IDEAS home Printed from https://ideas.repec.org/p/hal/journl/halshs-00250683.html
   My bibliography  Save this paper

Crise de la balance des paiements et substituabilité entre monnaie et consommation

Author

Listed:
  • Patrick Villieu

    (IOF - Institut Orléanais de Finance - UO - Université d'Orléans - CNRS - Centre National de la Recherche Scientifique)

Abstract

[fre] Crise de la balance des paiements et substituabilité entre monnaie et consommation. . Cet article étudie une crise de la balance des paiements dans un modèle d'optimisation intertemporelle à monnaie dans la fonction d'utilité. Comme chez Krugman [1979] ou Calvo [1987], la crise découle du maintien du taux de dévaluation du change à un niveau inconséquent (politique de stabilisation du change incompatible avec les objectifs internes).. Lors de la mise en place de la politique de stabilisation, et durant la phase transitoire, l'économie connaîtra un excédent de la balance des transactions cou­rantes si la monnaie et la consommation sont substituables au sens d'Edgeworth, et un déficit si ces deux variables sont complémentaires. Cette analyse généralise les conclusions de Calvo [1987] à une structure dans laquelle monnaie et consommation ne sont pas strictement complémentaires. [eng] Balance of payments crises and money-consumption subsutuability. . This paper describes a balance of payments crisis in an optimizing money-in-the-utility-function model. The anatomy of the crisis is similar to Krugman [1979] and Calvo [1987] findings. However, the current-account dynamics differs from Calvo [1987] cash-in-advance framework. The exchange rate freeze is seen to generale a current-account deficit or a current-account surplus if the cross-derivative of the utility function between money and consumptiori is respectively positive or negative. This analysis generalizes Calvo's model to a framework in which money and consumption are not strict complement.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Patrick Villieu, 1993. "Crise de la balance des paiements et substituabilité entre monnaie et consommation," Post-Print halshs-00250683, HAL.
    • Handle: RePEc:hal:journl:halshs-00250683
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Other versions of this item:

