Monnaie, balance des paiements et marché des changes: éléments de méthodologie

Dominique Plihon, Michel Galy and Vivien Lévy-Garboua

Revue Économique, 1979, vol. 30, issue 4, 586-611

Abstract: [fre] Cet article au contenu essentiellement méthodologique se propose, en partant d'un tableau croisé des relations financières entre résidents et non-résidents d'un espace économique donné, d'analyser les liens existant entre la balance des paiements d'une part, le marché des changes et la masse monétaire de l'autre. Ce faisant, les auteurs montrent qu'en dépit de l'apparition des euro-monnaies, la formation de l'équilibre sur le marché des changes peut toujours être appréhendé au travers des flux monétaires recensés en balance des paiements. Ils concluent, enfin, sur l'aptitude des différentes définitions possibles de la masse monétaire à rendre compte de la création de liquidités issues des opérations extérieures. [eng] Money, balance of payments. and the foreign exchange market :. a methodological analysis. . This paper present a methodological analysis of the relationships between the balance of payments, on one hand, the foreign exchange market and the money stock, on the other hand. The paper starts by presenting a flow of funds table describing the financial links between resident and non-resident operators. Using this framework, the authors show that, in spite of euro-currency markets, there is a straight-forward correspondence between balance of payments and the foreign exchange market. In the last part, they investigate how the various definitions of the money stock account for the creation of money stemming from external operations.

Date: 1979
Note: DOI:10.3406/reco.1979.408478
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