Qualité institutionnelle, inflation et régime monétaire optimal

Réda Marakbi

Revue française d'économie, 2017, vol. XXXII, issue 4, 161-194

Abstract: This article aims to study the relation between institutional quality, inflation and optimal monetary regimes. To this end, we present both the theoretical and the empirical literature in order to extract the key lessons for developing countries, as well as for developed countries. In particular, we show that an inflation-targeting regime where the target is determined by all the structural and institutional characteristics of the economy seems to be the best regime for developing countries. In addition, in developed economies, and especially in European economies, we show that the choice of a monetary union is not necessarily relevant when countries are characterized by levels of institutional quality that diverge significantly.

Date: 2017
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