Pays émergents, pays de l'OCDE: les politiques mises en place seront-elles coopératives ou non coopératives ?

Patrick Artus

Revue d'économie financière, 2011, vol. N° 103, issue 3, 229-236

Abstract: In the emerging countries, growth is strong and inflation accelerates with fast-growing labour costs; the aim of economic policies is therefore the slowdown inflation with restrictive monetary policies. In the OECD countries, growth is disappointing and inflation only results from higher import prices; fiscal policy cannot remain expansionary, hence the persistence of monetary stimulus. The strong implied appreciation of the currencies of emerging countries is not a favourable development for OECD countries, which is not the common view: it is leading to higher import prices and not to a stimulation of production, which is little substitutable to the one in emerging countries; however, it benefits emerging countries because of its effect on inflation. Classification JEL: F31, F32, F41.

JEL-codes: F31 F32 F41 (search for similar items in EconPapers)
Date: 2011
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