S. M. E. et policy-mix dans la perspective del'U.E.M

Eric Dehay and Pascal Michelena

Revue Française d'Économie, 1994, vol. 9, issue 3, 113-156

Abstract: [eng] This text investigates three explanations of 1992-1993 E.M.S. crises. It stresses on the effects of full capital market liberalization in a fixed exchange rates system, on the nature of credibility in the "new E.M.S." and finally on its change with the definition of convergence criteria. Emphasis is put particularly on fiscal aspects. In this new context, it appears that the problem for the E.M.S. in the road to E.M.U. is to find a new policy-mix which allows convergence and growth. [fre] au centre de trois canaux de déclenchement et de propagation des crises de 1992 et 1993: le potentiel déstabilisateur de la mobilité des capitaux dans un système de changes fixes, la crédibilité « surévaluée » du « nouveau S.M.E. » et les implications en matière de gestion des dettes publiques du choix des critères de convergence. La question qui se pose alors au S.M.E. est celle de la recherche d'un nouveau policy-mix mariant convergence et nécessité de croissance.

Date: 1994
Note: DOI:10.3406/rfeco.1994.960
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