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Volatilité des chocs et degré de flexibilité du taux de change

Author

Listed:
  • Jean-Pierre Allegret
  • Mohamed Ayadi
  • Leila Haouaoui

Abstract

During the 90s emerging markets have been hit by recurrent exchange rate crises. Almost all these countries shared a common characteristic: they adopted in previous years soft pegs, the so-called intermediate exchange rate regimes. International institutions and academic economists interpreted this intrinsic fragility of soft pegs as a consequence of the increasing international capital mobility. From this perspective, the exchange-rate regime is seen as constrained by the monetary policy trilemma, which imposes a stark trade-off among exchange stability, monetary independence, and capital market openness. Soft pegs seem incompatible with international financial integration. As a result, a new consensus appeared: the choice of domestic authorities is limited to corner solutions: hard pegs on the one side; independent floating on the other side. This paper proposes a contribution to the analysis of exchange rate regimes choice by emerging markets. The new consensus is questioned by considering that emerging countries are confronted not in the choice between extreme solutions, but rather with the choice of the degree of fixity- or the degree of flexibility- of the exchange rate. Key words: Emerging markets, Intermediate exchange rate regimes, Corner solutions, Macroeconomic shocks, Optimal flexibility of exchange rate.JEL: F33, F41.

Suggested Citation

  • Jean-Pierre Allegret & Mohamed Ayadi & Leila Haouaoui, 2007. "Volatilité des chocs et degré de flexibilité du taux de change," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 54(3), pages 271-301.
    • Handle: RePEc:voj:journl:v:54:y:2007:i:3:p:271-301:id:284
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    File URL: https://panoeconomicus.org/index.php/jorunal/article/view/284/269
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    Cited by:

    1. Jean-Pierre Allegret & Mohamed Ayadi & Leila Haouaoui Khouni, 2011. "Le choix d'un régime de change dans les pays émergents et en développement peut-il être optimal en dehors des solutions bipolaires ?," Revue économique, Presses de Sciences-Po, vol. 62(2), pages 133-162.
    2. Jean-Pierre Allegret & Mohamed Ayadi & Leila Haouaoui Khouni, 2005. "Un modèle de choix de régime de change : Aspects théoriques et analyse empirique," Post-Print halshs-00258292, HAL.
    3. Nassirou, Aïchat, 2017. "Chocs macroéconomiques et intégration d’une union économique et monétaire: cas du Nigéria [Macroeconomic shocks and integration of an economic and monetary union: case of Nigeria]," MPRA Paper 79167, University Library of Munich, Germany.

    More about this item

    Keywords

    Optimal flexibility of exchange rate; Corner solutions; Intermediate exchange rate regimes; Emerging markets; Macroeconomic shocks;
    All these keywords.

    JEL classification:

    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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