Les interactions entre les mouvements de capitaux et la politique monétaire en système de changes quasi fixes

William Marois

Revue Économique, 1981, vol. 32, issue 2, 374-404

Abstract: [eng] The interactions between the capital movements and the monetary policy in a quasi-fixed exchange rates system. William Mardis. General equilibrium models of short term capital movements have been developped since 1974 and gave rise to simultaneous determination of the domestic interest rate and the capital flows. These models have been chiefly used in order to study the interaction between monetary policy and capital movements : offsetting capital flows (i.e. the reaction of capital flows to monetary policy) and sterilization policy (i.e. the reaction of monetary authorities to capital flows). Once we have described these models and analysed these two phenomena, we proceed to a criticism of the internal logic of the models, underlining the importance of the assumptions made on the monetary policy and the limiting cases. The conclusions which had been deduced from these models are then questioned and the information they convey seems very limited. [fre] The interactions between the capital movements and the monetary policy in a quasi-fixed exchange rates system. William Mardis. General equilibrium models of short term capital movements have been developped since 1974 and gave rise to simultaneous determination of the domestic interest rate and the capital flows. These models have been chiefly used in order to study the interaction between monetary policy and capital movements : offsetting capital flows (i.e. the reaction of capital flows to monetary policy) and sterilization policy (i.e. the reaction of monetary authorities to capital flows). Once we have described these models and analysed these two phenomena, we proceed to a criticism of the internal logic of the models, underlining the importance of the assumptions made on the monetary policy and the limiting cases. The conclusions which had been deduced from these models are then questioned and the information they convey seems very limited.

Date: 1981
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