    References listed on IDEAS

    as
    1. Maurice Obstfeld, 1986. "Speculative Attack and the External Constraint in a Maximizing Model of the Balance of Payments," Canadian Journal of Economics, Canadian Economics Association, vol. 19(1), pages 1-22, February.
    2. Thomas J. Sargent & Neil Wallace, 1984. "Some Unpleasant Monetarist Arithmetic," Palgrave Macmillan Books, in: Brian Griffiths & Geoffrey E. Wood (ed.), Monetarism in the United Kingdom, pages 15-41, Palgrave Macmillan.
    3. Krugman, Paul, 1979. "A Model of Balance-of-Payments Crises," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 11(3), pages 311-325, August.
    4. Feenstra, Robert C., 1986. "Functional equivalence between liquidity costs and the utility of money," Journal of Monetary Economics, Elsevier, vol. 17(2), pages 271-291, March.
    5. Claessens, Stijn, 1991. "Balance of payments crises in an optimal portfolio model," European Economic Review, Elsevier, vol. 35(1), pages 81-101, January.
    6. Calvo, Guillermo A, 1987. "Balance of Payments Crises in a Cash-in-Advance Economy," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 19(1), pages 19-32, February.
    7. Patrick Villieu, 1992. "Inflation et accumulation du capital : Le role de la substituabilité entre consommation et encaisses réelles," Annals of Economics and Statistics, GENES, issue 27, pages 73-89.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Piersanti, Giovanni, 2012. "The Macroeconomic Theory of Exchange Rate Crises," OUP Catalogue, Oxford University Press, number 9780199653126.
    2. Craig Burnside & Martin Eichenbaum & Sergio Rebelo, 2001. "Prospective Deficits and the Asian Currency Crisis," Journal of Political Economy, University of Chicago Press, vol. 109(6), pages 1155-1197, December.
    3. Burnside, Craig, 2004. "Currency crises and contingent liabilities," Journal of International Economics, Elsevier, vol. 62(1), pages 25-52, January.
    4. Giancarlo Marini & Giovanni Piersanti, 2012. "Models of Speculative Attacks and Crashes in International Capital Markets," CEIS Research Paper 245, Tor Vergata University, CEIS, revised 24 Jul 2012.
    5. Amartya Lahiri & Carlos A. Vegh, 2000. "Delaying the Inevitable: Optimal Interest Rate Policy and BOP Crises," NBER Working Papers 7734, National Bureau of Economic Research, Inc.
    6. Craig Burnside, 2004. "The Research Agenda: Craig Burnside on the Causes and Consequences of Twin Banking-Currency Crises," EconomicDynamics Newsletter, Review of Economic Dynamics, vol. 5(2), April.
    7. Sweder van Wijnbergen, 1991. "Fiscal Deficits, Exchange Rate Crises and Inflation," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 58(1), pages 81-92.
    8. repec:ebl:ecbull:v:6:y:2007:i:28:p:1-10 is not listed on IDEAS
    9. Burnside, Craig & Eichenbaum, Martin & Rebelo, Sergio, 2006. "Government finance in the wake of currency crises," Journal of Monetary Economics, Elsevier, vol. 53(3), pages 401-440, April.
    10. Willman, Alpo, 1988. "Devaluation expectations and speculative attacks on the currency," Research Discussion Papers 8/1988, Bank of Finland.
    11. Croitoru, Lucian, 2013. "Liquidity, the October 2008 Speculative Attack and the Central Bank Reputation," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(2), pages 18-51, June.
    12. repec:bep:maccon:v:5:y:2005:i:1:p:1133-1133 is not listed on IDEAS
    13. Etro, Federico, 2017. "Research in economics and macroeconomics," Research in Economics, Elsevier, vol. 71(3), pages 373-383.
    14. Craig Burnside & Domenico Fanizza, 2001. "Hiccups for HIPCs?," WIDER Working Paper Series DP2001-99, World Institute for Development Economic Research (UNU-WIDER).
    15. Calvo, Guillermo A. & Vegh, Carlos A., 1999. "Inflation stabilization and bop crises in developing countries," Handbook of Macroeconomics, in: J. B. Taylor & M. Woodford (ed.), Handbook of Macroeconomics, edition 1, volume 1, chapter 24, pages 1531-1614, Elsevier.
    16. repec:zbw:bofrdp:1988_008 is not listed on IDEAS
    17. Antonio Doblas-Madrid, 2007. "Implications of within-period timing in models of speculative attack," Economics Bulletin, AccessEcon, vol. 6(28), pages 1-10.
    18. Sergio Rebelo & Carlos A. Vegh, 2006. "When Is It Optimal to Abandon a Fixed Exchange Rate?," NBER Working Papers 12793, National Bureau of Economic Research, Inc.
    19. Talvi, Ernesto, 1997. "Exchange rate-based stabilization with endogenous fiscal response," Journal of Development Economics, Elsevier, vol. 54(1), pages 59-75, October.
    20. Shigeto Kitano, 2004. "A Model of Balance‐of‐Payments Crises due to External Shocks: Monetary vs. Fiscal Approaches," Bulletin of Economic Research, Wiley Blackwell, vol. 56(1), pages 53-66, January.
    21. repec:bpj:bejmac:v:5:y:2005:i:1:p:1133-1133 is not listed on IDEAS
    22. Patrick Artus & Claude Jessua, 1996. "La spéculation," Revue Économique, Programme National Persée, vol. 47(3), pages 409-424.
    23. James B. Bullard, 1991. "Collapsing exchange rate regimes: a reinterpretation," Working Papers 1991-003, Federal Reserve Bank of St. Louis.
    24. Stijn Claessens & M. Ayhan Kose, 2013. "Financial Crises: Explanations, Types and Implications," CAMA Working Papers 2013-06, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hal:journl:halshs-00250683. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: CCSD (email available below). General contact details of provider: https://hal.archives-ouvertes.fr/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.