Regime de change, mobilite des capitaux et autonomie des politiques monetaires. Elements d analyse
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Abstract EN:
Contrary to what is expounted by the theories and models of the "standard" macroeconomy, and specially the mundell-fleming-like models, an empirical and theorical reexamination of the influence of the exchange-rate regime on the monetary policies autonomy leads to settle the following conclusions. The characteristics of the foreign exchange market operation under the floating exchange-rate regime impose to the domestic monetary policies an external constraint which the central banks meet some difficulties to manage ; under fixed exchange-rate regime, the interdependence between the monetary policies is of a different nature and may be @profitable, as put forward by the experience of the european monetary system.
Abstract FR:
Contrairement a ce qu avancent les theories et les modeles de la macroeconomie "standard", et en particulier les modeles type mundell-fleming, un reexamen empirique et theorique de l influence du regime de change sur l autonomie des politiques monetaires conduit a formuler les conclusions suivantes. Les caracteristiques de fonctionnement du marche des changes sous le regime de flottement des monnaies imposent aux politiques monetaires nationales une contrainte externe difficilement gerable par les banques centrales ; en regime de changes fixes, l interdependance des politiques monetaires est de nature differente et peut etre benefique, comme le suggere l experience du systeme monetaire europeen.