Parmi l’ensemble des variables macro-economiques, le taux de change est peut-etre celle qui a le plus desespere les economistes. De nombreux modeles theoriques proposent des regles de comportement du taux de change, mais aucun d’entre eux n’est apparu vraiment convaincant sur le plan...

Dans cet article, nous examinons l’importance des chocs externes sur les fluctuations domestiques des pays d’Asie de l’Est et vérifions si ces chocs conduisent à des réactions symétriques ou asymétriques des pays étudiés. Pour cela, nous estimons, sur la période 1990T1-2012T2, un...

Ce travail cherche a mettre en evidence le role joue par les sorties de capitaux dans l’apparition de situations critiques pour les economies emergentes, notamment en regard de leurs besoins de financement externes. Apres avoir degage les faits stylises relatifs aux sorties de capitaux dans...

We discuss the role of foreign exchange reserves as precautionary savings under an imperfect market framework due to the presence of endogenously determined borrowing constraints. We show that cost of holding reserves is higher in borrowin constrained economies than unconstrained ones as a...

Trade liberalization across the Americas holds the potential to substantially improve living standards and present a successful model of North-South regionalism. In this paper, we use a global CGE model to assess the effects of such an arrangement for both member and non-member economies. We...

Since the early nineties, there has been a veritable boom in the market for all sorts of trade agreements, from bilateral to plurilateral ones, and leading to deep or shallow integration. This boom might at least in part be explained by newcomers in the race. Certainly by the European Union,...

Trade unit values are commonly used as proxies for trade prices in empirical research in international economics. Existing datasets providing international trade unit values for a large number of countries typically suffer from a number of statistical biases, due to the aggregation of unit...

Trade unit values are commonly used as proxies for trade prices in empirical research in international economics. Existing datasets providing international trade unit values for a large number of countries typically suffer from a number of statistical biases, due to the aggregation of unit...

The “impossible trinity” refers to the impossibility of the simultaneous presence of a fixed exchange rate regime, uncovered interest parity and the Central Bank?s control over the money supply. I apply this to Krugman?s (1979) balance of payments crisis model, where he argued that there is...

Pendant les premieres annees de l'union monetaire, la faiblesse de l'euro a surpris la plupart des observateurs. Les explications se sont multipliees allant de fondamentaux tels que les differentiels de croissance anticipes aux facteurs psychologiques tels que les comportements gregaires, mais...