| Titre | Une approche bilatérale des réalignements au sein du Mécanisme de change européen (mars 1979 - décembre 1992) | |
|---|---|---|
| Auteur | Marc-Alexandre Sénégas, Jean-Sébastien Pentecôte | |
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Revue | Economie et prévision |
| Numéro | no 128, 1997/2 L'intégration européenne : nouveaux enjeux | |
| Rubrique / Thématique | L'intégration européenne : nouveaux enjeux |
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| Page | 61-77 | |
| Résumé anglais |
A Bilateral Approach to Realignments in the European Exchange Rate Mechanism
(March 1979 to December 1992) by Jean-Sébastien Pentecôte and Marc- Alexandre Sénégas
In this paper, we present a model for realigning the exchange rate in a bilateral target zone. This modeling forms a bridge between two analytic movements: target zones and balance of payments crises.
We use this theoretical framework to construct a Tobit model to study realignments in the European Exchange Rate Mechanism (ERM) from March 1979 to December 1992. We examine the question of whether these realignments can be regarded as resulting from a decision-making rule shared by the founder members of the ERM and whether any long-run trends can be discerned in their nature and activation for the period studied. We also evaluate the suitability of European monetary policies. Source : Éditeur (via Persée) |
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| Article en ligne | http://www.persee.fr/web/revues/home/prescript/article/ecop_0249-4744_1997_num_128_2_5849 |
