Le rapport entre taux de change et niveau d'emploi en Argentine. Une révision de l'explication structuraliste

Saúl Keifman

Revue Tiers-Monde, 2007, vol. n° 189, issue 1, 93-112

Abstract: Born of the 1960s structuralist macroeconomy, the theory of recessive devaluation has since been abandoned by many of its former defenders. This article proposes to review its present-day import. It formulates different models regarding the relation between exchange rates and employment, short-term macroeconomic models, taking up structuralist presuppositions on employees? consumer behaviour and the hypothesis of the commodity « salary » as sole export commodity. The possibility is thus demonstrated that the exchange rate/employment relation has the form of an inverted ?U? and that it is sensitive to a tariff policy. Consequently, devaluations will be either recessive or expansive depending on exchange rate levels and tariff protection.

Date: 2007
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