Formation de la liquidité internationale et stabilisation du change dans un régime international bipolaire

Christian Aubin, Jacques Léonard and Philippe Norel

Revue économique, 2001, vol. 52, issue 2, 371-388

Abstract: The upsurge of the euro opens the possibility that two international currencies coexist. This paper focuses on the potential discordance between the demand and supply structures of international liquidity within a bipolar monetary regime. We show that the adjustment process intended to stabilize exchange rates is never neutral with respect to international liquidity. Controlling the effects of such a process on the dynamics of liquidity requires a specific rule between international currency issuers to share the burden of adjustment. Classification JEL : F33, F42

JEL-codes: F33 F42 (search for similar items in EconPapers)
Date: 2001
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