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Les contraintes de la politique monétaire libanaise (1993-2004) : endettement public, dollarisation et taux de change fixe

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  • Desquilbet, Jean-Baptiste

    (Laboratoire d’économie d’Orléans, Université d’Orléans)

Abstract

This paper provides an analytical grid of the Lebanese monetary policy over the recent period, through the three main constraints with which the Bank of Lebanon is confronted: public debt, the dollarization of the economy and the fixed exchange rate. The analysis shows that the Bank of Lebanon is to some extent caught between the devil of the fixed exchange rate and the deep blue sea of public indebtedness. This critical situation is typical of a “first generation” financial crisis. Cet article fournit une grille de lecture de la politique monétaire libanaise sur la période récente, à travers les trois principales contraintes auxquelles est confrontée la Banque du Liban : l’endettement public, la dollarisation de l’économie et l’ancrage du taux de change. L’analyse montre que la Banque du Liban est en quelque sorte coincée entre l’enclume du régime de change fixe et le marteau de l’endettement public. Il s’agit d’une situation critique, typique d’une crise financière dite de « première génération ».

Suggested Citation

  • Desquilbet, Jean-Baptiste, 2007. "Les contraintes de la politique monétaire libanaise (1993-2004) : endettement public, dollarisation et taux de change fixe," L'Actualité Economique, Société Canadienne de Science Economique, vol. 83(2), pages 163-199, juin.
    • Handle: RePEc:ris:actuec:v:83:y:2007:i:2:p:163-199
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    Cited by:

    1. Layal Mansour, 2012. "Hoarding of International Reserves and Sterilization in Dollarized and Indebted Countries : an effective monetary policy?," Working Papers 1208, Groupe d'Analyse et de Théorie Economique Lyon St-Étienne (GATE Lyon St-Étienne), Université de Lyon.
    2. Bitar, Joseph, 2021. "The unique dollarization case of Lebanon," Economic Systems, Elsevier, vol. 45(2).

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