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Degré d'asymétrie du SME et politiques monétaires en Europe

Published online by Cambridge University Press:  17 August 2016

Patrick Artus
Patrick Artus*
Affiliation:
Caisse des Dépôts et Consignations, Paris
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Résumé

Nous examinons l'effet de la situation économique de l'Allemagne après la réunification sur les taux d'intérêt en Europe et sur les taux de change vis-à-vis du dollar. Nous nous demandons en particulier ce qu'est la perspective la plus probable pour les parités, l'écart de taux d'intérêt entre la franc et le mark et les dettes exterieures. Nous ana-lysons la possibilité pour la France de mener une politique monétaire indépendante sans quitter le S.M.E. Cette possibilité dépend largement, nous le verrons, de la nature du risque de change entre franc, mark et dollar.

Summary

Summary

We study the effect of the economic situation of Germany after the reunification on European interest rates and on the exchange rates visa-à-vis the dollar. We try to describe the most likely evolution of parities, of the interest rate spread between the franc and the Dmark and of external debts. We analyse the possibility that France pursues an independent monetary policy without leaving the EMS. This possibility depends mostly on the nature of exchange rate risk between the franc, the Dmark and the dollar.

Keywords

F31F32F52F31F32F52
Type
Research Article
Information
Recherches Économiques de Louvain/ Louvain Economic Review , Volume 61 , Issue 1 , 1995 , pp. 43 - 67
Copyright
Copyright © Université catholique de Louvain, Institut de recherches économiques et sociales 1995 

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References

BIBLIOGRAPHIE

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