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La politique macroprudentielle dans une union monétaire

Author

Listed:
  • Salim, DEHMEJ

    (Bank Al-Maghrib, Département de la Recherche)

  • Leonardo, GAMBACORTA

    (Bank for International Settlements (BIS))

Abstract

En utilisant un modèle néo-keynésien simple, qui représente une union monétaire et intègre des frictions financières, cet article montre qu’une politique macroprudentielle ciblée par pays et agissant sur l’offre de crédit pourrait compléter la politique monétaire unique au niveau de l’union. Une telle politique macroprudentielle améliore le degré d’optimalité de l’union monétaire en atténuant les déséquilibres économiques et financiers entre les pays en présence de chocs financiers, des spreads de crédit contracycliques, ou d’une transmission incomplète de la politique monétaire aux conditions financières. Ces résultats sont d’autant plus vrais lorsque les pays représentant le coeur et la périphérie font face à des chocs asymétriques ne nécessitant aucune réaction de la politique monétaire

Suggested Citation

  • Salim, DEHMEJ & Leonardo, GAMBACORTA, 2017. "La politique macroprudentielle dans une union monétaire," Document de travail 2017-3, Bank Al-Maghrib, Département de la Recherche.
    • Handle: RePEc:ris:bkamdt:2017_003
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    More about this item

    Keywords

    Union Monétaire; Politique Macroprudentielle; Modèle New-Keynésien;
    All these keywords.

    JEL classification:

    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • F45 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Macroeconomic Issues of Monetary Unions
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation

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