains the role of ECU within the transmission mechanism of the effects of a monetary policy and of exchange rate expectations.

Suggested Citation

  • Gilbert Koenig, 1994. "Les actifs libellés en écus dans le système monétaire et financier européen : une approche en termes de portefeuille," Revue Économique, Programme National Persée, vol. 45(4), pages 1045-1064.
    • Handle: RePEc:prs:reveco:reco_0035-2764_1994_num_45_4_409589
    DOI: 10.3406/reco.1994.409589
    Note: DOI:10.3406/reco.1994.409589
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    References listed on IDEAS

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    1. McKinnon, Ronald I, 1982. "Currency Substitution and Instability in the World Dollar Standard," American Economic Review, American Economic Association, vol. 72(3), pages 320-333, June.
    2. Polly REYNOLDS ALLEN, 1993. "Transactions Use of the Ecu in the Transition to EMU: A Model of Network Externalities," Discussion Papers (REL - Recherches Economiques de Louvain) 1993017, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
    3. Branson, William H. & Henderson, Dale W., 1985. "The specification and influence of asset markets," Handbook of International Economics, in: R. W. Jones & P. B. Kenen (ed.), Handbook of International Economics, edition 1, volume 2, chapter 15, pages 749-805, Elsevier.
    4. Jeroen J. M. Kremers & Timothy D. Lane, 1990. "Economic and Monetary Integration and the Aggregate Demand for Money in the EMS," IMF Staff Papers, Palgrave Macmillan, vol. 37(4), pages 777-805, December.
    5. Daniel Gros & Niels Thygesen, 1990. "Vers l'union monétaire européenne : pourquoi et comment ?," Revue de l'OFCE, Programme National Persée, vol. 33(1), pages 131-153.
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